The Securities and Exchange Commission<span> (SEC) is a federal agency responsible for regulating the </span>securities<span> industry and for enforcing federal </span>securities<span> law. It is meant to protect the public against fraudulent and manipulative practices in the </span>securities<span> markets.</span>
If this is during WWI then this could spread to widespread war because of the alliance systems
The answer is: The Church and the states constantly struggled for supreme power.
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I believe number 3 is true