Subject:
Securities Act of 1933 Congress enacted the Securities Act of 1933 (the “1933 Act,” the “Truth in Securities Act” or the “Federal Securities Act”, 48 Stat. 74, enacted 1933-05-27, codified at 15 U.S.C. § 77a et seq.), in the aftermath of the stock market crash of 1929 and during the ensuing Great Depression. It is often referred to as the 1933 Act, the ‘33 Act, or the Securities Act. Legislated pursuant to the interstate commerce clause of the Constitution, it requires that any offer or sale of securities using the means and instrumentalities of interstate commerce be registered pursuant to the 1933 Act, unless an exemption from registration exists under the law. It was the first major federal legislation to regulate the offer and sale of securities. Prior to that time, regulation of securities was chiefly governed by state laws (commonly referred to as blue sky laws). When Congress enacted the 1933 Act, it left in place the patchwork of existing state securities laws to supplement federal laws in part because there were questions as to the constitutionality of federal legislation.
Part of the New Deal, it was drafted by Benjamin V. Cohen, Thomas Corcoran, and James M. Landis; and signed into law by President Franklin D. Roosevelt. (Wikipedia Feb 2010)
Market regulation
By John Schroy, on June 16th, 2009 | 
The financial reforms of the New Deal lasted for over fifty years and were based on two years of work by the US Senate Pecora Commission, spanning two administrations with bipartisan support.
In contrast, the Obama “reforms” are being concocted in secret to be rushed through the Pelosi-Reid Congress, already famous for passing substantial legislation in the dark of night, without reading the text.
Historically, slap-dash, one-party ‘reforms’ have not survived a Congress controlled by the other party.
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