Synopsis for Thesis: The Securities Act of 1933 Securities Act of 1933

The first chapter will discuss the historical background to the enactment of the Act. The enactment of the federal regulation of the securities industry must be understood in the context of the early Twentieth Century. Although the market for securities was not a new idea, its popularity with the public did not mature until after the First World War. Prior to that time, securities transactions were almost solely the province of the wealthy and educated class. Although England had long ago implemented some form of regulation of the securities industry (always in response to economic crises brought about by the bursting of "bubbles"), regulation of the industry in the United States was largely left to the individual states. As will be noted

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and the activities of Congress in passing the Acts. Roosevelt was elected to the Presidency in response to the inactivity of the Hoover Administration to the Depression. A vast majority of Americans blamed the investment banking industry for the collapse of the economy and wanted the government to do something about it. Roosevelt himself said that the industry was morally corrupt and in need of regulation. Roosevelt delegated the leadership position on this issue to Daniel Calhoun Roper, the head of the Department of Commerce. Roper delegated much of the work in drafting a bill to Huston Thompson, the former chairman of the Federal Trade Commission. Thompson favored neither big business nor big government. With the help of member of the Federal Reserve Board, the Interstate Commerce Commission, and even certain members of the Supreme Court, Thompson had a bill ready for presentation to Congress in March, 1933. However, the bill was unwieldy and confusing. Its main purpose was to require full disclosure on the part of investment banks, with all interstate sales of securities registered with the Federal Trade Commission. Thus, the drafters intended to prevent fraudulent transactions, rather than punish fraud after it had
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Approximate Word count = 3248
Approximate Pages = 13 (250 words per page)