is the securities act of 1933 still in effect
Securities Act of 1933 The United States Congress enacted the Securities Act of 1933, also known as the 1933 Act, the Securities Act, the Truth in Securities Act, the Federal Securities Act, or the '33 Act, Title I of Pub. L. 73-22, 48 Stat. 74, codified at 15 U.S.C. § 77a et seq.), was enacted by the US Congress on May 27, 1933, during the Great Depression, after the stock market crash of 1929. Legislated pursuant to the Interstate Commerce Clause of the Constitution, it requires every offer or sale of securities that uses the means and instrumentalities of interstate commerce to be registered with the SEC pursuant to the 1933 Act, unless an exemption from registration exists under the law. The term "Means and instrumentalities of interstate commerce" is extremely broad, and it is virtually impossible to avoid the operation of the statute by attempting to offer or sell a security without using an "instrumentality" of interstate commerce. Any use of a telephone, for example, or the mails would probably be enough to subject the transaction to the statute.
National Industrial Recovery Act of 1933 On May 27, 1935, Chief Justice Charles Evans Hughes wrote for a unanimous Court in Schechter Poultry Corp. v. United States that Title I of the National Industrial Recovery Act was unconstitutional. First, Hughes concluded that the law was void for vagueness because the critical term "fair competition"[53] was nowhere defined in the Act.[54] Second, Hughes found the Act's delegation of authority to the executive branch unconstitutionally overbroad: