The Role of Blue Sky Laws after NSMIA and the Jobs Act

摘要

The history of society's regulation of capital formation tells us much about where we are today and where we may be headed in this important economic matter. The failure of Congress in 1933 to take away state authority over registration was a mistake. But, after all, states were there before the federal government, and in 1933 at the depth of the Great Depression, legislators likely did not think of the dangers to a market economy of overregulation of capital formation.