Some constructive recommendations can be made to generate meaningful reform of the blue sky laws within the states themselves. In this regard, it is important to separate those persons who would be in favor of revision as discussed in this article from those who would be opposed. As previously mentioned, corporate officials and businessmen associated with small firms directly affected by the blue sky laws would probably advocate reform, as would the investment bankers who underwrite such firms. These persons and firms must have substantial political muscle if they are to achieve significant results in the state capitols. Such strength can be raised only if the affected persons organize themselves into permanent groups which are adequately financed to lobby efficiently for reform. Such organizations could function with considerable strength in behalf of small businessmen and investment bankers!' In any event, revision sponsored by these proposed organizations would probably have less drastic potential consequences than pre-emption by the federal government.
James S. Mofsky,
Reform of the Blue Sky Laws,
23 Vanderbilt Law Review
Available at: https://scholarship.law.vanderbilt.edu/vlr/vol23/iss3/4