Vanderbilt Law Review

First Page



Under the Federal Securities Code, the Commission's discretionary power will be restricted by the Code itself, by formal and informal congressional oversight, and by the Commission's traditionally judicious use of its powers. With these restraints, Congress should not be reluctant to grant to the Commission the new powers proposed in the Code. This article has concentrated on the balance between those new powers and the constraints on the Commission. It should be emphasized, as it certainly is elsewhere in this symposium, that the Code's changes of the Commission's responsibilities will enhance the Commission's ability to administer the securities laws fairly and efficiently and to adapt the laws to new developments in the industry. The prospect of this substantial public benefit provides yet more justification for the enactment of the Code.