Vanderbilt Law Review

First Page



There is little in the recorded history of the American Law Institute's Federal Securities Code to indicate that a major rearrangement of regulatory responsibilities between the federal government and the states was a primary object. Milton Cohen's thoughtful article "Truth in Securities" Revisited,I probably the principal catalyst of the codification project, described a new world of securities regulation involving coordinated disclosure and continuous reporting, without any mention of federal-state relations or the blue sky laws. Indeed, when the American Bar Association's Committee on Federal Regulation of Securities first discussed the project in 1966, a suggestion that concurrent consideration be given to preemption of state law was dismissed as politically infeasible...

The Ninety-Sixth Congress has begun what may prove to be a lengthy process of hearings and deliberations on the American Law Institute's Federal Securities Code. This monumental codification project, already ten years in the works, was undertaken with the greatest degree of care and scholarship by persons whose expertise in the field is unsurpassed"' and deserves considerable deference in the legislative process.