The proposed Federal Securities Code lacks an empirical foundation; no effort was made to determine the actual impact of the many substantive changes proposed by the Code. Professor Wolfson recommends that before this massive Code becomes law, Congress should analyze its costs.
Comments on the Proposed Federal Securities Code: Transformation of the Securities Act of 1933,
33 U. Miami L. Rev.
Available at: http://repository.law.miami.edu/umlr/vol33/iss5/7