Conversation so far:
What was the Securities Act of 1933?
The Securities Act of 1933 has two basic objectives: To require that investors receive financial and other significant information concerning securities being offered for public sale; and. To prohibit deceit, misrepresentations, and other fraud in the sale of securities.
What is exempt for the Securities Act of 1933?
However, there are exempt securities, under Section 4 of the Securities Act of 1933. These securities are financial instruments that carry government backing and typically have a government or tax-exempt status

Question: Why was it needed?
Self-contained rewrite: Why was the Securities Act of 1933 needed?