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
Why was the Securities Act of 1933 needed?
The act took power away from the states and put it into the hands of the federal government. The act also created a uniform set of rules to protect investors against fraud.

Question: What was the reason for creating the 1934 act?
Self-contained rewrite: What was the reason for creating the 1934 act?