Which U.S. president signed the Securities Act of 1933 after the Wall Street Crash?

Franklin D. Roosevelt signed the Securities Act of 1933 after the Wall Street Crash. The act became a foundation of modern U.S. securities regulation by requiring investors to receive important information about securities offered to the public.

The law responded to widespread criticism of opaque offerings, misleading promotion, and inadequate disclosure during the speculative period before the 1929 crash. It required registration of many new securities with the federal government and made issuers responsible for truthful statements in registration materials.

The Securities Act did not eliminate investment risk or guarantee that securities would rise in value. Its central purpose was disclosure: investors should have access to material information before buying. The Securities Exchange Act of 1934 followed and created the Securities and Exchange Commission, a separate but related reform.

A common confusion is attributing the act to President Herbert Hoover, who was in office when the crash began. Roosevelt became president in March 1933, and the Securities Act was enacted later that year as part of the New Deal response.