On This Day:  May 27

1933 -- Fear­ing a resur­gence of the ram­pant spec­u­la­tion which pre­ced­ed the Great De­pres­sion, Congress en­acts the Fed­er­al Se­cu­ri­ties Act. It re­quires all scams, shady deals, and pyra­mid schemes to be iden­ti­fied clear­ly as such to po­ten­tial in­vestors.