The same year, 1934, that Justice Stone offered these observations, the Securities and Exchange Commission (SEC) began operations. By 1940 the SEC enforced six federal securities laws.⁽²⁾

In the years since the SEC began operations, the United States securities markets have experienced an almost unimaginable growth and vitality.

The number of United States stockholders has increased from 1.5 million (or 1.2 percent of the population) in 1929 to 84 million (or 43.6 percent of the adult population) in 1998.⁽³⁾ As long ago as 1980, 133 million United States citizens indirectly owned shares through such intermediaries as mutual funds or pension plans.⁽⁴⁾