University of Pennsylvania Finding Aids

In the late 1960s, the American Bar Association's Committee on Federal Regulation of Securities recommended that a codification of securities law be undertaken by the American Law Institute (ALI). The ALI approved the project, appointing Louis Loss as the reporter in 1969. The purpose of the project was to analyze, integrate, and improve an array of federal acts related to securities law. The American Bar Association played an active role in reviewing and advising the committee on its work. The ALI approved the Federal Securities Code on May 19, 1978. Loss continued working with the project's consultants, advisers, and other interested parties to prepare a final draft of commentary on the code. Although the ALI assumed no responsibility for Loss's comments, the organization authorized the publication of a Reporter's Commentary with the Federal Securities Code in 1980. The collection, 1968-1981, includes correspondence, meeting records, drafts, and other materials relating to the drafting of the Federal Securities Code, a project that sought to simplify and consolidate the law as it related to financial securities.