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The word act, as used in the term Act of Congress, is a common, not a proper noun. The capitalization of the word act is deprecated by some dictionaries and usage authorities. Some writers, in particular the U.S. Code, capitalize Act.
â¢ The Securities Act of 1933 was passed by Congress following the Stock Market Crash of 1929 and during the ensuing Great Depression.The Securities Act of 1933 was legislated pursuant to the interstate commerce clause of the United States Constitution. The Securities Act of 1933 is distinct from the local blue sky laws, which typically impose very specific and qualitative requirements on security offerings.