As I have been researching the financial market legislation that was passed under FDR, a consistent intent emerges. The intent is best summarized by the Securities and Exchange Commission as
[T]he evident purpose of the Act[s] was to substitute a philosophy of disclosure for the philosophy of caveat emptor.I have also seen court cases where the intent of the financial market legislation is described as
Among Congress' objectives in passing the Act was to ensure honest securities markets and thereby promote investor confidence after the 1929 market crash. Congress sought "`to substitute a philosophy of full disclosure for the philosophy of caveat emptor and thus to achieve a high standard of business ethics in the securities industry.'"Substituting is dramatically different than combining.
The FDR Framework that has been discussed on this blog combines the philosophy of disclosure with the principle of caveat emptor.