Further, the FAA gave only four grounds under which judges could vacate an arbitrator's award (fraud in procuring the award, partiality or gross misconduct by arbitrators, and arbitrators' failure to make a final decision). Judges could only consider "manifest disregard" for the law in their review of arbitrators' handling of the case. Blackmun conceded that arbitration procedures had improved since then, citing specifically the SEC's development of code governing the process, with industry and public input. But "[e]ven those who favor the arbitration of securities claims do not contend, however, that arbitration has changed so significantly as to eliminate the essential characteristics noted by the "Wilko" Court," he wrote. "Indeed, proponents of arbitration would not see these characteristics as 'problems,' because, in their view, the characteristics permit the unique 'streamlined' nature of the arbitral process." Arbitrators were still not required to keep records or follow legal precedent, and were discouraged from explaining their decisions. Nor had the scope of judicial review of arbitral awards been expanded since "Wilko", he observed. More than any procedural improvements in arbitration, Blackmun continued, it was "the Court's present assumption that the distinctive features of arbitration, its more quick and economical resolution of claims, do not render it inherently inadequate for the resolution of statutory claims" that was spurring an increased acceptance of the process. "Such reasoning, however, should prevail only in the absence of the congressional policy that places the statutory claimant in a special position with respect to possible violators of his statutory rights." He did not see that reflected in the current securities-industry arbitration procedures, in which at best the two parties were on equal footing. At worst, which he felt to be more frequently the case, the brokerages had the upper hand: Blackmun was increduluous that the majority gave such great weight to the SEC's change of position, without noting that it was a change, and a very recent one at that. The agency's current power, he wrote, would not be enough to adequately regulate arbitration. "It is most questionable, then, whether the Commission's recently adopted position is entitled to the deference that the Court accords it." Even after the 1975 amendments that had reassured the majority as to the SEC's ability to properly oversee arbitration, Blackmun noted, it had continued to express a negative view of the process. At one point it proposed a rule prohibiting mandatory arbitration. Its own description of its powers over arbitration belied the majority's faith in the agency, he wrote.