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Preemption in the Securities Industry: A Diminished Standard?
Beginning of article
How should the power between the governments of the states and the United States be divided? The federalist structure created by our founding fathers seemed to achieve an effective balance,1 and the states' ratification of the Consititution temporarily remedied this controversy. Nearly 200 years later, a comfortable balance between state and federal government has yet to be discerned. Today, the states retain much of their sovereign power, but Congress, pursuant to its power under the Supremacy Clause,2 may preempt a field of law, explicitly or implicitly. Historically, the Supreme Court has expressed a presumption against preemption3 absent a "clear and manifest purpose of Congress."4 …
