Clause, found in article I, section 8, clause 3 of the Constitution, explicitly states that the United States Congress shall have power To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes . Interstate Commerce is an explicitly Federal responsibility, and companies actively engaging in commerce across State lines and raising capital on national markets should be primarily regulated by the Federal Government’s uniform anti-fraud standard. (8) In the past, Congress has exercised this authority in regards to State securities preemption with both the Private Securities Litigation Reform Act ( PSLRA ), which was designed to curb abusive Federal class actions ( Public Law 104–67 ), and the National Securities Markets Improvements Act ( NSMIA ) to ensure that States could not impose their own views of what should or should not be included in registration statements filed in connection with nationally traded securities ( Public Law 104–290 ). (9) It is in the public interest to establish preemption of Federal regulators and courts over civil securities fraud, eliminating concurrent Federal and State jurisdiction over the specific companies covered by this Act. 3. Federal jurisdiction over securities fraud (a) Securities Exchange Act of 1934 The Securities Exchange Act of 1934 is amended by inserting after section 21F ( 15 U.S.C. 78u–6 ) the following: 21G. Federal jurisdiction over securities fraud (a) In general No law, rule, regulation, judgment, agreement, order, or other action of any State or political subdivision thereof, shall regulate securities fraud with respect to an issuer. (b) Actions brought exclusively in Federal court The district courts of the United States shall have original and exclusive jurisdiction over any civil action alleging securities fraud with respect to an issuer, and any such action brought in any State court shall be removable to the Federal district court for the district in which the action is pending. (c) Preservation of State authority