harming the economy of the United States and reducing investment opportunities for the public in the United States. (7) Article I, section 8, clause 3 of the Constitution of the United States (commonly known as the Commerce Clause ) explicitly states that Congress shall have power To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes . The regulation of 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 uniform anti-fraud standard of the Federal Government. (8) In the past, Congress has exercised this authority in regards to State securities preemption with both the Private Securities Litigation Reform Act of 1995 ( Public Law 104–67