1. Short title This Act may be cited as the Securities Fraud Act of 2018 . 2. Findings Congress finds the following: (1) Companies engaged in interstate commerce and publicly traded on national exchanges face unique challenges, operating often in every United States jurisdiction, under a variety of civil securities fraud statutes ( blue sky laws ) that can overlap or contradict each other and Federal law. (2) Civil and criminal fraud have inherent differences in affect and burden of proof. States have a unique interest in prosecuting criminal fraud that should be maintained. (3) Imposing differing State regulatory requirements for civil securities fraud on national markets increases risk, creates inefficiencies, raises costs, and can harm the efficient operation of these critical markets, without providing material investor protection benefits. (4) Complying with dual regulatory regimes places America’s public companies at a unique competitive disadvantage in an increasing global marketplace. (5) Reputational risk for United States publicly traded companies accused of civil fraud in State civil enforcement actions, often based on State law standards that differ from Federal law that otherwise governs these national markets, can cause immediate and irreparable financial harm to shareholders and unnecessary loss of jobs, even after such allegations are later found to be baseless. (6) As of June 2017, there were 5,734 public companies, little more than in 1982, when the economy was less than half its current size. The lack of a uniform standard for public companies is a contributing factor to the declining interest in the United States public market, harming the United States economy and reducing investment opportunities for the United States public. (7) The Commerce 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