Of course, the Supreme Court has long recognized a strong presumption against federalpreemption, which requires courts not to find state laws preempted unless that was the clear and manifest purpose of Congress.
Before the vote Thursday, bank interests had already successfully knocked back proposals that would have taken away their power to assert federalpreemption over tougher state lending and consumer protection laws, something they spent the better part of the 1990s litigating.
The Securities Industry Association, the lobbying group for the brokerage industry, is considering whether to argue that the Utah law be struck down or is subject to preemption by federal securities laws.