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As of March 2010, legislators in seven states have introduced legislation which would seek to nullify federal legal tender laws in the state by authorizing payment in gold and silver or a paper note backed 100% by gold or silver; the legislation failed in Colorado and Montana.
State laws, too, often require insurance agents to provide clear and comprehensive disclosures about annuity terms. Nearly all states also provide for a “free look period.” During this period ...
National Foreign Trade Council, 530 U.S. 363 (2000), that even when a state law is not in direct conflict with a federal law, the state law could still be found unconstitutional under the Supremacy Clause if the "state law is an obstacle to the accomplishment and execution of Congress's full purposes and objectives". [30]
One example is the Office of Thrift Supervision preempting federal savings associations from certain state laws. [3] 12 U.S.C. § 1464(n) authorizes fiduciary activities for federal savings associations, and specifies certain state law requirements that are applicable to federal savings associations. 12 C.F.R. §550.136(c) lists six types of ...
Under federal law, “financial professionals are already required to provide investment advice and recommendations that are in their customers’ best interest,” SIFMA President and CEO Kenneth ...
The Constitution does not contain any clause expressly providing that the states have the power to declare federal laws unconstitutional. Supporters of nullification have argued that the states' power of nullification is inherent in the nature of the federal system. They have argued that before the Constitution was ratified, the states essentially were separate nation
Therefore, State X's law protects its plaintiffs, and State Y's law protects its defendants - the laws serve opposite purposes, but each state has an interest in its own law being applied, to advance its own purposes. In such a case, if the interests are balanced, the law of the forum will prevail.
Mendenhall, R. L. (1982). "Commercial Law—Board of Governors of the Federal Reserve System v. Investment Company Institute: The Continuing Conflict Between Commercial and Investment Banking". North Carolina Law Review. 61: 378. ISSN 0029-2524. Norton, Joseph J. (1986).