The Supreme Court, Rule 10b-5 and the Federalization of Corporate Law

This Article examines Supreme Court jurisprudence since 1997 under the federal securities laws in light of the Court's earlier securities law decisions and in light of its recent decisions construing the Constitution and federal statutes as they relate to the regulation of business. These post-1977 cases strongly suggest that the much-heralded new federalism philosophy of the Supreme Court is not a factor in securities law cases or in business cases generally. Indeed, the opposite seems to be the case. In this context, new federalism cases appear to be an anomaly, with the reality being that the Court is still as nationalistic in its approach to law as it traditionally has been. Moreover, if the securities law cases discussed in this Article are any indication, the Court is becoming even more nationalistic.