Deregulation and pre-emption of state regulatory authority and the global financial meltdown: Why responsible regulatory reform requires restoration of state authority.

This paper outlines how a series of actions by the United States Congress and federal courts to pre-empt the regulatory authority of state securities regulators contributed to the ongoing financial crisis that has caused widespread damage to both the US and global economies. The paper also provides a series of policy recommendations to enhance the ability of state securities regulators to pursue financial fraud and prosecute the perpetrators of those crimes. [ABSTRACT FROM AUTHOR]