I, § 8. "Although the [Commerce] Clause thus speaks in terms of powers bestowed upon Congress, the Court long has recognized that it also limits the power of the States to erect barriers against interstate trade."

—state statute prohibiting banks, trust companies, and bank holding companies that have their principal place of business outside Florida from owning local investment or trust businesses within Florida violated the Commerce Clause

—"... the States retain authority under their general police powers to regulate matters of `legitimate local concern,'even though interstate commerce may be affected. "

Congress "may use its powers under the Commerce Clause to `[confer] upon the States an ability to restrict the flow of interstate commerce that they would not otherwise enjoy.'"

—striking down statute prohibiting businesses owned by out-of-state banks, bank holding companies, or trust companies from providing investment advisory services

Thus, state statutes that clearly discriminate against interstate commerce are routinely struck down,

—invalidating state law that discriminated against banks, bank holding companies, and trust companies with out-of-state business operations

The principal objects of dormant Commerce Clause scrutiny are statutes that discriminate against interstate commerce.

B] anking and related financial activities are of profound local concern.... Nonetheless, it does not follow that these same activities lack important interstate attributes

But of course Clarkstown investors face the same prohibition, which is to say that Local Law 9's exclusion of outside capital is part of a broader exclusion of private capital, not a discrimination against out-of-state investors as such.[7