Wall Street's hope of curtailing the investor protections in Dodd-Frank through the courts is predicated on a shift in the Supreme Court toward favoring corporations that dates back decades, to the 1972 appointments of Lewis Powell and William Rehnquist. As a private lawyer, Justice Powell famously prepared an oft-cited memo calling on the U.S. Chamber of Commerce to launch a litigation campaign responding to "the assault on the [free] enterprise system," an invitation the Chamber has since taken up with a vengeance. This pro-corporate stance by the Court — which, it's important to mention, is often not limited to its "conservative" members — can be seen as early as a 1978 decision, Marquette National Bank of Minneapolis v. First of Omaha Service Corp., in which Justice William Brennan interpreted the National Banking Act as allowing a Nebraska bank to charge Minnesota consumers higher interest rates than were permitted under Minnesota law. Two decades later, in Smiley v. Citibank (1996), Justice Scalia led a unanimous Court in extending Marquette, barring California from using consumer protection laws to protect its residents by limiting the credit card late fees imposed by a South Dakota bank. Recently the Court has split on whether national banks are exempt from all state power, with a five-member majority rejecting Michigan's ability to subject mortgage lenders to registration and inspection in Watters v. Wachovia Bank (2007), while a different five-member majority in Cuomo v. Clearing House (2009) carved out a narrow exception allowing New York to investigate — but not prosecute — the lending practices of national banks in the state.