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And what that means in application to varying situations has been, is, and will be decided, as the question comes up, by the federal courts.
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Suffice to say that ALL branches of the federal government tend toward a rather expansive interpretation of powers enumerated under the commerce clause, further inflated by "necessary and proper" in Article 1. If the gummint sticks its nose under the tent and declares that something is interstate commerce, the judiciary tends to agree.