The law resulted from the growing concern over the inability of Federal prosecutors to use antiquated laws to reach sophisticated financial fraud. Prosecutors complained particularly about the limits that the United States Supreme Court's 1982 decision in Williams v. United States imposed on prosecutions of check kiting. This and other developments led to the passage of the new law. The law has significant implications for Federalism, because it shifts the main law enforcement role for bank fraud from the States to the Federal government. However, this issue has received little attention. The Federal jurisdiction is based on the Federal interest in the financial integrity of Federally insured or Federally chartered financial institutions and not on the use of the mails or wire communication. However, the legislative history expressly states that the law is modeled on current wire and mail fraud statutes, so existing precedent in these areas should reduce uncertainities regarding the law's scope. Footnotes.