The New York State Commission to Modernize the Regulation of Financial Services, which was formed last week by Gov. Eliot Spitzer to preserve New York's place as "the financial capital of the world," should start by looking at some of the laws exploited by Mr. Spitzer when he was a prosecutor, The Wall Street Journal argues in today's editions. Most notably, the newspaper said, the commission should recommend to repeal the Martin Act, which grants powers to the New York Attorney General "unknown in most other states."

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