On January 12, 2004, the U.S. Supreme Court issued an order declining to hear a challenge to a Wisconsin law that regulates the investments and stock sales of non-Wisconsin companies. The decision was a setback for WLF, which in November 2003 filed a brief urging that review be granted. WLF argued that the law violates the Constitution’s Commerce Clause by regulating the out-of-state activities of out-of-state corporations. The law imposes severe restrictions on any out-of-state company that owns even a minor share of a Wisconsin public utility, including restrictions on the company’s authority to make non-utility investments. WLF argued that the Commerce Clause bars a state from, as here, seeking to control commerce occurring wholly outside its borders.