The problem with the Blue Sky Laws was that they were each state done separately and it was hard for states to manage what were, basically, national businesses.

蓝天法的问题在于,各州的法律都是分开制定的,由各州政府去处理,然而全国性的问题却无从解决

耶鲁公开课 - 金融市场课程节选

The first wave was in the 1960s and, at that time, Congress had limits-- state governments had limits on the interest that savings banks could pay people on their accounts.

在20世纪60年代,那时候国会限制了...,各州政府给储蓄银行,设定了账户利率的支付上限

耶鲁公开课 - 金融市场课程节选