Since then, it has operated with editorial independence from any one political, commercial or governmental interest.

These classifications would only be upheld if necessary to promote a compelling governmental interest.

The first was that the governmental interest involved was different because the government functions primarily as an insurer for private investors.

Such regulations are judged by the legitimate and sufficiently substantial test rather than the stricter important governmental interest test.

This inquiry balances the importance of the governmental interest being served and the appropriateness of the government's method of implementation against the resulting infringement of individual rights.