Supremacy Clause In 1916, the federal government passed a law that allows national banks to sell insurance in towns with a population of less than 5,000. In 1974, Florida passed a law prohibiting insurance agents from associating with financial institutions that are owned by or affiliated with a bank holding company. A bank located in a small Florida town is affiliated with a national bank. This bank wants to sell insurance through licensed insurance agents. Can the bank successfully challenge the Florida prohibition as being preempted by the federal law? Explain your reasoning.