<P> We have not discarded the "common - sense" distinction between speech proposing a commercial transaction, which occurs in an area traditionally subject to government regulation, and other varieties of speech . To require a parity of constitutional protection for commercial and noncommercial speech alike could invite a dilution, simply by a leveling process, of the force of the (First) Amendment's guarantee with respect to the latter kind of speech . </P> <P> In Central Hudson Gas & Electric Corp. v. Public Service Commission (1980), the Court clarified what analysis was required before the government could justify regulating commercial speech: </P> <Ol> <Li> Is the expression protected by the First Amendment? Lawful? Misleading? Fraud? </Li> <Li> Is the asserted government interest substantial? </Li> <Li> Does the regulation directly advance the governmental interest asserted? </Li> <Li> Is the regulation more extensive than is necessary to serve that interest? </Li> </Ol> <Li> Is the expression protected by the First Amendment? Lawful? Misleading? Fraud? </Li>

Who presented the first amendment to the legislation