The "Central Hudson Test" for Restrictions on Commercial Speech

This frequently invoked test for analyzing commercial speech regulations (regulations that restrict speech that proposes an economic transaction) has recently been criticized by several justices.  At present, only four justices seem committed to using the test.

Regulations affecting commercial speech do not violate the First Amendment if:

1. The regulated speech proposes an economic transaction involving an illegal activity.

2. The regulated speech is misleading. 

3. The regulation substantially advances an important government interest, and the regulation is narrowly tailored to serve the government's interest.