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By a margin of 5-4, the justices quashed section 4 of the 1965 Voting Rights Act.
They ruled that an updated formula was needed to decide which jurisdictions' election laws need monitoring.
The law requires all or parts of 15 US states, mostly in the South, to receive federal approval for election changes.
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Alabama Governor Robert Bentley told the Birmingham News the decision was "the most significant ruling" in his lifetime.
"Was there a reason to pass the Voting Rights Act 48 years ago? Yes, there was," Mr Bentley said. But he said "areas of discrimination" had been "addressed".
"As governor, I can assure you we're not going to have discrimination in the state of Alabama based on race, especially related to voting," he said.
The Voting Rights Act was intended to stop practices such as literacy tests, poll taxes or similar measures to keep black people from voting, in states with a history of racial discrimination.
I agree with Alabama Governor Robert Bentley. Section 4 of the 1965 Voting Rights Act was a product of it's time, and is irrelevant today. The law should be updated to reflect modern society.