It is constrained by laws and regulations formulated by Congress over more than two centuries.
( It ( ( is ( constrained ( by ( ( ( laws and ) regulations ) ( formulated ( by ( Congress ( over ( ( more ( than two ) ) centuries ) ) ) ) ) ) ) ) ) . ) )
(ROOT (S (NP (PRP It)) (VP (VBZ is) (VP (VBN constrained) (PP (IN by) (NP (NP (NNS laws) (CC and) (NNS regulations)) (VP (VBN formulated) (PP (IN by) (NP (NP (NNP Congress)) (PP (IN over) (NP (QP (JJR more) (IN than) (CD two)) (NNS centuries)))))))))) (. .)))
Many of the laws and regulations are obsolete by now.
( ( Many ( of ( the ( ( laws and ) regulations ) ) ) ) ( ( are ( obsolete ( by now ) ) ) . ) )
(ROOT (S (NP (NP (JJ Many)) (PP (IN of) (NP (DT the) (NNS laws) (CC and) (NNS regulations)))) (VP (VBP are) (ADJP (JJ obsolete) (PP (IN by) (ADVP (RB now))))) (. .)))