I'm English myself, but I think there should be a colon after "stands". I agree with Merry Andrew that the comma after "America" is optional.
Quote:A well regulated militia, being necessary to the security of a free state, the right of the people to keep and bear arms, shall not be infringed.
This is 18th century punctuation. 200 years ago it was standard practice to separate every clause with a comma. For example, here is a sentence from Gibbon's
Decline and Fall of the Roman Empire: "The various modes of worship, which prevailed in the Roman world, were all considered by the people, as equally true; by the philosopher, as equally false; and by the magistrate, as equally useful."
Conventions have changed since then and if you were writing the sentence about militia today the commas after "militia" and "arms" should both be omitted.