Not quite. During the Clinton administration, in the Emersson case at the 5th US Circuit Court of Appeals, the US Government argued that even possession by members of the organized militia, which they defined as the National Guard, was not protected, unless the weapons were issued by the state and used in performance of official duties. In other words when Madison wrote, and all the rest read and approved "right of the people" they really meant "right of the state". The court did not look kindly on that arguement (it was loaded with Texas Aggies :), and all of the Judges were Texans, IIRC ), but ruled against Emerson anyway, just barely and on very narrow grounds.