Reductionism versus emergence

Emergence seems to be ubiquitously-accepted nowadays, but I was wondering whether chemistry can be considered reducible to physics.  That is, are there any properties of chemistry that can't be explained by the underlying laws of physics?  This is assuming the model of the sciences depicting layers of abstraction:
Physics -> chemistry -> biology -> neuroscience -> psychology, for instance.

This topic is also open for debate on reductionism/emergence.