Legal Opinion
Securities Industry Ass'n v. Board of Governors of Federal Reserve System
Court of Appeals for the D.C. Circuit
Decided July 7, 1987No. 86-1412PublishedCited by 2 opinions
1Opinion of the Court
BORK, Circuit Judge:
Section 20 of the Glass-Steagall Act1 prohibits the affiliation of member banks of the Federal Reserve System with corporations “engaged principally in the issue, flotation, underwriting, public sale, or distribution” of securities. 12 U.S.C. § 377 (1982). The issue here is whether the Board of Governors of the Federal Reserve System reasonably concluded that the combined provision of securities brokerage services and investment advice by a member bank’s affiliate does not implicate section 20’s prohibition of the “public sale” of securities. We find that the Board’s…
2Cases cited8 opinions
- Chevron U. S. A. Inc. v. Natural Resources Defense Council, Inc.Supreme Court of the United States · 1984
- Immigration & Naturalization Service v. Cardoza-FonsecaSupreme Court of the United States · 1987
- Investment Company Institute v. CampSupreme Court of the United States · 1971
- Securities Industry Ass'n v. Board of Governors of the Federal Reserve SystemSupreme Court of the United States · 1984
- Securities Industry Ass'n v. Board of Governors of the Federal Reserve SystemSupreme Court of the United States · 1984
3 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Securities Industry Association v. Board of Governors of the Federal Reserve System, Chase Manhattan Corp., IntervenorCourt of Appeals for the D.C. Circuit · 1988
- Securities Industry Association v. Board Of Governors Of The Federal Reserve SystemCourt of Appeals for the D.C. Circuit · 1987