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BOARD OF GOVS., FRS v. INVESTMENT COMPANY INST.

No. 79-927.

450 U.S. 46 (1981)

BOARD OF GOVERNORS OF FEDERAL RESERVE SYSTEM v. INVESTMENT COMPANY INSTITUTE.

Supreme Court of United States.

Decided February 24, 1981.

Attorney(s) appearing for the Case

Stephen M. Shapiro argued the cause for petitioner. With him on the briefs were Solicitor General McCree, Assistant Attorney General Daniel, Anthony J. Steinmeyer, and Neal L. Petersen.

G. Duane Vieth argued the cause for respondent. With him on the briefs was Leonard H. Becker.*

Briefs of amici curiae urging affirmance were filed by Roger A. Clark, John M. Liftin, and Donald J. Crawford for the Securities Industry Association; and by Harvey L. Pitt, James H. Schropp, and Randy A. Harris for A. G. Becker Inc.

JUSTICE STEVENS delivered the opinion of the Court.

In 1956 Congress enacted the Bank Holding Company Act to control the future expansion of bank holding companies and to require divestment of their nonbanking interests.1 The Act, however, authorizes the Federal Reserve Board (Board) to allow holding companies to acquire or retain ownership in companies whose activities are "so closely related to banking or managing or controlling banks...

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