A.G. BECKER INC. v. BD. OF GOVERNORS, ETC.

Nos. 80-2258, 81-2070, 81-1493, 81-2058, 81-2096 and 80-2314.

693 F.2d 136 (1982)

A.G. BECKER INCORPORATED, Petitioner, v. BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM, et al., Respondents. A.G. BECKER INCORPORATED, a Delaware Corporation v. BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM, an Agency of the United States, et al., Appellants. A.G. BECKER, INC., Appellant, v. BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM, et al. SECURITIES INDUSTRY ASSOCIATION v. BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM, et al., Appellants. A.G. BECKER INCORPORATED, a Delaware Corporation, Appellant, v. BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM, an Agency of the United States, et al. SECURITIES INDUSTRY ASSOCIATION, Petitioner, v. The BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM, et al., Respondents.

United States Court of Appeals, District of Columbia Circuit.

Decided November 2, 1982.

As Amended November 2, 1982.


Attorney(s) appearing for the Case

Richard M. Ashton, Washington, D.C., with whom Michael Bradfield, Washington, D.C., was on the brief for Bd. of Governors of the Federal Reserve System, et al., appellants Nos. 81-2058 and 81-2070 and appellants/respondents in Nos. 80-2258, 80-2314, 81-1493, and 81-2096, James V. Mattingly, Jr., Washington, D.C., also entered an appearance for the Bd. of Governors of the Federal Reserve System, et al.

James B. Weidner, New York City, with whom John M. Liftin, Washington, D.C., was on the brief for Securities Industry Ass'n, petitioner in No. 80-2314 and appellee in No. 81-2058. Janet R. Zimmer, Washington, D.C., also entered an appearance for Securities Industry Ass'n.

Harvey L. Pitt, Washington, D.C., with whom Henry A. Hubschman and Andrea Newmark, Washington, D.C., were on the brief for A.G. Becker Inc., petitioner in No. 80-2258, appellants in Nos. 81-2096 and 81-1493, and appellee/respondent in No. 80-2070. James H. Schropp, Washington, D.C., also entered an appearance for A.G. Becker Incorporated.

Robert S. Rifkind, New York City, entered an appearance for New York Clearing House Ass'n, amicus curiae in Nos. 81-1493, 81-2258 and 81-2096.

Charles F.C. Ruff, U.S. Atty., Royce C. Lamberth, Kenneth M. Raisler, William H. Briggs, Jr., Asst. U.S. Attys., Washington, D.C., also entered an appearance for appellee/respondent in No. 81-1493.

John W. Barnum and W. Michael Tupman, Washington, D.C., entered appearances for Bankers Trust Co., amicus curiae in Nos. 80-2314, 81-2058, 80-2258, 81-1493, 81-2096 and 81-2070.

Leonard H. Becker, Steven A. Musher and Joseph McLaughlin, Washington, D.C., entered appearances for Goldman, Sachs and Co., amicus curiae in Nos. 80-2314, 81-2058, 80-2258, 81-1493, 81-2096 and 81-2070.

Paul Gorson and Russell Stevenson, Washington, D.C., entered appearances for Securities and Exchange Com'n, amicus curiae in Nos. 81-2096 and 81-2058.

Before TAMM and WILKEY, Circuit Judges and ROBB, Senior Circuit Judge.


Opinion for the Court filed by Circuit Judge WILKEY.

Dissenting opinion filed by Senior Circuit Judge ROBB.

WILKEY, Circuit Judge:

This case calls upon us to decide whether the Federal Reserve Board acted lawfully in permitting the Bankers Trust Company, a state member bank of the Federal Reserve System,1 to act as agent in the sale of commercial paper. After Bankers Trust began marketing commercial paper, A.G. Becker,...

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