No. 1372, Docket 83-4019.

716 F.2d 92 (1983)

SECURITIES INDUSTRY ASSOCIATION, Petitioner, v. BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM, et al., Respondents, and BankAmerica Corporation, Intervenor.

United States Court of Appeals, Second Circuit.

Decided July 15, 1983.

As Amended September 20, 1983.

Certiorari Granted January 23, 1984.

Attorney(s) appearing for the Case

James B. Weidner, New York City (Rogers & Wells, New York City, John M. Liftin, Harry M. Yohalem, David A. Schulz, Mark Holland, Bruce E. Braverman, and Donald J. Crawford, Washington, D.C., William J. Fitzpatrick, New York City, of counsel), for petitioner Securities Industry Assn.

Gary D. Wilson, Washington, D.C. (Wilmer, Cutler & Pickering, Washington, D.C., Arnold M. Lerman, Alan S. Tenenbaum, and H. Helmut Loring, William S. MacKay, Janice Decker, San Francisco, Cal., of counsel), for intervenor BankAmerica Corp.

Richard M. Ashton, Atty., Board of Governors of the Federal Reserve System, Washington, D.C. (Michael Bradfield, Gen. Counsel, Kevin J. Handly, Atty., Board of Governors, and J. Paul McGrath, Asst. Atty. Gen., Civ. Div., Dept. of Justice, Washington, D.C., of counsel), for respondents Board of Governors of the Federal Reserve System.

Robert S. Rifkind, New York City (Cravath, Swaine & Moore, Stephen S. Madsen, and Deborah S. Prutzman, Vice President and Counsel, The New York Clearing House Ass'n, New York City, of counsel), for The New York Clearing House Ass'n, amicus curiae.

Before FEINBERG, Chief Judge, and LUMBARD and WINTER, Circuit Judges.

LUMBARD, Circuit Judge:

On January 7, 1983 the Federal Reserve Board authorized the BankAmerica Corporation, a bank holding company, to acquire the Charles Schwab Corporation, the sole owner of Charles Schwab & Co., the nation's largest "discount" brokerage firm. The Securities Industry Association (SIA), a national trade association representing over 540 securities brokers, dealers, and investment banking companies, petitions for judicial review of the Board...


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