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SECURITIES INDUSTRY ASSN. v. BOARD OF GOVERNORS

No. 83-614.

468 U.S. 207 (1984)

SECURITIES INDUSTRY ASSOCIATION v. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ET AL.

Supreme Court of United States.

Decided June 28, 1984

Attorney(s) appearing for the Case

James B. Weidner argued the cause for petitioner. With him on the briefs were John M. Liftin, David A. Schulz, William J. Fitzpatrick, and Donald J. Crawford.

Carter G. Phillips argued the cause for respondents. With him on the brief for the federal respondents were Solicitor General Lee and Deputy Solicitor General Claiborne. Arnold M. Lerman, Andrea Timko Sallet, and H. Helmut Loring filed a brief for respondent BankAmerica Corp.*

JUSTICE POWELL delivered the opinion of the Court.

This case presents the question whether the Federal Reserve Board has statutory authority under § 4(c)(8) of the Bank Holding Company Act of 1956, 12 U. S. C. § 1843(c)(8), to authorize a bank holding company to acquire a nonbanking affiliate engaged principally in retail securities brokerage.

I

BankAmerica Corp. (BAC) is a bank holding company...

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