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AMERICAN BANKERS ASS'N v. S.E.C.

No. 85-6055.

804 F.2d 739 (1986)

AMERICAN BANKERS ASSOCIATION, Appellant, v. SECURITIES AND EXCHANGE COMMISSION, et al.

United States Court of Appeals, District of Columbia Circuit.

Decided November 4, 1986.

As Amended November 4 and November 17, 1986.

Attorney(s) appearing for the Case

Michael F. Crotty, with whom John J. Gill, III, Washington, D.C., was on the brief, for appellant.

Paul Gonson, Sol., S.E.C., with whom Linda D. Fienberg, Associate Gen. Counsel, Larry R. Lavoie, Anne E. Chafer, Asst. Gen. Counsels, John E. Birkenheier and Batya Roth, Attys., S.E.C., Washington, D.C., were on the brief, for appellees.

Michael S. Helfer, David M. Becker and Kerry W. Kircher, Washington, D.C., were on the brief, for amici curiae, urging reversal.

Before WALD, Chief Judge, MIKVA, Circuit Judge, and LEIGHTON, Senior District Judge.

Opinion for the Court filed by Chief Judge WALD.

WALD, Chief Judge:

This appeal involves the single critical question of whether the Securities and Exchange Commission (SEC) has authority under the Securities Exchange Act of 1934 (1934 Act) to regulate banks as "broker-dealers." After instituting notice and comment rulemaking procedures, the SEC adopted Rule 3b-9 which requires banks engaging in the securities brokerage...

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