SECURITIES INDUSTRY ASSOCIATION, Petitioner,
v.
BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM, et al., Respondents,
National Westminster Bank PLC and NatWest Holdings Inc., Intervenor.
United States Court of Appeals, District of Columbia Circuit.https://leagle.com/images/logo.png
Argued March 13, 1987.
Decided July 7, 1987.
Attorney(s) appearing for the Case
James B. Weidner, with whom David A. Schulz and William J. Fitzpatrick, New York City, were on the brief for petitioner.
Richard M. Ashton, Atty., Bd. of Governors of the Federal Reserve System, with whom Richard K. Willard, Asst. Atty. Gen., Dept. of Justice and Kevin J. Handly, Atty., Bd. of Governors of the Federal Reserve System, Washington, D.C., were on the brief for respondents.
Richard F. Ziegler, New York City, for intervenor.
John J. Gill, III and Michael F. Crotty, Washington, D.C., were on the brief for amicus curiae, American Bankers Ass'n, urging affirmance of the Board of Governors' decision.
J. Michael Luttig, McLean, Va., was on the brief for amicus curiae, New York Clearing House Ass'n, urging affirmance of the Bd. of Governors' decision.
Before BORK and SILBERMAN, Circuit Judges, and MARKEY, Chief Judge.
United States Court of Appeals, District of Columbia Circuit.
Opinion for the Court filed by Circuit Judge BORK.
BORK, Circuit Judge:
Section 20 of the Glass-Steagall Act1 prohibits the affiliation of member banks of the Federal Reserve System with corporations "engaged principally in the issue, flotation, underwriting, public sale, or distribution" of securities. 12 U.S.C. § 377 (1982). The issue here is whether the Board of Governors of the...
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