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  5. 847 F.2d 890 (1988)
 

SECURITIES INDUSTRY ASS'N v. BD. OF GOVERNORS OF FEDERAL RESERVE SYSTEM

No. 87-1169.

847 F.2d 890 (1988)

SECURITIES INDUSTRY ASSOCIATION, Petitioner, v. BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM, et al., Respondents, Chase Manhattan Corp., Intervenor.

United States Court of Appeals, District of Columbia Circuit.

Decided May 27, 1988.

As Amended May 27, 1988.

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, Associate General Counsel, Board of Governors of the Federal Reserve System, with whom Richard K. Willard, Asst. Atty. Gen., Washington, D.C., at the time the brief was filed, was on the brief, for respondents. James A. Michaels, Counsel, Board of Governors of the Federal Reserve System, Washington, D.C., also entered an appearance for respondents.

Richard C. Tufaro and Robert B. Adams, New York City, were on the brief for intervenor. D. Stephen Mathias, Washington, D.C., also entered an appearance for intervenor.

Before EDWARDS, BUCKLEY, and SENTELLE, Circuit Judges.

Opinion for the court filed by Circuit Judge BUCKLEY.

BUCKLEY, Circuit Judge:

The Securities Industry Association petitions for review of an order of the Board of Governors of the Federal Reserve System. In this latest in a series of cases in which commercial banks have sought to participate in various aspects of the securities business, the Board permitted a commercial bank affiliate to engage to a limited extent in underwriting and dealing in commercial...

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