INDEPENDENT INSURANCE AGENTS OF AMERICA, INC., Independent Insurance Agents of New York, Inc., New York State Assoc. of Life Underwriters, and Professional Insurance Agents of New York, Inc., Petitioners,
v.
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, Respondent,
Merchants National Corporation, the National Association of Casualty and Surety Agents, the National Association of Life Underwriters, the National Association of Professional Insurance Agents, and the National Association of Surety Bond Producers, Intervenors.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued June 1, 1989.
Decided November 29, 1989.
Attorney(s) appearing for the Case
Jonathan B. Sallet, Washington D.C. (Jay L. Alexander, Lisa D. Burget, Miller, Cassidy, Larroca & Lewin, on the brief), for petitioners and insurance-agent intervenors.
Douglas B. Jordan, Sr. Atty., Bd. of Governors of Federal Reserve System, Washington D.C. (John R. Bolton, Asst. Atty. Gen., U.S. Dept. of Justice, J. Virgil Mattingly, Gen. Counsel, Richard M. Ashton, Associate Gen. Counsel, Bd. of Governors of Federal Reserve System, Washington, D.C., on the brief), for respondent.
James A. McDermott, Indianapolis, Ind. (Stanley C. Fickle, Barnes & Thornburg, on the brief), for intervenor Merchants Nat. Corp.
Paul B. Galvani, Martin E. Lybecker, William L. Patton, Alan G. Priest, Mark P. Szpak, Ropes & Gray, Washington D.C., Laurene K. Janik, Natl. Ass'n of Realtors, Chicago, Ill., submitted a brief for amici curiae Ins. Co. Ass'ns and Nat. Ass'n of Realtors.
Robert M. Kurucza, Robert G. Ballen, Steven S. Rosenthal, Debra L. Lagapa, Leslie J. Cloutier, Morrison & Foerster, Washington, D.C., submitted a brief for amicus curiae California Bankers Clearing House Ass'n.
Ernest Gellhorn, Robert C. Jones, Jones, Day, Reavis & Pogue, Washington, D.C., submitted a brief for amici curiae Conference of State Bank Supervisors, Independent Bankers Ass'n of America, and Nat. Council of Savings Institutions.
John J. Gill, Michael F. Crotty, American Bankers Ass'n, James T. McIntyre, Jr., Randi S. Field, McNair Law Firm, Richard Whiting, Ass'n of Bank Holding Companies, Charles L. Marinaccio, Kelley, Drye & Warren, Washington, D.C., submitted a brief for amici curiae American Bankers Association, Association of Bank Holding Companies, Insurance/Financial Affiliates of America, and Association of Reserve City Bankers.
Linley E. Pearson, Atty. Gen., Samuel L. Bolinger, Deputy Atty. Gen., Indianapolis, Ind., submitted a brief for amicus curiae Indiana Dept. of Financial Institutions.
Before KAUFMAN, NEWMAN, and MINER, Circuit Judges.
United States Court of Appeals, Second Circuit.
JON O. NEWMAN, Circuit Judge:
The extent to which banks should be permitted to engage in nonbanking activities is a major controversy in this country, attracting the increasing attention of Congress, administrative agencies, and courts. This petition for review of an order of the Board of Governors of the Federal Reserve System ("the Board" or "the Fed") brings before us one facet of that controversy. The issue is whether...
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