SECURITIES INDUSTRIES ASSOCIATION, Petitioner,
v.
BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM, and Alan Greenspan, as Chairman of the Board of Governors of the Federal Reserve System, et al., Respondents,
Bankers Trust New York Corporation, Chase Manhattan Corporation, Citicorp, Security Pacific Corporation, J.P. Morgan & Co., Incorporated, Intervenors.
United States Court of Appeals, District of Columbia Circuit.https://leagle.com/images/logo.png
Argued March 6, 1990.
Decided April 10, 1990.
Attorney(s) appearing for the Case
David A. Schulz, with whom William J. Fitzpatrick, New York City, was on the brief, for petitioner. James B. Weidner, New York City, also entered an appearance for petitioner.
Richard M. Ashton, Associate Gen. Counsel, Federal Reserve System, with whom Stuart M. Gerson, Asst. Atty. Gen., Dept. of Justice, James V. Mattingly, Jr., Gen. Counsel, and Douglas B. Jordan, Atty., Federal Reserve System, Washington, D.C., were on the brief, for respondents. John R. Bolton, Atty., Dept. of Justice, Washington, D.C., also entered an appearance for respondents.
Michael S. Helfer, with whom Christopher R. Lipsett and Thomas P. Olson, Washington, D.C., for Citicorp and Chase Manhattan Corp., Paul L. Friedman, Washington, D.C., for Bankers Trust New York Corp., Kenneth L. Bachman, Jr. and Matthew D. Slater, Washington, D.C., for Sec. Pacific Corp., John J. Gill and Michael F. Crotty, Washington, D.C., for American Bankers Ass'n, were on the joint brief for intervenors and amicus curiae, urging dismissal of the petition. Scott W. Muller, Washington, D.C., also entered an appearance for intervenor J.P. Morgan & Co., Inc.
Before RUTH B. GINSBURG, SILBERMAN and SENTELLE, Circuit Judges.
United States Court of Appeals, District of Columbia Circuit.
SILBERMAN, Circuit Judge:
The Securities Industry Association ("SIA"), a national trade association representing securities brokers, dealers, and underwriters, petitions for review of an order of the Board of Governors of the Federal Reserve System (the "Board") authorizing bank affiliates to underwrite and deal in all corporate debt and equity securities, subject to a revenue limitation. We hold that the SIA is barred by the doctrine of issue preclusion (collateral...
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