RESPONDENT:Investment Company Institute
LOCATION:U.S. District Court for the Western District of Texas
DOCKET NO.: 79-927
DECIDED BY: Burger Court (1975-1981)
LOWER COURT: United States Court of Appeals for the District of Columbia Circuit
CITATION: 450 US 46 (1981)
ARGUED: Oct 15, 1980
DECIDED: Feb 24, 1981
G. Duane Vieth – on behalf of the Respondent
Stephen M. Shapiro – on behalf of the Petitioner
Media for Board of Governors of the Federal Reserve System v. Investment Company Institute
Audio Transcription for Opinion Announcement – February 24, 1981 in Board of Governors of the Federal Reserve System v. Investment Company Institute
Warren E. Burger:
The judgment and opinion of the Court in 79-927, Board of Governors of the Federal Reserve against Investment Company Institute will be announced by Mr. Justice Stevens.
John Paul Stevens:
This — this case involves the validity of a ruling by the Federal Reserve Board which interprets the Bank Holding Company Act to allow investment advisory services to be performed for closed-end investment companies by nonbank subsidiaries of bank holding companies.
The ruling was challenged by an association of open-end investment companies and held to be invalid by the Court of Appeals for the District of Columbia.
In an opinion which we filed with the clerk today, we explained at some length the reasons why we think the action of the Federal Reserve Board was consistent with the statutes that are connected with this — this matter and we therefore reverse the Court of Appeals for the District of Columbia.
The opinion is unanimous insofar as the members of the Court who participated.
There are six members who participated.
Justices Stewart, Powell, and Rehnquist did not participate in the decision of the case.
Warren E. Burger:
Thank you Justice Stevens.