Board of Governors of the Federal Reserve System v. Agnew’s Empirical Analysis

Citation profile

100 federal appellate · 16 district · 13 state decisions

Most-quoted passages

The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 258 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.

1. “defined as any corporation, business trust, association or other similar organization formed for the purpose of, or engaged principally in, the issue, flotation, underwriting, public sale, or distribution, at wholesale or retail or through syndicate participation, of stocks, bonds, debentures, notes, or other securities of any sort . . . . 48 Stat. 188. This provision was made applicable to state member banks by § 5 of the Act, 48 Stat. 166, Repealed, 80 Stat. 243”

   7 later decisions quote this exact passage · from the majority
   e.g. Board of Governors of Federal Reserve System v. Investment Co. Institute · Securities Industry Association v. Board Of Governors Of The Federal Reserve System

2. “* * It is true that ‘primary’ when applied to a siiigle subject often means first, chief, or principal. But that is not always the case. For other accepted and common meanings of ‘primarily’ are ‘essentially’ (Oxford English Dictionary) or ‘fundamentally’ (Webster’s New International). An activity or function may be ‘primary’ in that sense if it is substantial. If the underwriting business of a firm is substantial, the firm is engaged in the underwriting business in a primary way though by any quantitative test underwriting may not be its chief or principal activity. On the facts in this record we would find it hard to say that underwriting-was not one primary activity of the firm and brokerage another.””

   4 later decisions quote this exact passage · from the majority
   e.g. South Carolina Public Service Authority v. Federal Power Commission · Securities Industry Ass'n v. Board of Governors of the Federal Reserve System

3. “Section 16 ( 12 U.S.C. § 24 ) Corporate Powers of Associations Seventh .... The business of dealing in securities and stock by the association shall be limited to purchasing and selling such securities and stock without recourse, solely upon the order, and for the account of, customers, and in no case for its own account, and the association shall not underwrite any issue of securities or stock: Provided, That the association may purchase for its own account investment securities under such limitations and restrictions as the Comptroller of the Currency may by regulation prescribe. ... As used in this section the term “investment securities” shall mean marketable obligations, evidencing indebtedness of any person, copartnership, association or corporation in the forms of bonds, notes and/or debentures commonly known as investment securities under such further definition of the term “investment securities” as may be prescribed by the Comptroller of the Currency. * * * * * * Section 21 ( 12 U.S.C. § 378 ) Dealers in securities engaging in banking business; individuals or associations engaging in banking business; examinations and reports; penalties. (a) After the expiration of one year after June 16, 1933, it shall be unlawful— (1) For any person, firm, corporation, association, business trust, or other similar organization, engaged in the business of issuing, underwriting, selling or distributing, at wholesale or retail, or through syndicate participation, stocks, bonds, deben”

   3 later decisions quote this exact passage · from the majority
   e.g. Securities Industry Ass'n v. Board of Governors of the Federal Reserve System · A. G. Becker Inc. v. Board of Governors of the Federal Reserve System