Federal Reserve Bank v. Commissioner of Corporations & Taxation’s Empirical Analysis
499 F.2d 60 · 1974
Citation profile
25 federal appellate · 10 district · 1 state decisions
How this case has been cited
Cited by 55 later decisions (1 by the Supreme Court) — most recently January 2014 · most notably T I Federal Credit Union v. DelBonis (1995), Arkansas v. Farm Credit Services of Central Arkansas (1997)
25 federal appellate · 10 district · 1 state decisions
Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.
Relationships
Relies on Great Lakes Dredge & Dock Co. v. Huffman · Trudo v. United States · Department of Employment v. United States · Reconstruction Finance Corp. v. Beaver County · First Agricultural National Bank of Berkshire County v. State Tax Commission
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 55 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“fiscal arm[ ] of the federal government,”
4 later decisions quote this exact passage · from the majority““Federal reserve banks by contrast are plainly and predominantly fiscal arms of the federal government. Their interests seem indistinguishable from those of the sovereign. . . . There are 12 such banks in the nation, of which plaintiff is one. They were created and are operated in furtherance of the national fiscal policy. They are not operated for the profit of shareholders, and do not provide ordinary commercial banking services; their shareholders, the member banks, lack the powers and rights customarily vested in shareholders of a private corporation. Federal reserve banks act as depositories for money held in the U.S. Treasury and as fiscal and monetary agents of the U.S. 12 U.S.C. Section 391 . They hold the legal reserves of member banks, issue currency, facilitate check clearance and collection, and have supervisory duties as to member banks. They also provide important services for the Treasury with respect to the public debt and the issuance, handling and redemption of government securities. The limited income generated is used to pay expenses and dividends limited to 6 percent. Any remaining earnings are paid into the surplus fund, 12 U.S.C. Section 289 , where they may be used by the U.S. Treasury to supplement the gold reserve. Should a federal reserve bank go into liquidation, any surplus becomes the property of the U.S., 12 U.S.C. Section 190 .””
3 later decisions quote this exact passage · from the majority“each instrumentality must be examined in light of its governmental role and the wishes of Congress as expressed in relevant legislation.”
3 later decisions quote this exact passage · from the majority
How this case has been treated — in progress
Whether each later court followed, distinguished, criticized, or overruled this decision. The treatment classification (task #35) runs highest-cited cases first and lights up here as it reaches this one.