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Investment Co. Inst. v. Camp, 401 U.S. 617 (1971)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Investment Co. Inst. v. Camp, 401 U.S. 617 (1971)
Investment Co. Inst. v. Camp, 401 U.S. 617 No. 61 Argued December 15, 1970 Decided April 5, 1971 * 401 U.S. 617
CERTIORARI TO THE UNITED STATES COURT OF APPEALS
FOR THE DISTRICT OF COLUMBIA CIRCUIT
Syllabus
Petitioners in No. 61, an association of open-end investment companies and several individual such companies, attack (1) portions of the Comptroller of the Currency’s Regulation 9, purporting to authorize banks to operate collective investment funds, as violative of the Glass-Steagall Banking Act of 1933 and (2) the Comptroller’s approval given First National City Bank to operate a collective investment fund. Petitioner in No. 59 seeks review of a Securities and Exchange Commission (SEC) order exempting that fund from certain provisions of the Investment Company Act of 1940. The District Court concluded in No. 61 that the challenged provisions of Regulation 9 were invalid. The Court of Appeals, after consolidating the cases, held that the Comptroller’s and the SEC’s actions were consonant with the relevant statutes, and affirmed the SEC’s order and reversed the District Court.
Held:
1. Petitioners in No. 61 do not lack standing to challenge whether national banks may legally enter a field in competition with them. Data Processing Service v. Camp, 397 U.S. 150. Pp. 620-621.
2. The operation of a collective investment fund of the kind approved by the Comptroller, that is in direct competition with the mutual fund industry, involves a bank in the underwriting, issuing, selling, and distributing of securities in violation of §§ 16 and 21 of the Glass-Steagall Act. Pp. 621-639.
136 U.S.App.D.C. 241, 420 F.2d 83, reversed in No. 61, and vacated in No. 59.
STEWART, J., delivered the opinion of the Court, in which BLACK, DOUGLAS, BRENNAN, WHITE, and MARSHALL, JJ., joined. HARLAN, J., post, p. 639, and BLACKMUN, J., post, p. 642, filed dissenting opinion. BURGER, C.J., took no part in the consideration or decision of these cases.
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Chicago: U.S. Supreme Court, "Syllabus," Investment Co. Inst. v. Camp, 401 U.S. 617 (1971) in 401 U.S. 617 401 U.S. 618. Original Sources, accessed November 24, 2024, http://originalsources.com/Document.aspx?DocID=Q3ZKF3KJJUPUIVN.
MLA: U.S. Supreme Court. "Syllabus." Investment Co. Inst. v. Camp, 401 U.S. 617 (1971), in 401 U.S. 617, page 401 U.S. 618. Original Sources. 24 Nov. 2024. http://originalsources.com/Document.aspx?DocID=Q3ZKF3KJJUPUIVN.
Harvard: U.S. Supreme Court, 'Syllabus' in Investment Co. Inst. v. Camp, 401 U.S. 617 (1971). cited in 1971, 401 U.S. 617, pp.401 U.S. 618. Original Sources, retrieved 24 November 2024, from http://originalsources.com/Document.aspx?DocID=Q3ZKF3KJJUPUIVN.
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