JUSTICE POWELL delivered the opinion of the Court.
This case presents the question whether the Federal Reserve Board has statutory authority under § 4(c)(8) of the Bank Holding Company Act of 1956, 12 U. S. C. § 1843(c)(8), to authorize a bank holding company to acquire a nonbanking affiliate engaged principally in retail securities brokerage.
I
BankAmerica Corp. (BAC) is a bank holding company...
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