Supreme Court won't review bank powers.

National Underwriter Property & Casualty-Risk & Benefits Management, June, 1989 by Brostoff, Steven

Supreme Court Won't Review Bank Powers WASHINGTON--The U.S. Supreme Court last week declined to review a federal appeals court decision allowing bank holding companies to buy and sell subsidiaries that have insurance powers. The action means that insurance agents must ask Congress to amend the Bank Holding Company Act to clarify whether bank holding companies can transfer insurance powers, according to agent representatives.

"I expect we will try to address this issue in legislation in this Congress," said David A. Winston, government affairs counsel for the National Association of Life Underwriters, Washington, D.C. The high court's action lets stand a ruling originally made by the Federal Reserve Board that the Garn-St Germain Act of 1982 does not...

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