Securities Industry Association et al. v. Board of Governors of the Federal Reserve System et al.

Decided June 28, 1984. Harry Andrew Blackmun delivered the opinion of the Court.

Docket 82-1766 · 468 U.S. 137 (1984) · Cited 202 times

Holding

Because commercial paper falls within the plain language of the Act, and because the inclusion of commercial paper within the terms of the Act is fully consistent with its purposes, commercial paper is a "security" under the Act and therefore is subject to its proscriptions.

The Court’s statement of the holding, from the opinion’s syllabus. The syllabus is prepared by the Reporter of Decisions and is not part of the opinion of the Court — read the official opinion for authority.

How the Justices voted

Decided 6–3.

“Concurring” means agreeing with the outcome; any split shown is the Court’s judgment, not each Justice’s reasoning. Source: the Supreme Court Database (Spaeth et al.), Washington University.

Precedents cited

Supreme Court decisions this opinion relies on, ordered by how often it cites each. Cases in our collection link through; others are named.

• Investment Company Institute v. Camp · 401 U.S. 617 (1971)
• Federal Election Commission v. Democratic Senatorial Campaign Committee · 454 U.S. 27 (1981)
• Chevron U. S. A. Inc. v. Natural Resources Defense Council, Inc. · 467 U.S. 837 (1984)
• Griswold v. Connecticut · 381 U.S. 479 (1965)
• Russello v. United States · 464 U.S. 16 (1983)
• Burlington Truck Lines, Inc. v. United States · 371 U.S. 156 (1962)
• United States v. Mitchell · 445 U.S. 535 (1980)
• Richards v. United States · 369 U.S. 1 (1962)
• United Housing Foundation, Inc. v. Forman · 421 U.S. 837 (1975)
• American Tobacco Co. v. Patterson · 456 U.S. 63 (1982)
• United States v. Cartwright · 411 U.S. 546 (1973)
• United States v. Vogel Fertilizer Co. · 455 U.S. 16 (1982)
• Third Nat. Bank in Nashville v. Impac Limited, Inc. · 432 U.S. 312 (1977)

Cited by

Later Supreme Court opinions in our collection that cite this case.

• Reves v. Ernst & Young · 494 U.S. 56 (1990)
• Watters v. Wachovia Bank, N. A. · 550 U.S. 1 (2007)
• Landreth Timber Co. v. Landreth · 471 U.S. 681 (1985)
• Howard Delivery Service, Inc. v. Zurich American Insurance · 547 U.S. 651 (2006)

Official text

Read the official opinion (U.S. Reports, govinfo.gov)

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Source: Supreme Court of the United States, slip opinions (1984). Citation count from the Free Law Project’s CourtListener bulk data. Data last verified 2026-07-03. Informational only; verify against the primary source before relying. Not a consumer report (FCRA).