Task: sc_respondent

What follows is an opinion from the Supreme Court of the United States. Your task is to identify the respondent of the case. The respondent is the party being sued or tried and is also known as the appellee. Characterize the respondent as the Court's opinion identifies them.

Identify the respondent by the label given to the party in the opinion or judgment of the Court except where the Reports title a party as the "United States" or as a named state. Textual identification of parties is typically provided prior to Part I of the Court's opinion. The official syllabus, the summary that appears on the title page of the case, may be consulted as well. In describing the parties, the Court employs terminology that places them in the context of the specific lawsuit in which they are involved. For example, "employer" rather than "business" in a suit by an employee; as a "minority," "female," or "minority female" employee rather than "employee" in a suit alleging discrimination by an employer.

Also note that the Court's characterization of the parties applies whether the respondent is actually single entitiy or whether many other persons or legal entities have associated themselves with the lawsuit. That is, the presence of the phrase, et al., following the name of a party does not preclude the Court from characterizing that party as though it were a single entity. Thus, identify a single respondent, regardless of how many legal entities were actually involved. If a state (or one of its subdivisions) is a party, note only that a state is a party, not the state's name.

Opinion of the Court by
Mr. Justice Powell,
announced by Mr. Justice Blackmun.
This appeal requires the Court to determine the extent to which the regulatory authority conferred upon the Securities and Exchange Commission by the Maloney Act, 52 Stat. 1070, as amended, 15 U. S. C. § 78o-3, and the Investment Company Act of 1940, 54 Stat. 789, as amended, 15 U. S. C. § 80a-l et seq., displaces the strong antitrust policy embodied in § 1 of the Sherman Act, 26 Stat. 209, as amended, 15 U. S. C. § 1. At issue is whether certain sales and distribution practices employed in marketing securities of open-end management companies, popularly referred to as “mutual funds,” are immune from antitrust liability. We conclude that they are, and accordingly affirm the judgment of the District Court.
I
An “investment company” invests in the securities of other corporations and issues securities of its own. Shares in an investment company thus represent proportionate interests in its investment portfolio, and their value fluctuates in relation to the changes in the value of the securities it owns. The most common form of investment company, the “open end” company or mutual fund, is required by law to redeem its securities on demand at a price approximating their proportionate share of the fund’s net asset value at the time of redemption. In order to avoid liquidation through redemption, mutual funds continuously issue and sell new shares. These features — continuous and unlimited distribution and compulsory redemption — are, as the Court recently recognized, “unique characteristic [s]” of this form of investment. United States v. Cartwright, 411 U. S. 546, 547 (1973).
The initial distribution of mutual-fund shares is conducted by a principal underwriter, often an affiliate of the fund, and by broker-dealers who contract with that underwriter to sell the securities to the public. The sales price commonly consists of two components, a sum calculated from the net asset value of the fund at the time of purchase, and a “load,” a sales charge representing a fixed percentage of the net asset value. The load is divided between the principal underwriter and the broker-dealers, compensating them for their sales efforts.
The distribution-redemption system constitutes the primary market in mutual-fund shares, the operation of which is not questioned in this litigation. The parties agree that § 22 (d) of the Investment Company Act requires broker-dealers to maintain a uniform price in sales in this primary market to all purchasers except the fund, its underwriters, and other dealers. And in view of this express requirement no question exists that antitrust immunity must be afforded these sales. This case focuses, rather, on the potential secondary market in mutual-fund shares.
Although a significant secondary market existed prior to enactment of the Investment Company Act, little presently remains. The United States agrees that the Act was designed to restrict most of secondary market trading, but nonetheless contends that certain industry practices have extended the statutory limitation beyond its proper boundaries. The complaint in this action alleges that the defendants, appellees herein, combined and agreed to restrict the sale and fix the resale prices of mutual-fund shares in secondary market transactions between dealers, from an investor to a dealer, and between investors through brokered transactions. Named as defendants are the National Association of Securities Dealers (NASD), and certain mutual funds, mutual-fund underwriters, and securities broker-dealers.
The United States charges that these agreements violate § 1 of the Sherman Act, 15 U. S. C. § l, and prays that they be enjoined under § 4 of that Act.
Count I charges a horizontal combination and conspiracy among the members of appellee NASD to prevent the growth of a secondary dealer market in the purchase and sale of mutual-fund shares. See n. 42, infra. Counts II-VIII, by contrast, allege various vertical restrictions on secondary market activities. In Counts II, IV, and VI the United States charges that the principal underwriters and broker-dealers entered into agreements that compel the maintenance of the public offering price in brokerage transactions of specified mutual-fund shares, and that prohibit interdealer transactions by allowing each broker-dealer to sell and purchase shares only to or from investors. Count VIII alleges that the broker-dealers entered into other, similar contracts and combinations with numerous principal underwriters. Counts III, V, and VII allege violations on the part of the principal underwriters and the funds themselves. In Counts III and VII the various defendants are charged with entering into contracts requiring the restrictive underwriter-dealer agreements challenged in Counts II and VI. Count V charges that the agreement between one fund and its underwriter restricted the latter to serving as a principal for its own account in all transactions with the public, thereby prohibiting brokerage transactions in the fund’s shares. App. 14.
After carefully examining the structure, purpose, and history of the Investment Company Act, 15 U. S. C. § 80a-l et seq., and the Maloney Act, 15 U. S. C. § 78o-3, the District Court held that this statutory scheme was “ ‘incompatible with the maintenance of (an) antitrust action,’ ” 374 F. Supp. 95, 109 (DC 1973), quoting Silver v. New York Stock Exchange, 373 U. S. 341, 358 (1963). The court concluded that §§22 (d) and (f) of the Investment Company Act, when read in conjunction with the Maloney Act, afford antitrust immunity for all of the practices here challenged. The court further held that apart from this explicit statutory immunity, the pervasive regulatory scheme established by these statutes confers an implied immunity from antitrust sanction in the “narrow area of distribution and sale of mutual fund shares.” 374 F. Supp., at 114. The court accordingly dismissed the complaint, and the United States appealed to this Court.
The position of the United States in this appeal can be summarized briefly. Noting that implied repeals of the antitrust laws are not favored, see, e. g., United States v. Philadelphia National Bank, 374 U. S. 321, 348 (1963), the United States urges that the antitrust immunity conferred by § 22 of the Investment Company Act should not extend beyond its precise terms, none of which, it maintains, requires or authorizes the practices here challenged. The United States maintains, moreover, that the District Court expanded the limits of the implied-immunity doctrine beyond those recognized by decisions of this Court. In response, appellees advance all of the positions relied on by the District Court. They are joined by the Securities and Exchange Commission (hereinafter SEC or Commission), which asserts as amicus curiae that the regulatory authority conferred upon it by § 22 (f) of the Investment Company Act displaces § 1 of the Sherman Act. The SEC contends, therefore, that the District Court properly dismissed Counts II-VIII but takes no position with respect to Count I.
II
A
The Investment Company Act of 1940 originated in congressional concern that the Securities Act of 1933, 48 Stat. 74, 15 U. S. C. § 77a et seq., and tne Securities Exchange Act of 1934, 48 Stat. 881, 15 U. S. C. § 78a et seq., were inadequate to protect the purchasers of investment company securities. Thus, in § 30 of the Public Utility Holding Company Act, 49 Stat. 837, 15 U. S. C. § 79z-4, Congress directed the SEC to study the structures, practices, and problems of investment companies with a view toward proposing further legislation. Four years of intensive scrutiny of the industry culminated in the publication of the Investment Trust Study and the recommendation of legislation to rectify the problems and abuses it identified. After extensive congressional consideration, the Investment Company Act of 1940 was adopted.
The Act vests in the SEC broad regulatory authority over the business practices of investment companies. We are concerned on this appeal with § 22 of the Act, 15 U. S. C. § 80a-22, which controls the sales and distribution of mutual-fund shares. The questions presented require us to determine whether § 22 (d) obligates appellees to engage in the practices challenged in Counts II-VIII and thus necessarily confers antitrust immunity on them. If not, we must determine whether such practices are authorized by § 22 (f) and, if so, whether they are immune from antitrust sanction. Resolution of these issues will be facilitated by examining the nature of the problems and abuses to which § 22 is addressed, a matter to which we now turn.
B
The most thorough description of the sales and distribution practices of mutual funds prior to passage of the Investment Company Act may be found in Part III of the Investment Trust Study. That Study, as Congress has recognized, see 15 U. S. C. § 80a-l, forms the initial basis for any evaluation of the Act.
Prior to 1940 the basic framework for the primary distribution of mutual-fund shares was similar to that existing today. The fund normally retained a principal underwriter to serve as a wholesaler of its shares. The principal underwriter in turn contracted with a number of broker-dealers to sell the fund’s shares to the investing public. The price of the shares was based on the fund’s net asset value at the approximate time of sale, and a sales commission or load was added to that price.
Although prior to 1940 the primary distribution system for mutual-fund shares was similar to the present one, a number of conditions then existed that largely disappeared following passage of the Act. The most prominently discussed characteristic was the “two-price system,” which encouraged an active secondary market under conditions that tolerated disruptive and discriminatory trading practices. The two-price system reflected the relationship between the commonly used method of computing the daily net asset value of mutual-fund shares and the manner in which the price for the following day was established. The net asset value of mutual funds, which depends on the market quotations of the stocks in their investment portfolios, fluctuates constantly. Most funds computed their net asset values daily on the basis of the fund’s portfolio value at the close of exchange trading, and that figure established the sales price that would go into effect at a specified hour on the following day. During this interim period two prices were known: the present day’s trading price based on the portfolio value established the previous day; and the following day’s price, which was based on the net asset value computed at the close of exchange trading on the present day. One aware of both prices could engage in “riskless trading” during this interim period. See Investment Trust Study pt. Ill, pp. 851-852.
The two-price system did not benefit the investing public generally. Some of the mutual funds did not explain the system thoroughly, and unsophisticated investors probably were unaware of its existence. See id., at 867. Even investors who knew of the two-price system and understood its operation were rarely in a position to exploit it fully. It was possible, however, for a knowledgeable investor to purchase shares in a rising market at the current price with the advance information that the next day’s price would be higher. He thus could be guaranteed an immediate appreciation in the market value of his investment, although this advantage was obtained at the expense of the existing shareholders, whose equity interests were diluted by a corresponding amount. The load fee that was charged in the sale of mutual funds to the investing public made it difficult for these investors to realize the “paper gain” obtained in such trading. Because the daily fluctuation in net asset value rarely exceeded the load, public investors generally were unable to realize immediate profits from the two-price system by engaging in rapid in-and-out trading. But insiders, who often were able to purchase shares without paying the load, did not operate under this constraint. Thus insiders could, and sometimes did, purchase shares for immediate redemption at the appreciated value. See n. 24, infra, and sources cited therein.
The two-price system often afforded other advantages to underwriters and broker-dealers. In a falling market they could enhance profits by waiting to fill orders with shares purchased from the fund at the next day’s anticipated lower price. In a similar fashion, in a rising market they could take a “long position” in mutual-fund shares by establishing an inventory in order to satisfy anticipated purchases with securities previously obtained at a lower price. Investment Trust Study pt. Ill, pp. 854-855. In each case the investment company would receive the lower of the two prevailing prices for its shares, id., at 854, and the equity interests of shareholders would suffer a corresponding dilution.
As a result, an active secondary market in mutual-fund shares existed. Id., at 865-867. Principal underwriters and contract broker-dealers often maintained inventory positions established by purchasing shares through the primary distribution system and by buying from other dealers and retiring shareholders. Additionally, a “bootleg market” sprang up, consisting of broker-dealers having no contractual relationship with the fund or its principal underwriter. These bootleg dealers purchased shares at a discount from contract dealers or bought them from retiring shareholders at a price slightly higher than the redemption price. Bootleg dealers would then offer the shares at a price slightly lower than that required in the primary distribution system, thus “initiating a small scale price war between retailers and tend[ing] generally to disrupt the established offering price.” Id., at 865.
Section 22 of the Investment Company Act of 1940 was enacted with these abuses in mind. Sections 22 (a) and (c) were designed to “eliminat[e] or reduc[e] so far as reasonably practicable any dilution of the value of other outstanding securities... or any other result of [the] purchase, redemption or sale [of mutual fund securities] which is unfair to holders of such other outstanding securities,” 15 U. S. C. § 80a-22 (a). They authorize the NASD and the SEC to regulate certain pricing and trading practices in order to effectuate that goal. Section 22 (b) authorizes registered securities associations and the SEC to prescribe the maximum sales commissions or loads that can be charged in connection with a primary distribution; and § 22 (e) protects the right of redemption by restricting mutual funds’ power to suspend redemption or postpone the date of payment.
The issues presented in this litigation revolve around subsections (d) and (f) of § 22. Bearing in mind the history and purposes of the Investment Company Act, we now consider the effect of these subsections on the question of potential antitrust liability for the practices here challenged.
Ill
Section 22 (d) prohibits mutual funds from selling shares at other than the current public offering price to any person except either to or through a principal underwriter for distribution. It further commands that “no dealer shall sell [mutual-fund shares] to any person except a dealer, a principal underwriter, or the issuer, except at a current public offering price described in the prospectus.” 15 U. S. C. § 80a-22 (d). By its terms, § 22 (d) excepts inter dealer sales from its price maintenance requirement. Accordingly, this section cannot be relied upon by appellees as justification for the restrictions imposed upon interdealer transactions. At issue, rather, is the narrower question whether the § 22 (d) price maintenance mandate for sales by “dealers” applies to transactions in which a broker-dealer acts as a statutory “broker” rather than a statutory “dealer.” The District Court concluded that it does, and thus that § 22 (d) governs transactions in which the broker-dealer acts as an agent for an investor as well as those in which he acts as a principal selling shares for his own account.
A
The District Court’s decision reflects an expansive view of § 22(d). The Investment Company Act specifically defines "broker” and “dealer” and uses the terms distinctively throughout. Appellees maintain, however, that the definition of “dealer” is sufficiently broad to require price maintenance in brokerage transactions. In support of this position appellees assert that the critical elements of the dealer definition are that the term relates to a “person” rather than to a transaction and that the person must engage “regularly” in the sale and purchase of securities to qualify as a dealer. It is argued, therefore, that any person who purchases and sells securities with sufficient regularity to qualify as a statutory dealer is thereafter bound by all dealer restrictions, regardless of the nature of the particular transaction in question. We do not find this argument persuasive.
Appellees’ reliance on the statutory reference to “person” in defining dealer adds little to the analysis, for the Act defines “broker,” “investment banker,” “issuer,” “underwriter,” and others to be “persons” as well. See 15 U. S. C. §§ 80a-2 (a)(6), (21), (22), and (40). In each instance, the critical distinction relates to their transactional capacity. Moreover, wre think that appellees’ reliance on the regularity requirement in the dealer definition places undue emphasis on that element at the expense of the remainder of the provision. On the face of the statute the most apparent distinction between a broker and a dealer is that the former effects transactions for the account of others and the latter buys and sells securities for his own account. We therefore cannot agree that the terms of the Act compel the conclusion that a broker-dealer acting in a brokerage capacity would be bound by the § 22 (d) dealer mandate. Indeed, the language of the Act suggests the opposite result.
Even if we assume, arguendo, that the statutory definition is ambiguous, we find nothing in the contemporaneous legislative history of the Investment Company Act to justify interpreting § 22 (d) to encompass brokered transactions. That history is sparse, and suggests only that § 22 (d) was considered necessary to curb abuses that had arisen in the sales of securities to insiders.
The prohibition against insider trading would seem adequately served by the first clause of § 22 (d), which prevents mutual funds from selling shares at other than the public offering price to any person except a principal underwriter or dealer. See n. 20, supra The further restriction on dealer sales bears little relation to insider trading, however, and logically would be thought to serve some other purpose. The obvious effect of the dealer prohibition is to shield the primary distribution system from the competitive impact of unrestricted dealer trading in the secondary markets, a concern that was reflected in the Study, see Investment Trust Study pt. Ill, p. 865. The SEC perceives this to be one of the purposes of this provision.
But concluding that protection of the primary distribution system is a purpose of § 22 (d) does little to resolve the question whether Congress intended to require strict price maintenance in all broker-dealer transactions with the investing public. By its terms, § 22 (d) protects only against the possibly disruptive effects of secondary dealer sales which, as statutorily defined, constituted the most active secondary market existing prior to the Act’s passage. Nothing in the contemporary history suggests that Congress was equally concerned with possible disruption from investor transactions in outstanding shares conducted through statutory brokers.
Nor do we think that the history attending subsequent congressional consideration of the Act provides adequate support for appellees’ contention that § 22 (d) requires strict price maintenance in all broker-dealer transactions in mutual-fund shares. To be sure, portions of the testimony of SEC Chairman Cohen before the House Subcommittee on Commerce and Finance in 1967 suggested that the price maintenance requirement of § 22 (d) encompassed all broker-dealers, irrespective of how they obtained the traded shares, and on other occasions the Chairman referred to sales by brokers when discussing mutual-fund transactions. Appellees also can point to congressional characterizations of § 22 (d) that suggest that some members of Congress understood the reach of that provision to be as broad as the District Court thought.
Appellees maintain that this history indicates that Congress always intended § 22 (d) to control broker as well as dealer transactions, and that it re-enacted the amended § 22 with that purpose in mind. The District Court accepted this position, and it is not without some support in this historical record. But impressive evidence to the contrary is found in the position consistently maintained by the SEC. Responding to an inquiry in 1941, the SEC General Counsel stated that § 22 (d) did not bar brokerage transactions in mutual-fund shares:
“In my opinion the term 'dealer/ as used in section 22 (d), refers to the capacity in which a broker-dealer is acting in a particular transaction. It follows, therefore, that if a broker-dealer in a particular transaction is acting solely in the capacity of agent for a selling investor, or for both a selling investor and a purchasing investor, the sale may be made at a price other than the current offering price described in the prospectus....
“On the other hand, if a broker-dealer is acting for his own account in a transaction and as principal sells a redeemable security to an investor, the public offering price must be maintained, even though the sale is made through another broker who acts as agent for the seller, the investor, or both.
“As section 22 (d) itself states, the offering price is not required to be maintained in the case of sales in which both the buyer and the seller are dealers acting as principals in the transaction.” Investment Company Act, Rel. No. 78, Mar. 4, 1941, 11 Fed. Reg. 10992 (1941).
This substantially contemporaneous interpretation of the Act has consistently been maintained in subsequent SEC opinions, see Oxford Co., Inc., 21 S. E. C. 681, 690 (1946); Mutual Funds Advisory, Inc., Investment Company Act Rel. No. 6932, p. 3 (1972). The same position was asserted in a recent staff report, see 1974 Staff Report 105 n. 2, 107 n. 2, and 109, was relied on by the SEC in its subsequent decision to encourage limited price competition in brokered transactions, and is advanced by it as amicus curiae in this Court. This consistent and longstanding interpretation by the agency charged with administration of the Act, while not controlling, is entitled to considerable weight. See, e. g., Saxbe v. Bustos, 419 U. S. 65 (1974); Investment Co. Institute v. Camp, 401 U. S. 617, 626-627 (1971); Udall v. Tallman, 380 U. S. 1, 16 (1965).
Jl>
The substance of appellees’ position is that the dealer prohibition of § 22 (d) should be interpreted in generic rather than statutory terms. The price maintenance requirement of that section accordingly would encompass all broker-dealer transactions with the investing public and would shelter them from antitrust sanction. But such an expansion of § 22 (d) beyond its terms would not only displace the antitrust laws by implication, it also would impinge seriously on the SEC’s more flexible regulatory authority under § 22 (f).
Implied antitrust immunity is not favored, and can be justified only by a convincing showing of clear repugnancy between the antitrust laws and the regulatory system. See, e. g., United States v. Philadelphia National Bank, 374 U. S., at 348; United States v. Borden Co., 308 U. S. 188, 197

Question: Who is the respondent of the case?
年. attorney general of the United States, or his office
数. specified state board or department of education
日. city, town, township, village, or borough government or governmental unit
的. state commission, board, committee, or authority
月. county government or county governmental unit, except school district
用. court or judicial district
成. state department or agency
名. governmental employee or job applicant
时. female governmental employee or job applicant
件. minority governmental employee or job applicant
一. minority female governmental employee or job applicant
请. not listed among agencies in the first Administrative Action variable
中. retired or former governmental employee
据. U.S. House of Representatives
码. interstate compact
不. judge
新. state legislature, house, or committee
文. local governmental unit other than a county, city, town, township, village, or borough
下. governmental official, or an official of an agency established under an interstate compact
分. state or U.S. supreme court
入. local school district or board of education
人. U.S. Senate
功. U.S. senator
上. foreign nation or instrumentality
户. state or local governmental taxpayer, or executor of the estate of
为. state college or university
间. United States
号. State
取. person accused, indicted, or suspected of crime
回. advertising business or agency
在. agent, fiduciary, trustee, or executor
页. airplane manufacturer, or manufacturer of parts of airplanes
字. airline
有. distributor, importer, or exporter of alcoholic beverages
个. alien, person subject to a denaturalization proceeding, or one whose citizenship is revoked
作. American Medical Association
示. National Railroad Passenger Corp.
出. amusement establishment, or recreational facility
是. arrested person, or pretrial detainee
失. attorney, or person acting as such;includes bar applicant or law student, or law firm or bar association
表. author, copyright holder
除. bank, savings and loan, credit union, investment company
加. bankrupt person or business, or business in reorganization
败. establishment serving liquor by the glass, or package liquor store
生. water transportation, stevedore
信. bookstore, newsstand, printer, bindery, purveyor or distributor of books or magazines
类. brewery, distillery
置. broker, stock exchange, investment or securities firm
理. construction industry
本. bus or motorized passenger transportation vehicle
息. business, corporation
行. buyer, purchaser
定. cable TV
改. car dealer
市. person convicted of crime
期. tangible property, other than real estate, including contraband
以. chemical company
修. child, children, including adopted or illegitimate
元. religious organization, institution, or person
方. private club or facility
录. coal company or coal mine operator
区. computer business or manufacturer, hardware or software
单. consumer, consumer organization
位. creditor, including institution appearing as such; e.g., a finance company
型. person allegedly criminally insane or mentally incompetent to stand trial
法. defendant
县. debtor
存. real estate developer
品. disabled person or disability benefit claimant
前. distributor
称. person subject to selective service, including conscientious objector
注. drug manufacturer
值. druggist, pharmacist, pharmacy
输. employee, or job applicant, including beneficiaries of
建. employer-employee trust agreement, employee health and welfare fund, or multi-employer pension plan
能. electric equipment manufacturer
大. electric or hydroelectric power utility, power cooperative, or gas and electric company
例. eleemosynary institution or person
度. environmental organization
始. employer. If employer's relations with employees are governed by the nature of the employer's business (e.g., railroad, boat), rather than labor law generally, the more specific designation is used in place of Employer.
到. farmer, farm worker, or farm organization
面. father
载. female employee or job applicant
点. female
密. movie, play, pictorial representation, theatrical production, actor, or exhibitor or distributor of
动. fisherman or fishing company
果. food, meat packing, or processing company, stockyard
图. foreign (non-American) nongovernmental entity
提. franchiser
发. franchisee
式. lesbian, gay, bisexual, transexual person or organization
国. person who guarantees another's obligations
登. handicapped individual, or organization of devoted to
错. health organization or person, nursing home, medical clinic or laboratory, chiropractor
者. heir, or beneficiary, or person so claiming to be
认. hospital, medical center
误. husband, or ex-husband
接. involuntarily committed mental patient
关. Indian, including Indian tribe or nation
重. insurance company, or surety
第. inventor, patent assigner, trademark owner or holder
地. investor
如. injured person or legal entity, nonphysically and non-employment related
设. juvenile
目. government contractor
开. holder of a license or permit, or applicant therefor
事. magazine
可. male
要. medical or Medicaid claimant
代. medical supply or manufacturing co.
小. racial or ethnic minority employee or job applicant
选. minority female employee or job applicant
标. manufacturer
明. management, executive officer, or director, of business entity
编. military personnel, or dependent of, including reservist
求. mining company or miner, excluding coal, oil, or pipeline company
列. mother
网. auto manufacturer
万. newspaper, newsletter, journal of opinion, news service
最. radio and television network, except cable tv
器. nonprofit organization or business
所. nonresident
内. nuclear power plant or facility
体. owner, landlord, or claimant to ownership, fee interest, or possession of land as well as chattels
通. shareholders to whom a tender offer is made
务. tender offer
此. oil company, or natural gas producer
商. elderly person, or organization dedicated to the elderly
序. out of state noncriminal defendant
化. political action committee
消. parent or parents
否. parking lot or service
保. patient of a health professional
使. telephone, telecommunications, or telegraph company
次. physician, MD or DO, dentist, or medical society
机. public interest organization
对. physically injured person, including wrongful death, who is not an employee
量. pipe line company
查. package, luggage, container
部. political candidate, activist, committee, party, party member, organization, or elected official
性. indigent, needy, welfare recipient
和. indigent defendant
更. private person
后. prisoner, inmate of penal institution
证. professional organization, business, or person
题. probationer, or parolee
确. protester, demonstrator, picketer or pamphleteer (non-employment related), or non-indigent loiterer
格. public utility
了. publisher, publishing company
于. radio station
金. racial or ethnic minority
公. person or organization protesting racial or ethnic segregation or discrimination
午. racial or ethnic minority student or applicant for admission to an educational institution
円. realtor
片. journalist, columnist, member of the news media
空. resident
态. restaurant, food vendor
管. retarded person, or mental incompetent
主. retired or former employee
天. railroad
自. private school, college, or university
我. seller or vendor
全. shipper, including importer and exporter
今. shopping center, mall
来. spouse, or former spouse
正. stockholder, shareholder, or bondholder
说. retail business or outlet
意. student, or applicant for admission to an educational institution
送. taxpayer or executor of taxpayer's estate, federal only
容. tenant or lessee
已. theater, studio
结. forest products, lumber, or logging company
会. person traveling or wishing to travel abroad, or overseas travel agent
段. trucking company, or motor carrier
计. television station
源. union member
色. unemployed person or unemployment compensation applicant or claimant
時. union, labor organization, or official of
交. veteran
系. voter, prospective voter, elector, or a nonelective official seeking reapportionment or redistricting of legislative districts (POL)
过. wholesale trade
电. wife, or ex-wife
询. witness, or person under subpoena
符. network
未. slave
程. slave-owner
常. bank of the united states
条. timber company
当. u.s. job applicants or employees
情. Army and Air Force Exchange Service
口. Atomic Energy Commission
合. Secretary or administrative unit or personnel of the U.S. Air Force
车. Department or Secretary of Agriculture
实. Alien Property Custodian
组. Secretary or administrative unit or personnel of the U.S. Army
版. Board of Immigration Appeals
周. Bureau of Indian Affairs
址. Bonneville Power Administration
记. Benefits Review Board
二. Civil Aeronautics Board
同. Bureau of the Census
业. Central Intelligence Agency
权. Commodity Futures Trading Commission
其. Department or Secretary of Commerce
进. Comptroller of Currency
试. Consumer Product Safety Commission
验. Civil Rights Commission
料. Civil Service Commission, U.S.
传. Customs Service or Commissioner of Customs
述. Defense Base Closure and REalignment Commission
集. Drug Enforcement Agency
多. Department or Secretary of Defense (and Department or Secretary of War)
无. Department or Secretary of Energy
员. Department or Secretary of the Interior
报. Department of Justice or Attorney General
他. Department or Secretary of State
無. Department or Secretary of Transportation
服. Department or Secretary of Education
线. U.S. Employees' Compensation Commission, or Commissioner
这. Equal Employment Opportunity Commission
制. Environmental Protection Agency or Administrator
将. Federal Aviation Agency or Administration
处. Federal Bureau of Investigation or Director
高. Federal Bureau of Prisons
子. Farm Credit Administration
道. Federal Communications Commission (including a predecessor, Federal Radio Commission)
章. Federal Credit Union Administration
手. Food and Drug Administration
库. Federal Deposit Insurance Corporation
三. Federal Energy Administration
从. Federal Election Commission
支. Federal Energy Regulatory Commission
家. Federal Housing Administration
长. Federal Home Loan Bank Board
付. Federal Labor Relations Authority
秒. Federal Maritime Board
路. Federal Maritime Commission
完. Farmers Home Administration
象. Federal Parole Board
则. Federal Power Commission
现. Federal Railroad Administration
京. Federal Reserve Board of Governors
转. Federal Reserve System
辑. Federal Savings and Loan Insurance Corporation
限. Federal Trade Commission
力. Federal Works Administration, or Administrator
学. General Accounting Office
外. Comptroller General
调. General Services Administration
项. Department or Secretary of Health, Education and Welfare
北. Department or Secretary of Health and Human Services
工. Department or Secretary of Housing and Urban Development
笑. Interstate Commerce Commission
监. Indian Claims Commission
任. Immigration and Naturalization Service, or Director of, or District Director of, or Immigration and Naturalization Enforcement
相. Internal Revenue Service, Collector, Commissioner, or District Director of
微. Information Security Oversight Office
册. Department or Secretary of Labor
联. Loyalty Review Board
平. Legal Services Corporation
增. Merit Systems Protection Board
听. Multistate Tax Commission
解. National Aeronautics and Space Administration
等. Secretary or administrative unit of the U.S. Navy
得. National Credit Union Administration
收. National Endowment for the Arts
安. National Enforcement Commission
价. National Highway Traffic Safety Administration
藏. National Labor Relations Board, or regional office or officer
命. National Mediation Board
应. National Railroad Adjustment Board
看. Nuclear Regulatory Commission
索. National Security Agency
资. Office of Economic Opportunity
产. Office of Management and Budget
串. Office of Price Administration, or Price Administrator
布. Office of Personnel Management
原. Occupational Safety and Health Administration
知. Occupational Safety and Health Review Commission
级. Office of Workers' Compensation Programs
水. Patent Office, or Commissioner of, or Board of Appeals of
击. Pay Board (established under the Economic Stabilization Act of 1970)
好. Pension Benefit Guaranty Corporation
物. U.S. Public Health Service
放. Postal Rate Commission
亿. Provider Reimbursement Review Board
经. Renegotiation Board
模. Railroad Adjustment Board
之. Railroad Retirement Board
台. Subversive Activities Control Board
州. Small Business Administration
配. Securities and Exchange Commission
画. Social Security Administration or Commissioner
统. Selective Service System
共. Department or Secretary of the Treasury
连. Tennessee Valley Authority
海. United States Forest Service
节. United States Parole Commission
退. Postal Service and Post Office, or Postmaster General, or Postmaster
間. United States Sentencing Commission
比. Veterans' Administration
问. War Production Board
至. Wage Stabilization Board
备. General Land Office of Commissioners
你. Transportation Security Administration
黑. Surface Transportation Board
或. U.S. Shipping Board Emergency Fleet Corp.
与. Reconstruction Finance Corp.
影. Department or Secretary of Homeland Security
话. Unidentifiable
视. International Entity
Answer:

Answer: 置