Document: 479 U.S. 388 107 S.Ct. 750 93 L.Ed.2d 757 Robert L. CLARKE, Comptroller of the Currency, Petitioner,v.SECURITIES INDUSTRY ASSOCIATION. SECURITY PACIFIC NATIONAL BANK, Petitioner, v. SECURITIES Nos. 85-971, 85-972. Argued Nov. 3, 1986. Decided Jan. 14, 1987. Syllabus Petitioner Security Pacific National Bank (Security Pacific) applied to Currency for permission establish an affiliate named Discount Brokerage, and offer discount brokerage services not only at its branch offices but also other locations inside outside home State. A pertinent branching provision Act, 12 U.S.C. § 81, originally enacted in 1927 as part McFadden limits "the general business" a national bank headquarters any "branches" permitted by 36. Section 36(c) provides that is State extent same under state law, term "branch" defined 36(f) "to include bank, office, agency, additional office or place business . which deposits are received, checks paid, money lent." The approved Pacific's application, concluding nonchartered Brokerage would constitute branches Act because none statutory functions set forth be performed there, treating conducting activities inconsistent with longstanding practice banks operating nonbranch dealing United States Government municipal securities. Respondent, trade association representing securities brokers, underwriters, investment bankers, brought suit Federal District Court, contending within meaning thus subject geographical restrictions imposed 36(c). court, relying on Association Data Processing Service Organizations, Inc. Camp, 397 150, 90 827, 25 184, rejected Comptroller's contention respondent lacked standing maintain action, ruled merits. Court Appeals affirmed. Held: 1. Respondent has this lawsuit. Under "standing" standard supra, 153, S.Ct., 829, complainant must injured fact, interest sought protected arguably "zone interests" regulated statute question. essential inquiry determining whether Congress intended particular class plaintiffs relied upon challenge agency's disregard law. Cf. Block Community Nutrition Institute, 467 340, 347, 104 2450, 2455, 81 270. interest" test case since asserts plausible relationship policies underlying §§ 36 regard Congress' concern keep from gaining monopoly control over credit through unlimited branching. Pp. 394-403. 2. Comptroller, whose construction provisions entitled great weight, did exceed his authority approving application. There no merit respondent's interpretation contradicts plain language statute. phrase "[t]he each banking association" need read encompass all engages, but, interpreted can plausibly covering those bank's core functions. Act's history, including predating supports interpretation. history itself does locational restriction reach specifically authorized engage. reasonably interprets requiring "competitive equality" between functions, operation service such function. 403-409. 244 U.S.App.D.C. 419, 758 F.2d 739, 247 42, 765 1196, affirmed reversed part. WHITE, J., delivered opinion BRENNAN, MARSHALL, BLACKMUN, POWELL, JJ., joined, Parts I III REHNQUIST, C.J., STEVENS O'CONNOR, joined. STEVENS, filed concurring judgment, post, p. 409. SCALIA, took consideration decision cases. Charles A. Rothfeld petitioner No. 85-971. William T. Coleman, Jr., Washington, D.C., James B. Weidner, New York City, both Justice WHITE Court. 1 In these cases, we review application so-called was first articulated 184 (1970). Concluding proper litigant, review, reverse, judgment exceeded applications two establishment purchase subsidiaries. 2 * 1982, banks, Union Planters Memphis (Union Planters) Los Angeles Pacific), open public.1 proposed acquire existing operation, Brokerage. Both their States. 3 passing faced question violate provisions. Those limitations, 7 8 44 Stat. 1228, amended, codified at12 81. 4 concluded non-chartered will there." App. D Pet. Cert. 39a. He explained although serve intermediary margin lending, loan approval take chartered offices, so lending 36(f). Likewise, maintain, pay on, customer balances created incident business, accounts differ sufficiently nature ordinary engaged receiving deposits.2 further observed "long-standing widespread" banks' Id., 44a. Accordingly, application.3 5 action Columbia. 577 F.Supp. 252. Among things, contended 36(c).4 disputed position merits argued lacks it zone interests Act.5 passed protect dealers competitive equality banks. 6 (1970), held submission may locations. divided panel brief per curiam opinion,6 739 (1985), rehearing en banc denied, three judges dissenting. 1196 (1985). petition certiorari, Pacific. We granted petitions, consolidated 475 1044, 106 790, 88 768 (1986). now affirm standing, reverse II challenged ruling allowing incidental powers 24 Seventh, make data-processing available customers. serious data processors had sustained injury fact virtue action. Rather, question, described one should heard complain injury. matter basically interpreting congressional intent,7 looked 10 Administrative Procedure (APA), 702, "grants person 'aggrieved agency relevant statute.' " U.S., 829. 702 either showing "legal interest," been narrowly construed our earlier e.g., Tennessee Electric Power Co. TVA, 306 118, 137, 59 366, 369, 83 L.Ed. 543 (1939), alternatively explicit permitting party "adversely affected aggrieved."8 See 406 837 (CA8 1969). This unwilling narrow view APA's 'generous provisions,' 156, 831 (quoting Shaughnessy Pedreiro, 349 48, 51, 75 591, 593, 99 868 (1955)), stated accordance previous decisions "not grudgingly serving broadly remedial purpose," ibid. (citing Shaughnessy, Rusk Cort, 369 367, 379-380, 82 787, 794, 809 (1962)). could "within 'aggrieved' persons who, judicial 'agency action,' 157, 831, even though reference aggrieved persons, and, matter, whatsoever.9 It thought, however, Congress, enacting allow every suffering fact. What needed gloss 702. supplied adding requirement aggrieved," i.e., [be] constitutional guarantee question." 9 were established Corporation 1962, 76 1132, 1864, forbids corporations "engage activity than performance banks." 155, 830. holding, excerpt legislative indicating enforce adherence accepted public policy strictly banking." Ibid. (internal quotations omitted).10 therefore litigate validity ruling. formula proved self-explanatory,11 significant guidance nonetheless drawn opinion. First. "a statute" broadly; alleging violations see n. 2, yet much later statute, holding satisfied test. Second. "trend toward [the] enlargement people who protest administrative action." 154, At time, implicitly recognized potential disruption inherent adversely seek review. struck balance manner favoring excluding would-be "arguably ." 829.12 11 test, insofar concerned, demonstrated subsequent Investment Company Institute 401 617, 91 1091, 28 367 (1971). There, open-end companies several individual sought, among regulation operate collective funds. alleged violated Glass-Steagall Banking 1933, prohibits underwriting issuing Seventh. urged responded suffered actual Processing, competition legislated against limiting banks.13 Harlan, dissent, complained there evidence benefit plaintiff's when limited issue observation; enough provide own reasons, primarily soundness system, forbidden compete entering company business. 13 Our 270 (1984), useful point understanding while milk handlers have right pricing orders issued Secretary Agriculture Agricultural Marketing Agreement 1937, consumers right, "[a]llowing sue severely disrupt complex delicate scheme." 348, 2455. presumption favor "overcome whenever intent preclude 'fairly discernible scheme.' 351, 2457 831). "intended [a particular] [of plaintiffs] law." 2455 Barlow Collins, 159, 167, 832, 838, 192 (1970)). 14 guide deciding whether, evident presumptively reviewable, plaintiff decision. cases where contested regulatory denies if marginally related purposes implicit cannot assumed permit suit. meant especially demanding;14 particular, indication purpose plaintiff. (1971).15 15 into reviewability end found dispositive, bottom turns intent, indicators helpful discerning weighed.16 16 considering observe argument focuses too 36, adequately overall context Act. As demonstrates, respondents sued, consider helps us understand ----. 17 exception otherwise applicable shall transacted specified organization certificate. Prior enactment prevent Lowry Bank, 29 Op.Atty.Gen. (1911), First St. Louis Missouri, 263 640, 656-659, 213, 215-216, 68 486 (1924). circumstances surrounding modification amendments added Logan Walker & Trust Co., 385 252, 87 492, 343 (1966), repeat detail here. present attempts without id., 259, 496. many expressions about effects supported well opponents. Allusion made danger might obtain branch. 66 Cong.Rec. 4438 (1925) (remarks Sen. Reed). sponsor himself "[t]his bill more antibranch-banking branch-banking bill." 1582 Rep. McFadden).17 short, concerned equalizing status federal preventing perceived dangers 18 shown Respondent's members complete providing services—activities give access money, form balances, enhanced opportunities lend viz., purchases. "Congress [has] [respondent seeks] challenge," 620, 1093, engage hence impact nonbank houses. 19 These analogized Institute. what all; here, limitations competitors allege implicates very reasonable candidates rulings. sound reason infer [petitioner's] 2454. And indications kind presented "fairly discernible" behest. conclude, therefore, bring lawsuit, turn 20 "It settled courts weight adopted charged enforcement laws warrants invocation principle respect deliberative conclusions laws. 658 [44 215, (1924) ]." 626-627, 1097. 21 also, Riverside Bayview Homes, Inc., 474 121, 455, 419 (1985); Chemical Manufacturers Assn. Natural Resources Defense Council, 470 116, 105 1102, 84 Chevron U.S.A. 837, 2778, 694 (1984). 22 contends deference relies provides: 23 "The certificate branches, any, maintained section title." view, unambiguous "national locate licensed state." Brief 11. However, considerably ambiguous allows. explain, cover 1927, predecessor (Rev.Stat. 5190) provided usual banking-house located certificate." Attorney General [to] [extra-office] power restricted bills exchange, possibly some business," forbid transaction business." 86. went cite he viewed "recogniz[ing] vital distinction mere wherein carried 87. summarized follows: 26 "An requires division capital stock, details few easily supervised officers requires, effect, capital, working force organized, conducted separate organization, competes locality independent institution." 87-88. 27 subsequently 5190 658, 215. opinion, background interpret conduct central office. equates banking" envisions terms sidestep arguing changed when, words association." pointed nothing change wording substantive significance. find amendment simply notion 'usual business' 'general business.' Reply 5, 5. 30 fallback "plain language" "general least refers engage, trading ch. 191, 1226. counter-example thesis: 2(b) involvement safe-deposit doing deleted safe deposit "located adjacent premises 67 3231 (1926). floor debates, Representative McFadden, response Celler amended [to be] block away mile association," replied deletion regarding location "removes embarrassing 3232.18 persuaded 31 following statement, placed Congressional Record days after passage recess: 32 "[Section ] defines 'branch.' Any main carries deposits, paying checks, transacting legally act." 5816 (1927). 33 do attach substantial before persuasively argues, considered impartial interpreter bears name, favorably disposed banking.19 If literally McFadden's 36(f), conclude overturn General's previously never indicated intention, hard imagine comment. 34 time engaging buying selling Feb. 25, 1226.20 transactions widespread often interstate basis, See, W. Peach, Affiliates Banks 74 (1941); Perkins, Divorce Commercial Banking: History, L.J. 483, 494, (1971).21 unlikely recognizing explicitly authorizing practice, undertaken limit geographic scope law noting prior practice.22 35 For foregoing intend today embodying Plant City Dickinson, 396 122, 337, 312 (1969). engage.23 decide beyond enumerated 36(f); suffices, case, hold 37 ordered. 38 SCALIA 39 whom THE CHIEF JUSTICE O'CONNOR join, judgment. 40 Analysis demonstrates decisions. Because believe call straightforward precedents, join Part Court's which, my engages wholly unnecessary exegesis remainder upholds 41 Petitioners' predicated reading behind They argue counterparts ensure use newly gain edge banks.1 Close examination convinces me restrictions. large compromise started antibranching rule just effectively continue exercising financial based becoming massive institutions monopolies services. purposes, broad scheme protect. 42 1863, 665, 106, 99, provided, inter alia, chartering ended 57-year hiatus during banking. Rev. certificate,"2 1902 prohibited Annual Report H.R.Doc. 10, Vol. 72d Cong., 2d Sess., 45-47 (1902). 1911 affirming view. neither nor gave them legal branches. 43 By early 1900's, States, most notably California, begun authorize Chapman Westerfield, Branch 84-92 (1980 reprint); G. Cartinhour Branch, Group Chain Historical Survey 195-215 reprint). Controversy soon began brew prohibition J. R. 92-102. Many restraining much; having salutary effect overpowering institutions, negative threatening vitality fairly counterparts. Others inherently evil dangerous, certainly branch, able prohibit generally C. Question 2-16 (1926); S. Southworth, 163-184 (1928). focus 1922, called reduce disparity. next five years saw extensive debate crisis optimum way deal it. 82-110. explains, ante, 401-402, legislation eventually reflected factions. On hand, group succeeded wholesale abandonment restrictions; probranching obtaining city so. 108.3 45 campaign far local lobby.4 real fear political climate country.5 Senator Reed, example, exclaimed: 46 "There advocates system. single once, scattered almost everywhere. grew arrogant powerful dared look 'Old Hickory' Jackson eye tell him put up pull down Presidents, required vast amount assurance capitalist world say old Andrew Jackson. lives song story, hearts American people, destroyed institution creating credits money." (1925). 47 geared extreme concentration power." Hearings Branching Policy Subcommittee Financial Institutions Senate Committee Banking, Housing, Urban Affairs, 94th 408 (1977) (Professor Kenneth Scott explaining various justifications Act). quite apparent final represented.6 16. 48 spirit maintaining restraints flexibility again six 1933 (Glass-Steagall Act), 162, allowed cities could. 36(c)(1). impetus changes rules Currency's advocacy total elimination 496 pursuant S.Res. 71, 71st 3d 7-10 (1931)). proposal engendered sort had, seeking lifting banking, others wanting relaxation S.Rep. 584, 1st Sess. (1932); 9890-9899 (1932). 49 setting out reasons opposition, Members stopping undue power. reported minority complained: 50 "Advocates system ignore tried country 120,000,000 population, 3,000 miles across. tendency centralize everything, credit. mercy centers." (minority views). 51 discussed enacted; instead, midst filibuster forces, another reached, continued contain limitation conferees explained, controversy respective known 'unit banking' 'branch systems,' alive sharp years," settled. here advantage." 77 5896 (1933) Luce).7 52 Petitioners misconstrue they assert sole new advantage represented rejection contemporaneous sentiment general, merely throw-in precluded Were really agree beneficiaries legislation, respondent, represent fall interest. 53 But faithful history. Instead, clear cited. broadened concession reality unless While protecting goals, equally certain sake aforementioned broader interests.8 54 Given multiple restrictions, falls squarely (1970); Arnold Tours, 400 45, 158, 179 Just Organizations embodied order remain entities. Although attention focused obvious competitors—state banks—there "desired protect" "alone competition." 46, 159. 55 ground alone, decline sweeping discussion issues brokers execute trades behalf customers advice. result, commissions charge substantially lower full-service brokers. Securities Industries Board Governors, FRS, 468 207, 209, 3003, 3005, 158 publicly solicit deposited funds not, such, directly solicited public, Investor Protection 78aaa et seq. (restricting advertising, promotional, practices interest-bearing free balances); CFR 240.15c3-2 (1986) (regulating brokers). believed define making loans, cashing supporting reading. County Mercantile Assn., 548 716 1976), cert. 433 909, 97 2975, 1093 (1977), trust operated disagreeing "should dealings specialized similar license." App.D pp. 43a-44a. month later, comment firm. E 47a. entirely offering (1982 ed. Supp. III); 78, 377, 378. us. unsuccessfully show injury, court "case controversy" Article III. abandoned argument. dissenting judge dissenting, judges, denial rehearing. regards branching, "state (and commissions) obviously houses suing businesses competing parking spaces unlawful occupy." U.S.App.D.C., 43, F.2d, 1197. dissenter indefinite "presents precisely situation height" 44, 1198, "cannot means unreasonable" standing. can, course, resolve standing] another, save requirements dictate otherwise." 402(b) Communications 1934, 402(b), example granting actions (there, licensing Commission). FCC Sanders Bros. Radio Station, 309 470, 60 693, 869 (1940). recently reaffirmed liberal APA Japan Whaling Cetacean Society, 478 22, 2860, 92 166 Society Commerce's refusal carry duty, Pelly Amendment Fishermen's Protective 1967, certify taking diminished effectiveness International Convention Regulation Whaling. contended, private cause Amendment. argument, "expressly states 'final adequate remedy [is] review,' 704, behest '[a] action.' 231, 4, 2866, 4. further, citations "[a] reviewable necessary; absent convincing intention review." Whaling, Subsequently, that, rationale travel agents moment 3. considerable scholarly writing, critical. K. Davis, Law Treatise 24:17 (2d 1983); Stewart, Reformation Law, Harv.L.Rev. 1667, 1731-1734 (1975); Albert, Standing Challenge Action: An Inadequate Surrogate Claim Relief, Yale 425 (1974); Scott, Supreme Court—A Functional Analysis, 86 645 (1973); Jaffe, Again, 633, 634, processors' reliable attorney case." quoted directed immediately sufficient concrete adversity existed satisfy "reliable" inquiry, seeks exclude suits likely frustrate objectives. stated: "This [that lack foreclosed 150 [90 (1970) ]. offered processing community create controversy. petitioners instant indistinguishable. 'to rulings legitimate [the Act].' 157 831]. case. Finally, challenge, flowed noted indeed follows petitioners' contentions legislate challenge. light Tours [91 620-621, 1093-1094. followed, reflecting [congressional] determination competition, convenience, expertise support entry commercial outweighed 'hazards' 'financial dangers' arise proscribed Act." 630, 1098 (footnote omitted). "hazards" imprudent investments risky possible loss confidence economy whole speculation fueled loans purposes. 629-634, 1098-1100. Thus, "apparent" "those Acts identifiable." 831. Insofar suggest otherwise, see, Control Corp. Baldrige, 210 170, 180-181, 655 283, 293-294, 454 881, 102 363, 70 190 (1981), formulated. principal involving claims APA, usefully understood inquiries prudential contexts bear resemblance universal speaks 829 (emphasis added). doubt, formulate governs claims. commented Processing: "Generalizations largely worthless such." 151, occasionally listed considerations bearing Valley Forge Christian College Americans Separation Church State, 464, 475, 752, 760, 700 (1982), occasion Commerce Clause, Boston Stock Exchange Tax Comm'n, 429 318, 320-321, 599, 602-603, 514 (1977). undoubtedly correct, taken mean whatever "generous provisions" apply, difference readily seen comparing 394-398, asserted conditions inapplicable. Cort Ash, 422 66, 95 2080, Cannon University Chicago, 441 677, 1946, 560 (1979). corporate shareholders recovery official expended violation 610, then-current version Corrupt Practices expenditures contributions influencing candidate elections. threshold burden "one especial enacted," 2087 quotation omitted; emphasis original). 610 motivated conviction officials moral assets implied protection stockholders best secondary [underlying 610]." 2089. Clearly, 610. explained: "[The Act] state-wide (secs. 8); county-wide member Reserve System] establishing less 25,000 population 9); (sec. consolidating 1); converting retain 7)." 1569 Nelson); 1624-1625 Goldsborough); 1633 Williams); 1637 Hull). relaxed alluded above. statewide permits 36(c)(2). modifications Wingo then remarked invest applies irrespective off premises. 3232 33-34, 23. 16, accompanying text. securities." "without recourse," acquiring issuer 25% stock. treats "immaterial here" 1920's affiliates rather owned appears doubtful functionally distinguishable Various devices used achieve identity stock ownership 66-68 (1941) commented, "it goes saying ownership, control." Operation Systems: Pursuant 71 1052, 1057 (1931). Moreover, appear affiliate-subsidiary distinction; thus, contains references type charter powers." 473, 69th H.R.Rep. 83, course restrict types 1933. showed placing still emphasized sell heretofore." 77, 73d (1933). logical extreme, ability noted, 406, clearly indicates 19-21; 85-972, 37. exhaustive survey America, Westerfield minimum anti-branch forces willing make, stifle development freeze quo." 108 Golembe D. Holland, 1986-87, 134 ("McFadden minor victory advocates," "probably correctly anti-branching statute"); 285 reprint) (McFadden truce question"). was, well. Additionally, legislators opposed thought forced respond reluctant natural prevalent. One factors led President Jackson's successful "war" Second 1836 power, political, wield. Veto Message Jackson, Journal, July 22d (1831); Van Deusen, Jacksonian Era 60-67 (1959); Some portions component legislation. stopped extension reserve (1926) (quoted 257, 495, (1966)). Similarly, Holding 1956, 133, 1841 seq., eliminated "loophole" restricting purchases companies, Northeast Bancorp, 472 169, 2545, 2551, 112 evinces 609, 84th (1955) ("Ultimately, monopolistic remold fundamental social institutions"); 101 8030 Rains) (bill necessary close nail loopholes laws—loopholes threaten traditional know want it"). analyzing current Department Treasury similarly stressed variety involved: "Several analysis prospects liberalization: concentration, availability community, survival small safety dual system." Treasury, Geographic Restrictions States: (1981).

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