European Stars And Stripes (Newspaper) - January 23, 1986, Darmstadt, Hesse                                The stars and stripes thursday january 23, 19b6page 4 the stars air a i Matt inure a Wiur High court rules on fed s Bank supervision Kun -.k, it Romi ate Imi fed serv be institutions justices Sayno authority to regulate limited service Washington a the supreme court in an important ruling for the financial Community said wednesday that the Federal Reserve Board is not Aulow ri7cd to regulate Ever increasing limited service Banks. In an 8-0 decision the court said the fed lacks the Power to Check unrestricted growth of the financial institutions which re also known As non Bank Banks. Congress May still have the final say in Nifte dispute. A House banking committee Bill to expand the feds hurts diction to include limited service Banks has been bottled up in the House rules committee. Chief Justice Warren e. Burger writing for the court said the fed had expanded the definition of a attn pc beyond what Federal Law intended. Without doubt there is much to be said for regulating financial ins Lillions that Are the functional equivalent of Banks he said. Bui he continued Congress defined with specificity certain transactions that constitute banking subject to regulation. The statute May be imperfect but the Federal Reserve Board has no Power to Correct raws that it perceives in the Stalzle it is empowered to  Burger said that if the Law Fate Ihrl of providing safeguards. To protect the Public interest that is a problem for Congress and not the Board or the courts to  in other action the court made it easier for state courts to sentence convicted murderers to death. By a 5-4 vote the court said Mississippi prosecutors must be Given the Opportunity to impose n new death sentence for a Man convicted in a 1978 Benting death in Jackson. At Issue was the scope of a i so 2 supreme court Deci Sion in which the justices binned the death penalty for so called felony murderers who participated in a crime thai results in son Taoac s death but who fid not kill All Ernst to kill or plan to kill anyone. In wednesday s ruling the court said that not Only a Lory is authorized to find such murderous intent but mat such a finding can be made by a trial court or a state appeals court. Added a new limitation on slates Power to regulate the natural Gas Industry. By a 5-4 Volt the court Aid Mississippi May not require an interstate pipeline to buy Gas from All owners or a supreme court Roundup common Gas Pool when the pipeline had pre existing con tracts wifi Only some of the owners. The fed appealed to the supreme court for support m closing what the Agency considers a loophole in Federal banking  Banks provide among other services either checking accounts or commercial Loans. But they do not provide both As do full service Banks. They therefore said and lie supreme court wednes Day agreed that they Are exempt from the Federal Bank holding company act which bars interstate ownership 01 Banks. Limited service Banks arc springing up around the nation As major brokerage firms sued us Merrill Lynch and leading corporations such As . Penny and Gulf & Western enter the Field. Creation preliminary a open Sion of Hul Chason. Kan. The fed attempted to bring the limited Semcer Banks under its ran Rol by widening its definition of Nummer Cial Toast rain Dey some Money Market transactions Pur chasm of  of Deposit and Interbank trans the cd also said that so called now accounts negotiable order of withdrawal accounts Are the same Ai conventional checking  Burger said wednesday that now account Are no identical o checking accounts because in the Case of the forme the financial Insu Uljon retains a Seldom a Sci cd but nevertheless absolute right to require poor notice of withdrawal.". Also Burger said a commercial loan is not the same thine As a Money Market transaction. The term commercial loan is. The direct loan from a Bank to a business customer. The term