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North American Co. v. SEC
''North American Co. v. Securities and Exchange Commission'', 327 U.S. 686 (1946), is a United States Supreme Court case holding that a Securities and Exchange Commission (SEC) order under the Public Utility Holding Company Act (PUHCA) directing a public utility holding company to divest its securities of all companies except for one electric company did not violate the Commerce Clause or the Fifth Amendment to the United States Constitution.
==Background==
PUHCA was one of a number of trust-busting and securities regulation initiatives that were enacted in response to the Wall Street Crash of 1929 and ensuing Great Depression, including the collapse of Samuel Insull's public utility holding companies. By 1932, the eight largest utility holding companies controlled 73 percent of the investor-owned electric industry. Their complex, highly leveraged, corporate structures were very difficult for individual states to regulate. PUHCA required electric company holding companies to register with the SEC, and authorized the SEC to limit a holding company to a single integrated electric system through the divestiture of its other public utility and unrelated companies.
The North American Company, formed in 1890, was a holding company in a system that by 1940 contained 80 companies operating in seventeen states and the District of Columbia. These included the Union Electric Company, which operated an electric system around St. Louis, Missouri, and subsidiaries in Illinois and Iowa, the Washington Railway and Electric Company, and the North American Light and Power Company with systems in Kansas, Missouri, Illinois, and Iowa and its subsidiaries Cleveland Electric Illuminating Company, Pacific Gas and Electric, and Detroit Edison Company. In addition, North American also owned an investment trust company and West Kentucky Coal Company. Together the various electric systems served more than 3,000,000 customers in a service territory of 165,000 square miles.
North American initially challenged the constitutionality of PUHCA and requested an injunction against its enforcement, but the Supreme Court in ''Landis v. North American Co.'', held that the case was premature and that North American should register and then litigate the constitutionality of PUHCA after the SEC conducted its proceeding. North American then registered in 1937 as a holding company with the SEC, reserving its right to challenge the validity of the remaining portions of PUHCA. After initiating an administrative proceeding, the SEC issued an order requiring divestiture of North American's securities in companies other than the Union Electric Company. North American appealed, but in 1943 the Court of Appeals for the Second Circuit upheld the order. Arguing that ownership of securities was not interstate commerce within the meaning of the Commerce Clause and that the divestiture ordered by the SEC was a taking in violation of the Fifth Amendment, North American appealed to the Supreme Court, which granted certiorari.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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