In The

Supreme Court of the United States




Decided June 28, 1982

Justice O’Connor, Concurring

Topic: Federalism*Court vote: 6–2
Note: No other Justices joined this opinion.
Citation: 458 U.S. 141 Docket: 81–750Audio: Listen to this case's oral arguments at Oyez

* As categorized by the Washington University Law Supreme Court Database

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JUSTICE O'CONNOR, concurring.

I join in the Court's opinion, but write separately to emphasize that the authority of the Federal Home Loan Bank Board to preempt state laws is not limitless. * Although Congress delegated broad power to the Board to ensure that federally chartered savings and loan institutions "would remain financially sound," ante at 458 U. S. 168, it is clear that HOLA does not permit the Board to preempt the application of all state and local laws to such institutions. Nothing in the language of § 5(a) of HOLA, which empowers the Board to "provide for the organization, incorporation, examination, operation, and regulation" of federally chartered savings and loans, remotely suggests that Congress intended to permit the Board to displace local laws, such as tax statutes and zoning ordinances, not directly related to savings and loan practices. Accordingly, in my view, nothing in the Court's opinion should be read to the contrary.


* At one point in today's opinion, the Court states that "we need not decide whether the HOLA or the Board's regulations occupy... the entire field of federal savings and loan regulation." Ante at 458 U. S. 159, n. 14.

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