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August 19, 1944• Chairman S e e l e s : I n Board meeting yesterday i n conn e c t i o n w i t h the d i s c u s s i o n o f Transamerica, I indicated that a v i o l a t i o n of section 7 of the Clayton A c t would be subject t o c r i m i n a l p e n a l t i e s . Upon reviewing the s t a t u t e on t h i s s u b j e c t , however, i t appears t h a t , w h i l e v i o l a t i o n s o f some s e c t i o n s o f the a n t i - t r u s t laws are punishable by f i n e or imprisonment, there i s no c r i m i n a l p e n a l t y a p p l i c a b l e w i t h respect t o s e c t i o n 7. The s e c t i o n can be enforced by a cease and d e s i s t order i s s u e d by the app r o p r i a t e a u t h o r i t y , which i n the case o f banks i s t h e Board o f Governors, T h i s i s merely f o r your i n f o r m a t i o n .
@FedFRASER