Opinion of the Court
tion, therefore, was well settled. See also Texas & New Orleans R. Co. v. Railway Clerks, 281 U. S. 548, 569 (1930).
Respondents and the United States as amicus curiae, however, maintain that whatever the traditional presumption may have been when the Court decided Bell v. Hood, it has disappeared in succeeding decades. We do not agree. In J. I. Case Co. v. Borak, 377 U. S. 426 (1964), the Court adhered to the general rule that all appropriate relief is available in an action brought to vindicate a federal right when Congress has given no indication of its purpose with respect to remedies. Relying on Bell v. Hood, the Borak Court specifically rejected an argument that a court's remedial power to redress violations of the Securities Exchange Act of 1934 was limited to a declaratory judgment. 377 U. S., at 433-434. The Court concluded that the federal courts "have the power to grant all necessary remedial relief" for violations of the Act. Id., at 435. As Justice Clark's opinion for the Court observed, this holding closely followed the reasoning of a similar case brought under the Securities Act of 1933, in which the Court had stated:
" 'The power to enforce implies the power to make effective the right of recovery afforded by the Act. And the power to make the right of recovery effective implies the power to utilize any of the procedures or actions normally available to the litigant according to the exigencies of the particular case.' " Id., at 433-434 (quoting Deckert v. Independence Shares Corp., 311 U. S. 282, 288 (1940)).
That a statute does not authorize the remedy at issue "in so many words is no more significant than the fact that it does not in terms authorize execution to issue on a judgment." Id., at 288. Subsequent cases have been true to this posi-Page: Index Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
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