The International Banking Act of 1978 (IBA) provided for federal regulation of the US operations of foreign banks and granted important new responsibilities to the Federal Reserve for the supervision and regulation of such operations. Enactment of this ________followed rapid growth in the activities of foreign banks in the United States and an increase in their competitive________upon domestic markets.
The IBA created a federal regulatory and supervisory structure for the US branches and agencies of foreign_______, similar to that applicable to US banks. This policy of "national treatment" promotes competitive equality between domestic and foreign banking________in the United States by giving foreign banks operating in this country the same________and subjecting them to the same restrictions and obligations that______to US banks. As part of the implementation of national treatment, the IBA limited expansion of interstate deposit-taking and domestic non-banking ________ of foreign banks, provided the option of federal licensing for agencies and branches of foreign banks, and required FDIC insurance for branches that _______in retail deposit-taking.
At the federal level, the IBA apportioned primary supervisory responsibility for US _________ and agencies of foreign banks among the three federal banking agencies, according to the type of license and whether the banking office has deposit insurance. In addition, the Federal Reserve was given broad authority for the supervision of all federal and state-licensed branches and agencies of foreign banks ________ in the United States. In fulfilling this responsibility, the Federal Reserve must assess the impact and condition of foreign banks operating across state lines. To carry out its ________, the Federal Reserve has statutory authority to examine the assets and liabilities of all branches and agencies, but it generally relies upon examinations that state and other federal banking authorities _______ . Under the Bank Holding Company Act and the International Banking Act, the Federal Reserve also has responsibility to approve, review, and monitor the US non-banking activities of foreign banking organizations.
Words you may need:
enactmentn введение закона в силу
applicableadj применимый
"national treatment"национальный режим
(retail) deposit-takingприем вкладов от населения
optionn выбор, право выбора
apportionv распределять
statutory authorityправо, предоставленное законом; власть, предоставленная законом
assets and liabilitiesактивы и пассивы