Prior to the International Banking Act of 1978, foreign banks operating with state licenses

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Prior to the International Banking Act of 1978, foreign banks operating in the United States with state licenses were indeed not subject to the Federal Reserve's reserve requirements, interstate branching restrictions, or restrictions on corporate securities underwriting. This act was significant in bringing foreign banks under federal regulation similar to that of U.S. banks.

Prior to the International Banking Act of 1978, Foreign Banks