The Federal Reserve Board can terminate the operations of a foreign bank in the United States if it finds that the bank is not being operated in a manner consistent with the public interest.

Question

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The Federal Reserve has the authority to terminate the operations of a foreign bank in the United States if it finds that the bank is not being operated in a manner consistent with the public interest. This is outlined in section 8 of the International Banking Act of 1978.

The Federal Reserve Board Can Terminate the Operations of a Foreign