21-130 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 that operated with state licenses were not subject to the reserve requirements imposed by the Federal Reserve. Additionally, they were not subject to interstate branching restrictions or restrictions on corporate securities underwriting. However, the International Banking Act of 1978 changed this, subjecting foreign banks to these regulations.

21-130 Prior to the International Banking Act of 1978,foreign Banks