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Essay / Research Paper Abstract
This 5-page paper discusses the International Banking Act of 1978 and how it contributed to the growth of U.S. banking overseas, and interdependence among financial markets. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: AS43_MTinbankac.rtf
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Unformatted sample text from the term paper:
here and abroad, and in some major cities, we can also see foreign banks with branch set-ups. But it wasnt always this way; it wasnt until the late 1970s that
foreign banks coming on U.S. soil had the choice of either national or state legislation. As with many acts, the International Banking Act
of 1978 was based on two previous bills covering banking; the Glass-Stegall Act of 1933 and the Bank Holding Company Act of 1956.
The International Banking Act of 1978 was responsible for many activities, with the main one being the bringing of foreign banks under the U.S. federal regulatory framework by requiring
branches of foreign banks to obtain deposit insurance (International Banking Act of 1978). Furthermore, the act allowed foreign banks to establish federal branches or agencies, pending approval of the
Board of Governors of the Federal Reserve System and the Office if the Comptroller of the Currency (International Banking Act of 1978). Basically, the Act gave states the right to
establish foreign bank branches and agencies, recognizing a national licensing alternative to state licensing provisions, without overriding the states individual laws, especially as they pertain to interstate branching (International Banking
Act of 1978). Furthermore, the International Banking Act of 1978 applied both the Glass-Steagall Act of 1933 and the Bank Holding Company
Act of 1956 to foreign banks and bank holding companies that had branches and/or agencies in the U.S. (Markham, 2002). The purpose of the International Banking Act was to ensure
"competitive equality" between domestic and international banks that operated in the United States (Markham, 2002). Well go into an explanation of this below, and see that international banks, unlike
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