International Banking Act of 1978

Summary

International Banking Act - Amends the Federal Reserve Act to permit foreign banks to establish and operate Federal branches in any State in which it is not prohibited for a foreign bank to establish such a branch upon receipt of approval from the Comptroller of the Currency. Sets forth considerations which the Comptroller must take into account in determining whether to permit foreign banks to operate under this Act. Permits the Comptroller, in his discretion, to waive specified citizenship requirements with respect to directors of associations which are subsidiaries or affiliates of foreign banks. Permits a foreign bank, with the approval of the Comptroller, to convert any branch operated pursuant to State law into a Federal branch and to establish and operate additional branches in the State in which it is operating. Terminates the authority to operate a Federal branch when (1) the parent bank voluntarily relinquishes it; (2) the parent bank is dissolved; (3) the Comptroller has reasonable cause to believe that a foreign bank has not complied with the provisions of this Act and revokes the authority to operate a Federal branch; or (4) when a conservator is appointed for such foreign bank. Prevents a foreign bank from operating a branch, commercial lending company subsidiary, or subsidiary bank outside its home state unless approval has been given by the appropriate authority. Amends the Federal Deposit Insurance Act to prohibit any branch from accepting deposits of United States citizens, residents, or businesses whose principal place of business is in the United State unless the branch maintains a surety bond or pledge of assets with the Federal Deposit Insurance Corporation. Sets forth the assets which foreign banks are required to keep or deposit before the Federal branch may accept deposits of United States residents or businesses. Imposes upon Federal branches and agencies the reporting, reserve, and examination requirements applicable to member banks. Authorizes the Federal Reserve Board to impose on any branch or agency or commercial lending company controlled by one or more foreign banks any reserve requirement the Board has authority to impose on Federal branches and agencies. Authorizes deposit, discount, and borrowing privileges on the part of branches, agencies and commercial lending companies maintaining such reserves. Authorizes the Board to require submission of examination reports on foreign bank branches, agencies and commercial lending companies, by State banking authorities. Requires the Board to report to the appropriate committees of Congress its recommendations with respect to the implementation of this Act, within two years of enactment. Prohibits foreign banks from retaining interests in non-banking companies or from participating in non-banking activities with specified exceptions. Requires the Secretary of the Treasury (1) to issue guidelines with respect to the entry of foreign banking organizations into banking in the United States; and (2) to assist Federal and State banking agencies in acting on applications for the establishment of branches by foreign banks. Requires each foreign bank that maintains an office other than a branch in a State to register with the Secretary of the Treasury. Makes provisions for the enforcement of this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 9 February 1978

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

2. 9 February 1978

   Introduced

   Introduced in House

   Source: IntroReferral

3. 9 February 1978

   Introduced

   Introduced in House

   Source: IntroReferral

4. 28 February 1978

   Reported

   Reported to House from the Committee on Banking, Finance and Urban Affairs with amendment, H. Rept. 95-910.

   Source: Committee

5. 28 February 1978

   Reported

   Reported to House from the Committee on Banking, Finance and Urban Affairs with amendment, H. Rept. 95-910.

   Source: Committee

6. 6 April 1978

   Vote

   Measure passed House, amended, roll call #199 (367-2).

   Source: Floor

7. 6 April 1978

   Vote

   Passed/agreed to in House: Measure passed House, amended, roll call #199 (367-2).

   Source: Floor

8. 6 April 1978

   Floor

   Measure called up by special rule in House.

   Source: Floor

9. 7 April 1978

   Introduced

   Referred to Senate Committee on Banking, Housing and Urban Affairs.

   Source: IntroReferral

10. 8 August 1978

    Reported

    Reported to Senate from the Committee on Banking, Housing and Urban Affairs with amendment, S. Rept. 95-1073.

    Source: Committee

11. 8 August 1978

    Reported

    Reported to Senate from the Committee on Banking, Housing and Urban Affairs with amendment, S. Rept. 95-1073.

    Source: Committee

12. 15 August 1978

    Floor

    Call of calendar in Senate.

    Source: Floor

13. 15 August 1978

    Passed

    Passed/agreed to in Senate: Measure passed Senate, amended.

    Source: Floor

14. 17 August 1978

    Passed

    House agreed to Senate amendment.

    Source: ResolvingDifferences

15. 17 August 1978

    Passed

    Resolving differences -- House actions: House agreed to Senate amendment.

    Source: NotUsed

16. 6 September 1978

    Floor

    Measure presented to President.

    Source: Floor

17. 6 September 1978

    President

    Measure presented to President.

    Source: President

18. 6 September 1978

    President

    Measure enrolled in Senate.

    Source: President

19. 6 September 1978

    President

    Measure enrolled in House.

    Source: President

20. 17 September 1978

    President

    Signed by President.

    Source: President

21. 17 September 1978

    Became law

    Signed by President.

    Source: BecameLaw

22. 17 September 1978

    President

    Public Law 95-369.

    Source: President

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Public Law (PDF)

  Public Law · EN · 18 September 1978

  ViewDownloadOpen at official source

• Passed Senate amended

  summary · EN · 15 August 1978

  Open at official source

• Introduced in House

  summary · EN · 9 February 1978

  Open at official source

Sponsors

• Rep. St Germain, Fernand J. [D-RI-1] · D · Sponsor
• · ssbk00 · Standing
• · hsba00 · Standing

Related records

• related to → A resolution providing for the consideration of H.R. 10899, a bill to provide for Federal regulation of participation by foreign banks in domestic financial markets.