§ 611a. — Statement of purposes; rules and regulations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC611a]
TITLE 12--BANKS AND BANKING
CHAPTER 6--FOREIGN BANKING
SUBCHAPTER II--ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING
Sec. 611a. Statement of purposes; rules and regulations
The Congress declares that it is the purpose of this subchapter to
provide for the establishment of international banking and financial
corporations operating under Federal supervision with powers
sufficiently broad to enable them to compete effectively with similar
foreign-owned institutions in the United States and abroad; to afford to
the United States exporter and importer in particular, and to United
States commerce, industry, and agriculture in general, at all times a
means of financing international trade, especially United States
exports; to foster the participation by regional and smaller banks
throughout the United States in the provision of international banking
and financing services to all segments of United States agriculture,
commerce, and industry, and, in particular small business and farming
concerns; to stimulate competition in the provision of international
banking and financing services throughout the United States; and, in
conjunction with each of the preceding purposes, to facilitate and
stimulate the export of United States goods, wares, merchandise,
commodities, and services to achieve a sound United States international
trade position. The Board of Governors of the Federal Reserve System
shall issue rules and regulations under this subchapter consistent with
and in furtherance of the purposes described in the preceding sentence,
and, in accordance therewith, shall review and revise any such rules and
regulations at least once every five years, the first such period
commencing with the effective date of rules and regulations issued
pursuant to section 3(a) of the International Banking Act of 1978, in
order to ensure that such purposes are being served in light of
prevailing economic conditions and banking practices.
(Dec. 23, 1913, ch. 6, Sec. 25A (par.), formerly Sec. 25(a), as added
Pub. L. 95-369, Sec. 3(b), Sept. 17, 1978, 92 Stat. 608; renumbered
Sec. 25A, Pub. L. 102-242, title I, Sec. 142(e)(2), Dec. 19, 1991, 105
Stat. 2281.)
References in Text
This subchapter, referred to in text, was in the original ``this
section'', meaning section 25A of act Dec. 23, 1913, which is classified
to this subchapter (Sec. 611 et seq.).
Section 3(a) of the International Banking Act of 1978, referred to
in text, is Pub. L. 95-369, Sec. 3(a), Sept. 17, 1978, 92 Stat. 608,
which is set out below.
Codification
Section is comprised of the second par. of section 25A, formerly
section 25(a), which was added to act Dec. 23, 1913, ch. 6, by Pub. L.
95-369.
Elimination or Modification of Restrictions Limiting Foreign Banking;
Congressional Declaration of Purpose
Section 3(a) of Pub. L. 95-369 provided that: ``It is the purpose of
this section [adding this section, amending sections 614, 615, 618, and
619 of this title, and enacting provisions set out as note under section
247 of this title] to eliminate or modify provisions in section 25(a)
[now 25A] of the Federal Reserve Act [this subchapter] that (1)
discriminate against foreign-owned banking institutions, (2)
disadvantage or unnecessarily restrict or limit corporations organized
under section 25(a) of the Federal Reserve Act in competing with
foreign-owned banking institutions in the United States or abroad or (3)
impede the attainment of the Congressional purposes set forth in section
25(a) of the Federal Reserve Act as amended by subsection (b) of this
section [adding this section]. In furtherance of such purpose, the
Congress believes that the Board should review and revise its rules,
regulations, and interpretations issued pursuant to section 25(a) of the
Federal Reserve Act to eliminate or modify any restrictions, conditions,
or limitations not required by section 25(a) of the Federal Reserve Act,
as amended, that (1) discriminate against foreign-owned banking
institutions, (2) disadvantage or unnecessarily restrict or limit
corporations organized under section 25(a) of the Federal Reserve Act in
competing with foreign-owned banking institutions in the United States
or abroad, or (3) impede the attainment of the Congressional purposes
set forth in section 25(a) of the Federal Reserve Act as amended by
subsection (b) of this section. Rules and regulations pursuant to this
subsection and section 25(a) of the Federal Reserve Act shall be issued
not later than 150 days after the date of enactment of this section
[Sept. 17, 1978] and shall be issued in final form and become effective
not later than 120 days after they are first issued.''
