12 U.S.C. § 611a

Statement of purposes; rules and regulations

Read at: OLRCuscode.house.gov CornellLII GovInfogovinfo.gov JustiaTitle 12 CasesGoogle Scholar

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.

Notes of Decisions

Cited in 6 cases (1 in the last 5 years), 1983–2023 · leading case: Am. Int'l Grp., Inc. v. Bank of Am. Corp., 712 F.3d 775 (2d Cir. 2013).

Sort: Relevance Newest Treatment

Am. Int'l Grp., Inc. v. Bank of Am. Corp., 712 F.3d 775 (2d Cir. 2013). · cites it 2× “4 12 U.S.C. § 611a. To achieve these goals, the Act authorized the creation of banking corporations chartered by the Federal Reserve Bank, so-called “Edge Act banks” or “Edge Act corporations,” which could engage in offshore banking operations freed from regulatory barriers…”

A.I. Trade Fin., Inc. v. Petra Int'l Banking Corp., 62 F.3d 1454 (D.C. Cir. 1995). “Finally, any problem that may arise from holding international commercial transactions subject to the laws, including the choice-of-law rules, of the 50 states is easily remedied by the Congress (or perhaps by the Federal Reserve Board, see 12 U.S.C. § 611a). Thus far, as noted…”

City of Houston v. Morgan Guar. Int'l Bank, 666 S.W.2d 524 (Tex. App. 1983). · cites it 2× “International Banking Act of 1978, § 3(a), 12 U.S.C.A. § 611a note (West. Supp.1983); S.”

Kirschner v. JP Morgan Chase Bank, N.A., 79 F.4th 290 (2d Cir. 2023). “” 41 For a federal court to have jurisdiction 39 12 U.S.C. § 611a. 40Am. Int’l Grp., Inc. v.”

Rose Hall, Ltd. v. Chase Manhattan Overseas Banking Corp., 576 F. Supp. 107 (D. Del. 1983). “” 12 U.S.C. § 611a. 83 . The relevant portion of the regulation reads: (a) Supervision.”

Banco Latino Int'l v. Gomez Lopez, 95 F. Supp. 2d 1327 (S.D. Fla. 2000). “§ 611a (“it is the purpose of [the Edge Act] 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”).”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.