what is Edge Act banks
State what is meant by Edge Act banks.
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Edge Act banks are federally chartered subsidiaries of the U.S. banks that are located in United States which are allowed in order to engage in the full range of international banking activities. A 1919 amendment to Section 25 of Federal Reserve Act created the Edge Act banks. Main aim of the amendment was to enable the U.S. banks to be competitive along with the services foreign banks could provide to their customers. Federal Reserve Regulation K enables Edge Act banks in order to accept the foreign deposits, finance foreign projects abroad, extend trade credit, trade foreign currencies, and engage within the investment banking activities along with the U.S. citizens including foreign securities. As such, Edge Act banks do not compete directly with services offered by the U.S. commercial banks. Edge Act banks are not banned from owning the equity in business corporations as domestic commercial banks are. Therefore, it is through Edge Act which U.S. parent banks own foreign banking subsidiaries and have ownership positions in the foreign banking affiliates.
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The following information for the month of December 20x6, with respect to cash activities, was gathered by Tressa Ltd.’s bookkeeper. Cash balance per books, December 1 $ 3,700 Discover Q & A Leading Solution Library Avail More Than 1413824 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1923163 Asked 3,689 Active Tutors 1413824 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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