Volume 76
Public Law 87–588
To improve the usefulness of national bank branches in foreign countries.
Approved August 15, 1962
Statutory text
AN ACT
To improve the usefulness of national bank branches in foreign countries.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That section 25 of the Federal Reserve Act, as amended, is amended by adding the following new paragraph at the end thereof:
“Regulations issued by the Board of Governors of the Federal Reserve System under this section, in addition to regulating powers which a foreign branch may exercise under other provisions of law, may authorize such a foreign branch, subject to such conditions and requirements as such regulations may prescribe, to exercise such further powers as may be usual in connection with the transaction of the business of banking in the places where such foreign branch shall transact business. Such regulations shall not authorize a foreign branch to engage in the general business of producing, distributing, buying or selling goods, wares, or merchandise; nor, except to such limited extent as the Board may deem to be necessary with respect to securities issued by any ‘foreign state’ as defined in section 25(b) of
48 stat. 184.
this Act, shall such regulations authorize a foreign branch to engage or participate, directly or indirectly, in the business of underwriting, selling, or distributing securities.”
Approved August 15, 1962.