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U.S. Code as of:
01/19/04
Section 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.
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