The Edge Act is a 1919 amendment to the United States Federal Reserve Act of 1913, codified at 12 U.S.C. §§ 611–631, which allows National Banks to engage in international banking through federally chartered subsidiaries. The Act is named after Walter Evans Edge, a U.S. Senator from New Jersey who sponsored the original legislation for these types of subsidiaries. The impetus for the act was to give U.S. firms more flexibility to compete with foreign firms.
Read more about Edge Act: Edge Act Corporation (EAC)
Famous quotes containing the words edge and/or act:
“It is the star to every wand’ring bark,
Whose worth’s unknown, although his height be taken.
Love’s not Time’s fool, though rosy lips and cheeks
Within his bending sickle’s compass come;
Love alters not with his brief hours and weeks,
But bears it out even to the edge of doom.”
—William Shakespeare (1564–1616)
“The experience of a sense of guilt for wrong-doing is necessary for the development of self-control. The guilt feelings will later serve as a warning signal which the child can produce himself when an impulse to repeat the naughty act comes over him. When the child can produce his on warning signals, independent of the actual presence of the adult, he is on the way to developing a conscience.”
—Selma H. Fraiberg (20th century)