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:
“Neither a borrower nor a lender be,
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
This above all: to thine own self be true,
And it must follow, as the night the day,
Thou canst not then be false to any man.”
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