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:
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Listen, little Elia: draw your chair up close to the edge of the precipice and I’ll tell you a story.”
—F. Scott Fitzgerald (1896–1940)
“Just as a waterfall grows slower and more lightly suspended as it plunges down, so the great man of action tends to act with greater calmness than his tempestuous desires prior to the deed would lead one to expect.”
—Friedrich Nietzsche (1844–1900)