Foreign Bank Supervision Enhancement Act
Foreign Bank Supervision Enhancement Act : The FBSEA, passed in 1991, increased the Federal Reserve's supervisory powers over foreign banks by: (a) requiring Federal Reserve review before a foreign bank enters or expands in the United States; (b) tightening the standards for entry and expansion that must be considered by the Federal Reserve; (c) requiring Federal Reserve Board approval of U.S. representative offices of foreign banks; and (d) requiring that each U.S. office of a foreign bank be examined at least once a year by the Federal Reserve. See: International Banking Act
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