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Edge Act

   Also found in: Wikipedia 0.01 sec.
Edge Act
Legislation in the United States, passed in 1919, that allowed the Federal Reserve to charter banks that could conduct international transactions without needing to abide by the banking laws of an individual state. Because banking is more international today, there are fewer distinctions between Edge Act corporations and ordinary banks.


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9 (1) Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations.
Wells Fargo, the Fed added, "also proposes to acquire the agreement corporation and Edge Act subsidiaries and the foreign operations of Wachovia .
This was an old-style variety show but with cutting edge acts, as people will discover if they come and see us on tour.
 
 
 
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