Foreign Bank Regulation Act

[AI summary unavailable — showing source text] Foreign Bank Regulation Act - States that, except as provided by this Act, no foreign person may, directly or indirectly, engage in banking in the United States. Requires that, within one year after the date of enactment of this Act, the Secretary of the Treasury shall, in consultation with the Board of Governors of the Federal Reserve System, issue guidelines with respect to the optimal level of banking in the United States which should be conducted by subsidiaries of foreign persons chartered or deemed to be chartered under this Act. Provides that in no event shall the Secretary recommend the granting or extension of a charter under this Act for the subsidiary of any foreign person or group of foreign persons if any person or persons organized or created under the laws of the United States or any State own or control more than 5 percent of the combined voting power of all classes of stock entitled to vote of any such foreign person. Sets forth the form and procedure by which foreign persons may apply for banking charters in the United States. States that the Secretary may recommend that a Federal or State charter be granted only if the Secretary finds that the granting of the cha…