Foreign Bank Act

[AI summary unavailable — showing source text] Foreign Bank Act - Redefines "bank" to include branches and agencies of foreign banks established or operating under the laws of the United States, any State, or the District of Columbia. Adds definitions of other terms to the Bank Holding Company Act of 1956. Requires foreign banks with worldwide assets in excess of $500,000,000 to become members of the Federal Reserve System. Prescribes regulations for the acquisition and establishment of additional branches and agencies by bank holding companies and foreign banks. Requires divestiture within 2 years of the date of enactment by bank holding companies, foreign bank holding companies, and their subsidiaries, of any branch or agency outside the State in which the operations of the company's banking subsidiaries are principally conducted, which was acquired after December 3, 1974. Requires divestiture within 10 years of non-banking interests acquired after December 3, 1974 by foreign bank companies. Allows the retention of banking facilities in the State in which the foreign bank's operations are principally conducted and expansion in that State in any form permitted by State law. Allows expansion outside the principal State in the s…