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:
“The real risks for any artist are taken ... in pushing the work to the limits of what is possible, in the attempt to increase the sum of what it is possible to think. Books become good when they go to this edge and risk falling over it—when they endanger the artist by reason of what he has, or has not, artistically dared.”
—Salman Rushdie (b. 1947)
“However great a man’s fear of life, suicide remains the courageous act, the clear- headed act of a mathematician. The suicide has judged by the laws of chance—so many odds against one that to live will be more miserable than to die. His sense of mathematics is greater than his sense of survival.”
—Graham Greene (1904–1991)