21-132 Which of the Following Is Not a Feature of the Foreign

question 112

Multiple Choice

21-132 Which of the following is not a feature of the Foreign Bank Supervision Enhancement Act?

• A)The Federal Reserve has the power to close a foreign bank if it is engaged in unsafe and unsound banking practice.
• B)The Federal Reserve has the responsibility to examine each subsidiary,branch,agency,or representative office at least once each year.
• C)The Fed's approval is necessary to establish a subsidiary,branch,agency or representative office in the U.S.
• D)Only foreign subsidiaries with access to FDIC insurance can take retail deposits under $100,000.
• E)After December 19,1992,state-licensed agencies and branches could not engage in any activity no permitted to a federal branch.

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Definitions:

Lower-Level Governments

Administrative divisions within a country that operate below the level of the central government, such as states or provinces.

Direct Taxation

Taxes that are imposed directly on an individual's income or wealth, and on corporations' profits.

Tenth Amendment

An amendment to the U.S. Constitution that states powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.

Antifederalists

Individuals who opposed the ratification of the Constitution in 1787, fearing centralized power and a lack of protections for individual rights.