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country, treatment that offers United States bank-
ing organizations the same competitive opportunities
(including effective market access) in such country
as are available to the foreign country’s domestic
banking organizations in like circumstances.
(4) SECRETARY.—The term ‘‘Secretary’’ means
the Secretary of the Treasury.
SEC. 3. APPLICATIONS BY FOREIGN BANKS AND OTHER
PERSONS OF A FOREIGN COUNTRY.
(a) APPLICATIONS
UNDER
THE
INTERNATIONAL
BANKING ACT
OF 1978.—Section 7(d) of the Inter-
national Banking Act of 1978 (12 U.S.C. 3105(d)) is
amended by adding at the end the following new para-
graph:
‘‘(6) ADDITIONAL
STANDARD.—In acting on
any application under paragraph (1), the Board
shall take into account whether the Secretary of the
Treasury has published a notice, in accordance with
section 2(c) of the National Treatment in Banking
Act of 1994, that the possible denial of national
treatment to United States banking organizations by
the foreign bank’s home country identified under
section 2(a) of such Act may be having a significant
adverse effect on such organizations.’’.
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(b) APPLICATIONS UNDER
THE BANK HOLDING
COMPANY ACT OF 1956.—Section 5 of the Bank Holding
Company Act of 1956 (12 U.S.C. 1844) is amended by
adding at the end the following new subsection:
‘‘(g) APPLICATIONS BY A FOREIGN BANK.—In con-
sidering any application or notice under section 3 or 4 by
any foreign bank (as defined in section 1(b) of the Inter-
national Banking Act of 1978), the Board shall take into
account whether the Secretary of the Treasury has pub-
lished a notice, in accordance with section 2(c) of the Na-
tional Treatment in Banking Act of 1994, that the pos-
sible denial of national treatment to United States bank-
ing organizations by the foreign bank’s home country
identified under section 2(a) of such Act may be having
a significant adverse effect on such organizations.’’.
(c) AMENDMENT TO CHANGE IN BANK CONTROL
ACT.—Section 7(j) of the Federal Deposit Insurance Act
(12 U.S.C. 1817(j)) is amended by adding at the end the
following new paragraph:
‘‘(19) NOTICE
BY
A
PERSON
OF
A
FOREIGN
COUNTRY.—
‘‘(A) IN GENERAL.—In considering a no-
tice under this subsection by a person of a for-
eign country, the appropriate Federal banking
agency shall take into account whether the Sec-
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retary of the Treasury has published a notice,
in accordance with section 2(c) of the National
Treatment in Banking Act of 1994, that the
possible denial of national treatment to United
States banking organizations by such person’s
home country identified under section 2(a) of
such Act may be having a significant adverse
effect on such organizations.
‘‘(B) PERSON OF A FOREIGN COUNTRY DE-
FINED.—For purposes of this paragraph, the
term ‘person of a foreign country’ means—
‘‘(i) any entity that—
‘‘(I) is organized under the laws
of the foreign country, or
‘‘(II) has the entity’s principal
place of business in the foreign coun-
try;
‘‘(ii) an individual who—
‘‘(I) is a citizen of the foreign
country, or
‘‘(II) is domiciled in the foreign
country; and
‘‘(iii) any person that is, directly or
indirectly, under the control of any entity
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or individual described in clause (i) or
(ii).’’.
(d) AMENDMENT TO NATIONAL BANK ACT.—Section
5155 of the Revised Statutes (12 U.S.C. 36) is amended
by adding at the end the following new subsection:
‘‘(i) APPLICATION BY A BANK WHICH IS A PERSON
OF A FOREIGN COUNTRY.—In considering any application
under this section by any bank which is a person of a for-
eign country (as defined in section 7(j)(19)(B) of the Fed-
eral Deposit Insurance Act), the Comptroller of the Cur-
rency shall take into account whether the Secretary of the
Treasury has published a notice, in accordance with sec-
tion 2(c) of the National Treatment in Banking Act of
1994, that the possible denial of national treatment to
United States banking organizations by such person’s
home country identified under section 2(a) of such Act
may be having a significant adverse effect on such organi-
zations.’’.
(e) AMENDMENT TO FEDERAL DEPOSIT INSURANCE
ACT.—Section 18(c) of the Federal Deposit Insurance Act
(12 U.S.C. 1828(c)) is amended by adding at the end the
following new paragraph:
‘‘(12) APPLICATION BY A BANK WHICH IS A
PERSON OF A FOREIGN COUNTRY.—In considering
any merger transaction under this subsection involv-
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ing any bank which is a person of a foreign country
(as defined in section 7(j)(19)(B)), the responsible
agency shall take into account whether the Secretary
of the Treasury has published a notice, in accord-
ance with section 2(c) of the National Treatment in
Banking Act of 1994, that the possible denial of na-
tional treatment to United States banking organiza-
tions by such person’s home country identified under
section 2(a) of such Act may be having a significant
adverse effect on such organizations.’’.
(f) AMENDMENT TO FEDERAL RESERVE ACT.—The
3d undesignated paragraph of section 9 of the Federal Re-
serve Act (12 U.S.C. 321) is amended in the proviso by
inserting ‘‘, including section 5155(i) of the Revised Stat-
utes,’’ after ‘‘limitations and restrictions’’.
SEC. 4. CONSISTENCY WITH BILATERAL AND MULTILAT-
ERAL AGREEMENTS.
No authority under this Act or any amendment made
by this Act to any other law may be used to take any
action with respect to a foreign country which is inconsist-
ent with any bilateral or multilateral agreement that gov-
erns financial services in which such country is obligated
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to provide national treatment for United States banking
organizations.
Passed the House of Representatives September 30,
1994.
Attest:
DONNALD K. ANDERSON,
Clerk.