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mntl-block mntl-bylines__group--author"><div id="mntl-bylines__item_1-0" class="comp mntl-bylines__item mntl-attribution__item mntl-attribution__item--has-date"> <span class="mntl-attribution__item-descriptor">By</span> <div data-tooltip="<p>Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.</p>" tabindex="0" data-inline-tooltip="true"> <a href="https://www.investopedia.com/contributors/53677/" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="-1" >Adam Hayes</a> <div id="mntl-author-tooltip_1-0" class="comp mntl-author-tooltip mntl-tooltip mntl-group"> <div class="mntl-author-tooltip__top "> <div class="mntl-author-tooltip__image-wrapper"> <div class="img-placeholder" style="padding-bottom:132.5%;"> <img data-src="https://www.investopedia.com/thmb/VjCy-aSbHESoB0F95ExxZrgXxZA=/200x200/filters:no_upscale():max_bytes(150000):strip_icc()/adam_hayes-5bfc262a46e0fb005118b414.jpg" width="200" height="200" data-srcset="https://www.investopedia.com/thmb/i9e9ubuLrDcx42VLKmzs_5vtLww=/40x0/filters:no_upscale():max_bytes(150000):strip_icc()/adam_hayes-5bfc262a46e0fb005118b414.jpg 40w, https://www.investopedia.com/thmb/77hb7Mi5kDTo4TOroKPv2ZGLVfI=/58x0/filters:no_upscale():max_bytes(150000):strip_icc()/adam_hayes-5bfc262a46e0fb005118b414.jpg 58w, https://www.investopedia.com/thmb/DRYCzYl5p5IaH-GT7VWhfXi0F-0=/76x0/filters:no_upscale():max_bytes(150000):strip_icc()/adam_hayes-5bfc262a46e0fb005118b414.jpg 76w, https://www.investopedia.com/thmb/9DBKFibTp_1FUBXKb3UHzG0amWE=/94x0/filters:no_upscale():max_bytes(150000):strip_icc()/adam_hayes-5bfc262a46e0fb005118b414.jpg 94w, https://www.investopedia.com/thmb/Su2GZsjPNhBE2JBamM4jCOpSJS0=/112x0/filters:no_upscale():max_bytes(150000):strip_icc()/adam_hayes-5bfc262a46e0fb005118b414.jpg 112w" data-sizes="80px" class="lazyload mntl-author-tooltip__image mntl-image universal-image__image" /> <noscript> <img src="https://www.investopedia.com/thmb/VjCy-aSbHESoB0F95ExxZrgXxZA=/200x200/filters:no_upscale():max_bytes(150000):strip_icc()/adam_hayes-5bfc262a46e0fb005118b414.jpg" width="200" height="200" class="img--noscript mntl-author-tooltip__image mntl-image universal-image__image" srcset="https://www.investopedia.com/thmb/i9e9ubuLrDcx42VLKmzs_5vtLww=/40x0/filters:no_upscale():max_bytes(150000):strip_icc()/adam_hayes-5bfc262a46e0fb005118b414.jpg 40w, https://www.investopedia.com/thmb/77hb7Mi5kDTo4TOroKPv2ZGLVfI=/58x0/filters:no_upscale():max_bytes(150000):strip_icc()/adam_hayes-5bfc262a46e0fb005118b414.jpg 58w, https://www.investopedia.com/thmb/DRYCzYl5p5IaH-GT7VWhfXi0F-0=/76x0/filters:no_upscale():max_bytes(150000):strip_icc()/adam_hayes-5bfc262a46e0fb005118b414.jpg 76w, https://www.investopedia.com/thmb/9DBKFibTp_1FUBXKb3UHzG0amWE=/94x0/filters:no_upscale():max_bytes(150000):strip_icc()/adam_hayes-5bfc262a46e0fb005118b414.jpg 94w, https://www.investopedia.com/thmb/Su2GZsjPNhBE2JBamM4jCOpSJS0=/112x0/filters:no_upscale():max_bytes(150000):strip_icc()/adam_hayes-5bfc262a46e0fb005118b414.jpg 112w" sizes="80px" /> </noscript> </div> </div> <a href="https://www.investopedia.com/contributors/53677/" rel="nocaes" class="finance-author-tooltip__link mntl-text-link " id="finance-author-tooltip__link_1-0" data-tracking-container="true" ><span class="link__wrapper">Full Bio</span></a> <div id="finance-author-tooltip__social_1-0" class="comp finance-author-tooltip__social finance-social-nav mntl-social-nav" data-tracking-container="true"> <ul class="social-nav__list"> <li class="social-nav__item social-nav__item--linkedin"> <a href="https://www.linkedin.com/in/ahayes4" target="_blank" rel="noopener nocaes" data-text="Follow" class="social-nav__link social-nav__link--linkedin" aria-label="Visit Adam Hayes's LinkedIn" > <svg class="icon icon-linkedin social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-linkedin" href="#icon-linkedin"></use> </svg> </a> </li> <li class="social-nav__item social-nav__item--x"> <a href="https://twitter.com/Adam_Hayes_1" target="_blank" rel="noopener nocaes" data-text="Follow" class="social-nav__link social-nav__link--x" aria-label="Visit Adam Hayes's X" > <svg class="icon icon-x social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-x" href="#icon-x"></use> </svg> </a> </li> </ul> </div> <div class="mntl-author-tooltip__bio"> <p>Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.</p> </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/legal-4768893#editorial-policy" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >editorial policies</a> </div> </div></div> </div> <div class="mntl-attribution__item-date">Updated October 30, 2023</div></div> <div id="mntl-bylines__group_2-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--finance_reviewer"><div id="mntl-bylines__item_2-0" class="comp mntl-bylines__item mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Reviewed by</span> <div data-tooltip="Robert Kelly is managing director of XTS Energy LLC, and has more than three decades of experience as a business executive. He is a professor of economics and has raised more than $4.5 billion in investment capital." tabindex="0" data-inline-tooltip="true"> <a href="https://www.investopedia.com/robert-c-kelly-4799779" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="-1" >Robert C. Kelly</a> <div id="mntl-author-tooltip_2-0" class="comp mntl-author-tooltip mntl-tooltip mntl-group"> <div class="mntl-author-tooltip__top "> <div class="mntl-author-tooltip__image-wrapper"> <div class="img-placeholder" style="padding-bottom:83.0%;"> <img data-src="https://www.investopedia.com/thmb/UG8EPP4nOD_hJeBX9pDBhUYUOhI=/200x200/filters:no_upscale():max_bytes(150000):strip_icc()/ScreenShot2020-03-23at2.04.43PM-8377f81c52324df1b62241b6fddc9d2d.png" width="200" height="200" data-srcset="https://www.investopedia.com/thmb/pIl42c9xAxiFbsnHyEqrIk1awww=/40x0/filters:no_upscale():max_bytes(150000):strip_icc()/ScreenShot2020-03-23at2.04.43PM-8377f81c52324df1b62241b6fddc9d2d.png 40w, https://www.investopedia.com/thmb/Pazhi1WZb4jjLHbwOJmVpTRHHJo=/58x0/filters:no_upscale():max_bytes(150000):strip_icc()/ScreenShot2020-03-23at2.04.43PM-8377f81c52324df1b62241b6fddc9d2d.png 58w, https://www.investopedia.com/thmb/e0jukJ_G7IhGYjaqaPACg6Y3rC4=/76x0/filters:no_upscale():max_bytes(150000):strip_icc()/ScreenShot2020-03-23at2.04.43PM-8377f81c52324df1b62241b6fddc9d2d.png 76w, https://www.investopedia.com/thmb/hp2cAfKzNnjKgx6fSRvQwwDpuDI=/94x0/filters:no_upscale():max_bytes(150000):strip_icc()/ScreenShot2020-03-23at2.04.43PM-8377f81c52324df1b62241b6fddc9d2d.png 94w, https://www.investopedia.com/thmb/w8N3hEW5EljqVX-sHFjkMP7vSww=/112x0/filters:no_upscale():max_bytes(150000):strip_icc()/ScreenShot2020-03-23at2.04.43PM-8377f81c52324df1b62241b6fddc9d2d.png 112w" data-sizes="80px" alt="Robert C. Kelly" class="lazyload mntl-author-tooltip__image mntl-image universal-image__image" /> <noscript> <img src="https://www.investopedia.com/thmb/UG8EPP4nOD_hJeBX9pDBhUYUOhI=/200x200/filters:no_upscale():max_bytes(150000):strip_icc()/ScreenShot2020-03-23at2.04.43PM-8377f81c52324df1b62241b6fddc9d2d.png" width="200" height="200" class="img--noscript mntl-author-tooltip__image mntl-image universal-image__image" srcset="https://www.investopedia.com/thmb/pIl42c9xAxiFbsnHyEqrIk1awww=/40x0/filters:no_upscale():max_bytes(150000):strip_icc()/ScreenShot2020-03-23at2.04.43PM-8377f81c52324df1b62241b6fddc9d2d.png 40w, https://www.investopedia.com/thmb/Pazhi1WZb4jjLHbwOJmVpTRHHJo=/58x0/filters:no_upscale():max_bytes(150000):strip_icc()/ScreenShot2020-03-23at2.04.43PM-8377f81c52324df1b62241b6fddc9d2d.png 58w, https://www.investopedia.com/thmb/e0jukJ_G7IhGYjaqaPACg6Y3rC4=/76x0/filters:no_upscale():max_bytes(150000):strip_icc()/ScreenShot2020-03-23at2.04.43PM-8377f81c52324df1b62241b6fddc9d2d.png 76w, https://www.investopedia.com/thmb/hp2cAfKzNnjKgx6fSRvQwwDpuDI=/94x0/filters:no_upscale():max_bytes(150000):strip_icc()/ScreenShot2020-03-23at2.04.43PM-8377f81c52324df1b62241b6fddc9d2d.png 94w, https://www.investopedia.com/thmb/w8N3hEW5EljqVX-sHFjkMP7vSww=/112x0/filters:no_upscale():max_bytes(150000):strip_icc()/ScreenShot2020-03-23at2.04.43PM-8377f81c52324df1b62241b6fddc9d2d.png 112w" sizes="80px" alt="Robert C. Kelly" /> </noscript> </div> </div> <div id="mntl-author-tooltip__name_1-0" class="comp mntl-author-tooltip__name mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Reviewed by</span> <span id="mntl-author-tooltip__name_1-0" class="comp mntl-author-tooltip__name mntl-attribution__item mntl-attribution__item-name">Robert C. Kelly</span> </div> <a href="https://www.investopedia.com/robert-c-kelly-4799779" rel="nocaes" class="finance-author-tooltip__link mntl-text-link " id="finance-author-tooltip__link_2-0" data-tracking-container="true" ><span class="link__wrapper">Full Bio</span></a> <div class="mntl-author-tooltip__bio"> Robert Kelly is managing director of XTS Energy LLC, and has more than three decades of experience as a business executive. He is a professor of economics and has raised more than $4.5 billion in investment capital. </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/investopedia-financial-review-board-5076269" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >Financial Review Board</a> </div> </div></div> </div></div> </div></div></header> </div><div class="loc article-content"><div id="article__primary-video-container--jw_1-0" class="comp article__primary-video-container--jw mntl-block"></div> <div id="article__broad-video--jw_1-0" class="comp article__broad-video--jw mntl-jwplayer-broad mntl-block is-hidden" data-pixel-depth="100"><div id="mntl-jwplayer-broad__video_1-0" class="comp mntl-jwplayer-broad__video mntl-jwplayer mm-video lazyload" data-bgset data-sizes="auto"></div> <div id="mntl-jwplayer-broad__title_1-0" class="comp mntl-jwplayer-broad__title mntl-block"><div id="mntl-jwplayer-broad__title--text_1-0" class="comp mntl-jwplayer-broad__title--text mntl-text-block text-utility-100"></div> <button id="mntl-jwplayer-broad__title-icon--close_1-0" class="comp mntl-jwplayer-broad__title-icon--close mntl-block text-label-100" data-click-tracked="false"><span id="mntl-text-block_1-0" class="comp mntl-text-block">Close</span> <svg class="icon close-icon " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#close-icon" href="#close-icon"></use> </svg></button></div></div> <div id="article-body_1-0" class="comp article-body mntl-block" data-contain-tooltips="true"><div id="mntl-sc-page_1-0" class="comp mntl-sc-page mntl-block article-body-content" data-sc-sticky-offset="80" data-sc-ad-label-height="0" data-sc-ad-track-spacing="90" data-sc-min-track-height="250" data-sc-max-track-height="600" data-sc-breakpoint="50em" data-sc-load-immediate="1" data-sc-content-positions="[300, 1, 1, 1250, 1, 1, 1, 1]" data-bind-scroll-on-start="true"><span class="heading-toc" id="toc-what-is-an-international-banking-facility-ibf"></span><h2 id="mntl-sc-block_1-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> What Is an International Banking Facility (IBF)? </span> </h2> <p id="mntl-sc-block_2-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> An International Banking Facility allows depository institutions in the U.S. to offer deposit, loan, and other banking services to foreign residents and institutions while being exempted from the Federal Reserve's reserve requirements as well as some state and local income taxes.<span class="ql-inline-citation" data-cite="1"></span> </p> <div id="mntl-sc-block_3-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_4-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_5-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-whatyouneedtoknow" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_1-0" class="comp mntl-sc-block-callout-heading mntl-text-block">Key Takeaways</h3> <div id="mntl-sc-block-callout-body_1-0" class="comp mntl-sc-block-callout-body mntl-text-block"><ul><li>International banking facilities (IBFs) allow depository institutions in the U.S. to offer services to foreign residents and institutions free of some Federal Reserve requirements and some state and local income taxes.</li><li>IBFs enable U.S. institutions to compete more effectively for foreign-source deposits and loan business.</li><li>Banks may conduct their IBF activities in their existing U.S.-based offices, but they must maintain separate IBF accounting books.</li></ul></div></div></div> <span class="heading-toc" id="toc-understanding-international-banking-facilities"></span><h2 id="mntl-sc-block_6-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Understanding International Banking Facilities </span> </h2> <p id="mntl-sc-block_7-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Banks are permitted to conduct International Banking Facility (IBF) activities from their existing offices but must keep separate books for IBF business. The <a href="https://www.investopedia.com/terms/f/federalreservebank.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Federal Reserve</a> approved the establishment of IBFs and exempted them from its <a href="https://www.investopedia.com/terms/r/requiredreserves.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">reserve requirements</a> in 1981. IBF operations remain under the jurisdiction of the Federal Reserve and other state and federal regulators. They are not insured by the <a href="https://www.investopedia.com/terms/f/fdic.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="3">Federal Deposit Insurance Corporation (FDIC)</a>.<span class="ql-inline-citation" data-cite="1"></span> </p> <div id="mntl-sc-block_8-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_9-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Competition to attract IBF business has led some states to offer additional tax breaks. In Florida, for example, IBFs are exempt from state income tax, intangible personal property tax, and documentary stamp tax.<span class="ql-inline-citation" data-cite="2"></span> </p> <div id="mntl-sc-block_10-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_11-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Because of the exemptions they enjoy, IBFs enable U.S. banks and U.S.-based financial institutions to compete more effectively for overseas deposits and loans business in the <a href="https://www.investopedia.com/terms/e/eurocurrency.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Eurocurrency</a> markets. </p> <div id="mntl-sc-block_12-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-international-banking-facility-regulation"></span><h2 id="mntl-sc-block_13-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> International Banking Facility Regulation </span> </h2> <p id="mntl-sc-block_14-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> IBFs permit U.S. banks to use their domestic U.S. offices to offer foreign customers deposit and loan services which formerly could be provided competitively only from foreign offices. </p> <div id="mntl-sc-block_15-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_16-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Among depository institutions which may establish an IBF are U.S. commercial banks, <a href="https://www.investopedia.com/terms/e/edgeactcorporation.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Edge Act corporations</a>, foreign commercial banks through branches, and agencies in the U.S., savings and loan associations and mutual savings banks. An Edge Act corporation (EAC) is a subsidiary of a U.S. or foreign bank that engages in foreign banking operations; these subsidiaries are named after the 1919 Edge Act, which authorized them. The Edge Act, named after the U.S. senator who sponsored it, was an amendment to the <a href="https://www.investopedia.com/terms/f/1913-federal-reserve-act.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">Federal Reserve Act of 1913</a> that was introduced to increase the competitiveness of American financial firms on a global stage.<span class="ql-inline-citation" data-cite="3"></span> </p> <div id="mntl-sc-block_17-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_18-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> A similar vehicle, an <a href="https://www.investopedia.com/terms/a/agreement-corporation.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Agreement corporation</a>, is essentially a state-chartered Edge Act corporation. In the U.S., banks may operate nationally as part of the National Association (NA) or as <a href="https://www.investopedia.com/terms/s/state-bank.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">state-chartered banks</a> within its borders. An agreement corporation is a permission given to a bank by a state that allows it to engage in international banking and transactions. Congress passed the Agreement Corporation Act in 1916. This new law authorized American banks to invest 10% of their capital into state-chartered banks and corporations permitted to finance projects internationally. The state-chartered bank would need to enter into an agreement with the Federal Reserve, agreeing to be bound by the rules and regulations set out in the Act. It was from these agreements that the term "agreement corporation" arose.<span class="ql-inline-citation" data-cite="4"></span> </p></div> <div id="textnote-placeholder_1-0" class="comp textnote-placeholder mntl-block"></div> <div id="textnote_1-0" class="comp textnote mm-ads-gpt-adunit gpt textnote "> <div id="textnote" class="wrapper" data-timed-refresh="30000" ></div> </div></div> </div><div class="loc article-post-content"><div id="article-sources_1-0" class="comp article-sources mntl-article-sources mntl-expandable-block" data-scroll-offset="100"><div class="loc toggle-content"><div id="mntl-article-sources__wrapper_1-0" class="comp mntl-article-sources__wrapper mntl-block article-sources__wrapper" data-click-tracked="true"><div id="mntl-article-sources__heading_1-0" class="comp mntl-article-sources__heading mntl-text-block article-sources__heading">Article Sources</div> <div id="mntl-article-sources__icon-wrapper_1-0" class="comp mntl-article-sources__icon-wrapper mntl-block article-sources__icon-wrapper"><div id="article-sources__show-icon_1-0" class="comp article-sources__show-icon mntl-block"></div> <div id="article-sources__hide-icon_1-0" class="comp article-sources__hide-icon mntl-block"></div></div></div> </div><div class="loc expandable-content"> <div id="article-sources__disclaimer_1-0" class="comp article-sources__disclaimer mntl-block">Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our <a href="https://www.investopedia.com/legal-4768893#EditorialPolicy" rel="nocaes" class="article-sources__disclaimer-text-link mntl-text-link " id="article-sources__disclaimer-text-link_1-0" data-tracking-container="true" ><span class="link__wrapper">editorial policy.</span></a></div> <div id="mntl-article-sources__citation-sources-1_1-0" class="comp mntl-article-sources__citation-sources-1 mntl-citation-sources mntl-sources" data-tracking-container="true"> <ol class="mntl-sources__content"> <li class="mntl-sources__source" id="citation-1"><p>Board of Governers of the Federal Reserve System. "<a href="https://www.federalreserve.gov/econres/ifdp/international-banking-facilities.htm" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">International Finance Discussion Papers (IFDP)</a>."</p></li> <li class="mntl-sources__source" id="citation-2"><p>Lester, Paul A. “<a href="https://repository.law.miami.edu/cgi/viewcontent.cgi?article=1796&context=umialr" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Banking Report: Application of Florida State Tax Laws to Edge Act Corporations: Encouragement of International Banking in Florida</a>.” <em>Lawyer of the Americas</em>, vol. 14, no. 1, 1982, pp. 103–11.</p></li> <li class="mntl-sources__source" id="citation-3"><p>McGuire, J. J. "<a href="https://repository.law.miami.edu/cgi/viewcontent.cgi?article=2309&context=umialr" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">The Edge Act: Its Place and Evolution of International Banking in the United States</a>." <em>University of Miami Inter-American Law Review</em>, vol. 3, no. 3, 1971, pp. 427-431.</p></li> <li class="mntl-sources__source" id="citation-4"><p>McGuire, J. J. "<a href="https://repository.law.miami.edu/cgi/viewcontent.cgi?article=2309&context=umialr" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">The Edge Act: Its Place and Evolution of International Banking in the United States</a>." <em>University of Miami Inter-American Law Review</em>, vol. 3, no. 3, 1971, pp. 427, 430, 433.</p></li> </ol> </div> </div></div> <div id="performance-marketing_1-0" class="comp performance-marketing mntl-block "><div id="gam-ad-table_1-0" class="comp gam-ad-table ad-table mntl-block"></div></div> </div><div class="loc article-right-rail"><div id="mm-ads-right-rail_1-0" class="comp mm-ads-right-rail mntl-block"><div id="sc-billboard-group_1-0" class="comp sc-billboard-group mntl-block js-scads-inline-content"><div id="mntl-block_1-0" class="comp mntl-block"><div id="fin-billboard1-sticky-dynamic_1-0" class="comp fin-billboard1-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="1050" 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data-pos="btf6" data-priority="9" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_9-0" class="comp mntl-block"></div> <div id="mntl-block_10-0" class="comp mntl-block"></div> <div id="mntl-block_11-0" class="comp mntl-block"></div></div></div> </div></article> <div id="related-recirc-section_1-0" class="comp related-recirc-section mntl-block" data-tracking-container="true"><div id="slot-1_1-0" class="comp slot-1 related-recirc-section--terms mntl-block" data-tracking-container="true"><div id="related-terms_1-0" class="comp related-terms mntl-block"><div id="related-terms__heading_1-0" class="comp related-terms__heading mntl-text-block">Related Terms</div> <div id="related-terms__list_1-0" class="comp related-terms__list mntl-block"><div id="relates-terms__content_1-0" class="comp relates-terms__content mntl-block"><a href="https://www.investopedia.com/terms/n/narrowmoney.asp" 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