TeachMeFinance.com - explain Edge Act Corporations
Edge Act corporation -- an organization chartered by the Federal Reserve to engage in international banking operations. The Federal Reserve Board acts upon applications by U.S. and foreign banking organizations to establish Edge corporations. The Board also examines Edge corporations and their subsidiaries. The Edge corporation gets its name from Senator Walter Edge of New Jersey, the sponsor of the original legislation to permit the formation of such organizations.
Edge Act Corporations -- Banks that are subsidiaries either to bank holding companies or other banks established to engage in foreign business transactions.