AMENDMENTS TO THE INTERNATIONAL BANKING ACT OF 1978.

SEC. 204. AMENDMENTS TO THE INTERNATIONAL BANKING ACT OF 1978. (a) Termination of Certain Nonbanking Activities.— Section 8(c) of the International Banking Act of 1978 (12 U.S.C. 3106(c)) is amended by adding at the end thereof the following new paragraph: “(2) The authority conferred by this subsection on a foreign bank or other company shall terminate 2 years after the date on which such foreign bank or other company becomes a ‘bank holding company’ as defined in section 2(a) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(a)); except that the Board may, upon application of such foreign bank or other company, extend the 2-year period for not more than one year at a time, if, in its judgment, such an extension would not be detrimental to the public interest, but no such extensions shall exceed 3 years in the aggregate.”. (b) Clerical Amendment.— Section 8 of the International Banking Act of 1978 is amended by striking out “(c) After” and inserting in lieu thereof “(c)(1) After”.