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Show TO ENLARGE SCOPE OF NATIONAL BANKS AMENDMENTS TO FEDERAL RESERVE RE-SERVE LAW DESIGNED TO AID COMMERCE. Proposed Amendments Would Establish Estab-lish Foreign Branches and Accept Foreign Drafts or Exchange Under Board Regulations. Washington. Amendments to the federal reserve law, designed to equip national banks to aid commerce further fur-ther by establishing foreign branches and accepting foreign drafts or exchange, ex-change, were presented to the senate sen-ate on Thursday, as agreed upon by the house and senate conference. The federal reserve board will pass on applications to establish branch banks from banks of more than a million mil-lion dollars' capital which might act as fiscal agents of the United States and invest 10 per cent of their capital and surplus in corporations principally engaged in international banking. Members of the federal system could accept three months foreign drafts or bills of exchange under board regulations. Other regulations, widening the field from which the federal member banks may accept paper for discount, would be provided, and national banks in places of not more than 5.000 inhabitants in-habitants would be permitted to act as agents of insurance companies. |