The effect of the International Banking Act of 1978 was to accelerate the expansion of foreign bank activities in the U.S.primarily because of their access to the Federal Reserve's discount window, Fedwire, and FDIC insurance.

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The International Banking Act of 1978 allowed foreign banks to establish branches in the U.S. and gave them access to the Federal Reserve's discount window, Fedwire, and FDIC insurance. This facilitated the growth of foreign banks in the U.S. by providing them with the same privileges as domestic banks.

The Effect of the International Banking Act of 1978 Was