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Domestic Jurisdictions

The United States is clearly the largest banking system in the world.  Most advantages of investments in the United States are granted through the IRS Codes for tax mitigation and by individual laws about liability through the incorporation and company formation that are granted by the states.

It should be noted that although power is given to individual states, the Full Faith and Credit Clause of the US Constitution grants powers reaching from state to state; generally a debt in one state, can be enforced in another state and similarly with crime.  Whereas in many offshore jurisdictions are totally sovereign pertaining to US judgments.

The Federal Reserve on Domestic Jurisdiction:
The Federal Reserve monitors the banking system in the US, and is the central bank.  The Federal Reserve conducts responsibilities in the following areas,

    * To monitor the policies and their influence on the US economy, including credit conditions, employment, inflations, investment,  foreign banks operating in the US, US banks operating offshore
    * Security of the monetary system
    * Stabilize any ;problems that lead to the risk of the system and threaten the financial market

Provide financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system

U.S. Bank Branches
There are around 90,000 bank branches in the US.  There is a network of twelve Federal Reserve Banks and their branches number around 25 all assigned to a certain geographical area; their responsibilities are to distribute the nations currency, supervise and regulate member banks and bank holding companies.  Those banks chartered by the Federal Reserve are required to join the Federal Reserve; state banks are not.

Member Banks
Member banks have requirements to subscribe to stock in their regional Federal Reserve at an amount equal to 6% of their capital and surplus, half of which is subject to call and half of which must be paid in cash.  This is considered collateral for their loans.  Member banks receive a 6 percent dividend annually on their stock, as specified by law, and vote for the Class A and Class B directors of the Reserve Bank. Stock in Federal Reserve Banks is not available for purchase by individuals or entities other than member banks.

Domestic Security
Domestic security in the US was enhanced with the passing of the USA Patriot Act I and II.  There is great impetus to end money laundering and tax evasion.  Financial institutions are not required to report all information on all transactions and report suspicious transactions.  The Bank Secrecy Act (BSA) which was enacted in 1970 and enhanced in 2004, requires that all large transactions are reported and that the bank must comply with the “know your client” policies.

Some of the largest banks in the United States are listed below.

HSBC (NY, NY)
Bank of America Corp. (Charlotte, N.C.)
Citigroup (New York, N.Y.)
Wachovia Corp. (Charlotte, N.C.)
Bank One Corp. (Chicago, Ill.)
Wells Fargo & Company (San Francisco, Calif.)
J. P. Morgan Chase & Company (New York, N.Y.)
FleetBoston Financial Corp. (Providence, R.I.)
U.S. BC (Cincinnati, Ohio)
Suntrust Banks, Inc. (Atlanta, Ga.)
HSBC North America Inc. (Buffalo, N.Y.)
Bank of New York Company, Inc. (New York, N.Y.)
State Street Corp. (Boston, Mass.)
Keycorp (Cleveland, Ohio)
BB&T Corp. (Winston-Salem, N.C.)
Bank One Corp. (Columbus, Ohio)
PNC Financial Services Group, Inc. (Pittsburgh, Pa.)
ABN Amro North America Holding Company (Chicago, Ill.)
Fifth Third Bancorp (Cincinnati, Ohio)
Citigroup (Sioux Falls, S.D.)
MBNA Corp. (Wilmington, Del.)
Comerica (Detroit, Mich.)
Southtrust Corp. (Birmingham, Ala.)
M&T Bank Corp. (Buffalo, N.Y.)
Wells Fargo & Company (Minneapolis, Minn.)
National City Corp. (Cleveland, Ohio)
ABN Amro North America Holding Company (Troy, Mich.)
Amsouth Bancorporation (Birmingham, Ala.)
Regions Financial Corp. (Birmingham, Ala.)
Charter One Financial, Inc. (Cleveland, Ohio)
Merrick Bank
Chevy Chase, Bethesda, Maryland
Sovereign Bank