Foreign banking organizations (FBOs) have long conducted banking operations in the United States through branches, agencies, and subsidiaries. With the passage of the International Banking Act (IBA) in 1978, foreign banks could opt to conduct banking operations through a branch or agency licensed by the Comptroller of the Currency. Such licensed entities are known as " federal branches and agencies." Federal branches and agencies can exercise much the same rights and privileges as national banks and are subject to much the same laws, rulings, and regulations. The principle behind this consistency of treatment is termed national treatment.