Bank holding companies are companies that own or control one or more banks. In the United States, most banks insured by FDIC are owned or controlled by a bank holding company. In addition to bank subsidiaries engaged in traditional banking activities of deposit-taking and lending, many U.S. bank holding companies also own or control nonbank subsidiaries, such as broker-dealers and insurance companies. The Bank Holding Company Act of 1956, as amended, establishes the legal framework under which bank holding companies operate and establishes their supervision, with the Federal Reserve Board having authority over bank holding companies and their banking and non banking interests.