Trump Misidentifies Bank of Canada as Commercial Bank
US President Donald Trump sparked confusion when he claimed that the Bank of Canada is a commercial bank operating in the US. At an Oval Office event, Trump stated that 'they basically don't allow banks of America to be in Canada,' implying that Canada's banking system is restrictive towards US banks.
In fact, the Bank of Canada is a Crown corporation responsible for overseeing the country's banking services and setting interest rates. It does not operate in the US or offer retail banking services to everyday citizens.
Despite Trump's assertion, several major US financial institutions have operations in Canada, including JPMorganChase and Citibank. These banks are classified as foreign-owned banks with Canadian subsidiaries under Schedule 2 of the country's banking regulations.