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Rh issue by decree. In September, 1918, he reported a bill to Congress and stated that he had not acted on the authority before because of the uncertainty of the money market. The measure proposed provided for a single bank of issue similar in name to those under the law of 1897 but with more restricted powers. There were also petroleum banks, for the encouragement of the oil industry and banks of deposit. Branches of foreign banks were to be required to come under the law within six months or cease operations. The foreign banks, their capital and their employees were to be considered Mexican for all purposes. Appeal to the home country could not be taken on their behalf. The program was one that reflected the general policy of "nationalization" supported by the government. No important advance in banking legislation has as yet been made by the revolutionary governments.