Final answer:
The act mentioned refers to constraints on routing international wire transfers via U.S. financial institutions with specific financial codes, exemplifying challenges in regulating international financial flows in the interconnected global economy.
Step-by-step explanation:
The act alluding to limitations on international wire transfers through U.S. financial institutions utilizing various financial codes suggests a measure similar to the proposed Tobin tax on exchange rate transactions. National governments, which implement taxes within their jurisdictions, encounter practical difficulties when attempting to control international financial flows due to the interconnected nature of global economics. It becomes nearly impossible to allow payments solely for goods and services without also allowing other forms of international capital movements. The mention of the Grand Caymans, an example of a location that permits financial maneuvering, underscores the challenge in enforcing such restrictions in a world where borders for trade and service flows are porous.