Lawmakers stay largely silent over Chinese takeover of US bank branches

TheHill.com ^ | 13 May 12 | Julian Pecquet

[seanmerc]

U.S. lawmakers have been unusually silent about federal regulators' decision to allow a Chinese bank to take over 13 bank branches in New York and California, suggesting that they think American banks have much to gain.

Members of both parties usually relish the chance to bash China on everything from government subsidies to the yuan's exchange rate. Yet Wednesday's decision by the Federal Reserve to certify a Chinese bank acquisition for the first time was met by near-universal silence.

[seanmerc]

Am I the only one that thinks this is a HUGE mistake and that we are being sold down the river yet again?

[Falcon4.0]

Obie is going to carve up America like a “Thanks Giving Turkey”.

[raisincane]

Will the banks still be under the protection of the FDIC?

[texson66]

Which banks and where??

[kosciusko51]

Perhaps, but Japanese banks invested in the US before, some with success, and other with failure.

[markman46]

i believe these are us branches of the Chinese bank in question

[donozark]

“Chinese spoken here.”

[markman46]

here is the info

Wednesday's decision allows Industrial & Commercial Bank of China, which is 70 percent owned by the Chinese government, to take an 80 percent stake in a Hong Kong-based bank with 13 branches in the U.S. The Fed also allowed two other Chinese banks to open branches in New York and Chicag

[dfwgator]

“Forget it, Jake, it’s Chinatown.”

[donna]

It’s traitorous.

[ilovesarah2012]

I’m still upset a Japanese company bought 7-11!

[ballplayer]

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