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To: SeekAndFind

Next we’ll find that no one is willing to SELL a bank to him.

Or the FED or FEC will step in and say some excuse why republicans cannot buy or sell.

First banks, then eventually groceries.


39 posted on 03/06/2021 3:59:06 PM PST by Mr. K (No consequence of repealing obamacare is worse than obamacare itself)
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To: Mr. K
Even if a bank were to obtain a charter from a state like Florida or Texas, the organizers would have to obtain FDIC or FRB approval, the former in all cases, the latter if the proposed new bank wants to establish a holding company or become a Fed member bank. It would be difficult for the FDIC or FRB to deny approval if there were adequate capital, a business plan that did not concentrate on one industry, and experienced management. Usually the State authority works in tandem with its Federal counterparts.

An ideologically driven denial, rather than a safety and soundness reason, by a Federal agency would not stand up in court. However, the organizers better have very deep pockets.

45 posted on 03/06/2021 4:16:27 PM PST by Wallace T.
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