But since FDR, the FedGov put its FDIC 'seal of approval' on them. What's to worry about?
...Executives for Wells Fargo, JP Morgan, Bank of America, BNP Paribas, Barclays, and SunTrust have said they will no longer provide depository services to federal contractors with ICE for no other reason than their opposition to national immigration law. These six banks alone control over $7 trillion in combined assets....Perhaps that "FDIC seal of approval" will go away for them.
...Under Rubio’s legislation — which Senators Tom Cotton (R-AR), Marsha Blackburn (R-TN), and Kevin Cramer (R-ND) are co-sponsoring — big banks with assets over $50 billion would have their Federal Deposit Insurance Corporation (FDIC) insurance removed if they refuse to provide services to federal contractors.The proposed legislation is merely a warning shot. Banks control plenty of Senators and Representatives (remember Chris Dodd?) so there's little chance that the banks will take a hit here.
“Some of our nation’s largest banks have decided to cater to the radical left’s ‘woke’ agenda by abusing their systemic influence in our economy to deprive law-abiding federal contractors of banking services critical to their business,” Rubio told Breitbart News in a statement. “Banks have a right to deny funds to certain businesses, but they shouldn’t enjoy taxpayer-provided guarantees if they are undermining the public policy of the United States.”...
But warnings like this are a sign, like getting an overdraft notice. You know what happens after you get too many of those, right?