As President Donald Trump has declared a “war on terror” and “the war on Christmas,” Florida’s banking industry has been struggling to stay afloat.
The FDIC and state lawmakers are now looking to take control of Florida’s bank system, a move that could force the banks to close their doors and shuttered banks and ATMs to the public.
As the Wall Street Journal reports, “State lawmakers want to seize control of FDIC’s bank holding company, called the FDIC Bank, so that it could be spun off into a private company that would not have to abide by federal regulations.”
The FDIGB was established in 1999 as a way for state and local governments to manage the state’s financial systems.
But, as Politico reports, the FDIG is now “looking to sell the bank in order to make a profit.”
And, the bank’s current management is already planning to merge with a new private company to take over the bank.
“We’re looking at a merger with a private bank, which is a good fit for us,” FDIC Chairman Paul B. Sullivan said.
“And if that merger is successful, we’d be looking at moving the bank to another location, possibly a state agency, and we’d then sell the company and move the FDIBS, the money market funds, and the commercial banking business.”
It seems that this move will be in direct response to Trump’s declaration of a war on terror.
“The president declared a war against terrorism and it’s been a war that has cost us dearly,” Florida Republican Senator Marco Rubio said on the Senate floor on January 16.
“So we’re going to try to do what we can to get out of this mess.”
Rubio’s statement came in response to Republican Senator Mike Lee, who called on the FDIF to take the reins of the FDIAB.
“In order to save the FDIV and FDIABS, we must remove the political and regulatory burden from the FDIB, and allow the FDIE to become a public bank,” Lee said.
But it seems that the FDIMB’s plan for its future will not come easy.
As The New York Times reported, the government will be required to hold an auction to sell off FDIC assets and its own money, including FDIC bank assets.
It seems unlikely that the bank will be able to stay open if the FDFIB takes control. “
Under a plan outlined by the FDBI, the Department of Justice will also seek to sell its assets in order for it to be acquired by a public company that will be subject to federal oversight,” the Times noted.
It seems unlikely that the bank will be able to stay open if the FDFIB takes control.
According to a Bloomberg report, “The FDIG will be forced to sell a large portion of its holdings and shut down operations in the state.
The financial crisis was a complete failure for the FDICE, the report said.
The bank, however, has maintained that it is unable to continue operating in the face of a potential takeover by a private competitor.”
The bank’s operations will be severely disrupted as a result of the takeover.
“This is not a day for celebration,” Florida Representative John Mica said on January 15.
“It’s a day of reckoning.
It’s a time of reckoning for the American people and for all the families who have suffered in this crisis.”
This is not the first time that Florida has attempted to wrest control of the state bank.
In January 2017, a coalition of banks and businesses filed a lawsuit against the state in a Florida federal court, alleging that the state failed to protect taxpayers from a bank takeover.
In the lawsuit, the banks argued that the governor and lawmakers have not adequately protected the financial institutions.
Rick Scott has made the FDILB the focus of his campaign,” the lawsuit said.
In September 2017, the state legislature passed a bill that would create a “special purpose corporation” that would be responsible “for the administration of the financial institution” and that would have the authority to negotiate contracts with the FDIIB.
The bill, which passed the Florida House and the Senate, would also have the FDISB “create and manage its own private bank.”
However, in a separate bill signed by Governor Scott on January 6, 2017, “the FDIC would be required” to take on a “limited” role in the FDITB.
This is the same bill that has been blocked by a federal judge in Florida.
“If the Legislature wants to continue to exist, it will have to pass a law that says that the executive branch will be given the power to appoint the FDIOB and the FDCIBA, but it will not have the power of the governor,” Mica told Politico.
“That’s what the governor said on a conference call.
We have to put the