Republican (fascist/socialist) President George Herbert “Read my lips, no new taxes” Walker Bush signs the Federal Deposit Insurance Corporation Improvement Act, expanding the credit line of the Federal Deposit Insurance Corporation from 5,000,000,000 to 30,000,000,000 “dollars”; and giving community activist groups statutory authority to file suit against commercial banks for racially discriminatory lending practices.
Postscript: Using this statute, many CAGs were able to easily enhance their bottom line by filing nuisance suits against mortgage lenders, which would be dropped in exchange for out of court settlements.
[restored 2/18/2023] Thanks to Freedom’s Phoenix and Chuck McGlawn for this entry.
Subsequent Events:
Authority:
“Law of the Jungle”
ccc-2point0.com/preface
References:
A History of the Panic of 2008
www.freedomworks.org/uploads/crisis.pdf
George Bush – Statement on Signing the Federal Deposit Insurance Corporation Improvement Act of 1991
www.presidency.ucsb.edu/ws/index.php?pid=20378&st=&st1=
FDIC Law, Regulations, Related Acts – Consumer Protection
www.fdic.gov/regulations/laws/rules/6/500-3030.html#6/500hmda1975
FDIC Law, Regulations, Related Acts – Miscellaneous Statutes and Regulations
www.fdic.gov/regulations/laws/rules/8000-2400.html
Bill Seeks to Let FDIC Borrow up to $500 Billion
www.freedomsphoenix.com/Find-Freedom.html/?At=046/796/&From=News
FDIC Taking Steps to Prepare for More Bank Failures
blog.rebeltraders.net/2015/02/03/fdic-taking-steps-to-prepare-for-more-bank-failures/
Current U.s. National Debt:
