👉🏻 https://x.com/CaitlinLong_/status/1796201938813633004
THE SUPREME COURT UNANIMOUSLY SUPPORTS the dual banking system in the US🔥. The Fed wants to kill it though -- the Fed doesn't respect state bank chartering authorities. Guess who's going to win.💪
What is the dual banking system?
Its not a dual banking system, its a federal banking system where states can add laws to follow in their own states.
Most states just use it to define "abandoned " accounts and take the money in them. Theoretically, the states could protect their citizens from national bank abuses, but thats not common.
Some banks are state-chartered, while others are federally-chartered.
In that sense, it is a "dual banking system."
States COULD pass legislation that applies to their banks and does not apply to the federal banks, though they probably don't now. But they could. This is why the ruling is important.
Except that the state-charted banks still have to follow the federal rules.