Anonymous ID: 5b9939 Oct. 22, 2020, 9 a.m. No.11212359   🗄️.is 🔗kun

Everything is coming out of Delaware.

 

With legislative support in the late 1970s, duPont passed a pair of income tax reductions and a bold constitutional amendment limiting government spending. Then, in February 1981, he signed the Financial Center Development Act, legislation that dropped restrictions on interest rates and gave tax breaks and other accommodations to the burgeoning credit card sector. It’s that bill which is now credited with supporting ballooning credit card debt, and those are the roots of why most of the national banking companies with offices in Wilmington have their credit card divisions here, rather than, say, the investment banking that still is densely packed in Manhattan. National bank CEOs are still very much leading from New York.

 

https://technical.ly/delaware/2016/11/18/many-banks-headquartered-wilmington-delaware/