On a recent financial statement, Citibank notified customers that effective April 1, 2010 the institution reserves the right to require seven days notice before permitting withdrawals from all checking accounts. The bank later clarified that the restriction only applied to residents of Texas.

If I am a Citibank customer, living in Texas or not, then it may be prudent to take my money to another institution where the bank is going to let me have access to a checking account. The question being ignored by many reporting on this story is why Citibank has targeted Texas.

It must be remembered that the federal government owns about a third of Citibank. Furthermore, the folks in Texas and the state legislature have been raising their voices about nullification. Recently, bills have been introduced in the state house questioning the Constitutional authority of the federal government to regulate emissions, healthcare, and gun registration. Some of the largest Tea party gatherings have occurred in the Lone Star State.

With the Democrats running full speed ahead to pass nationalized healthcare and the President using the power of the EPA to mandate global warming regulation, a good chance exists that Texas may invoke its rights under the Ninth and Tenth Amendments to nullify any such intrusions from Washington D.C. Read More→