Libertarians Hail BB&T Policy Decision on Funding Eminent Domain Abuse
By Brian Irving, LPNC Press Secretary
DURHAM (Jan. 30) - Libertarians are hailing the decision by BB&T not to
loan money to private developers who use the state's power of eminent
domain to develop property taken from other citizens.
"We're heartened when a major corporation, especially one based in
North Carolina, takes a strong stand in support of property rights," said
Brian Irving, spokesman for the Libertarian Party of North Carolina. "This
is an excellent example of responsible corporate leadership working in a
free market to support individual liberty."
BB&T changed their commercial lending policy in response to a
controversial U.S. Supreme Court decision in Kelo vs. New London. The
court ruled that governments can seize personal property to make room for
private development projects. This cleared the way for an expansion of
eminent domain authority historically used primarily for utilities, rights
of way and other public facilities.
Libertarians have condemned the Kelo decision as a nullification of
property rights. North Carolina libertarians have called for a state
constitutional amendment to prohibit the state from taking private
property for private development.
In a news release announcing the policy, BB&T Chairman and Chief
Executive Officer John Allison said, "The idea that a citizen's property
can be taken by the government solely for private use is extremely
misguided, in fact it's just plain wrong"
"One of the most basic rights of every citizen is to keep what they
own," Allison said "As an institution dedicated to helping our clients
achieve economic success and financial security, we won't help any entity
or company that would undermine that mission and threaten the hard-earned
American dream of property ownership."
"We wholeheartedly agree with Mr. Allison," Irving said. "We commend
BB&T not only for this specific action but for the underlying fact of
their acting on principle. As the 'Party of Principle,' Libertarians
appreciate BB&T as the 'Principled Bank."
"I think this is outstanding news," said Chris Cole, 2004 Libertarian
Party candidate for lieutenant governor.
Jim Capo, a libertarian activist said, "Between this press release and
the understanding that Atlas Shrugged is assigned reading for their top
management team, I have decided to move my Wachovia account over to BB&T."
Jim Pitts, a Lee county libertarian wrote to Allison to say he's
"extremely pleased" to be a customer. "BB&T's clear stance against
supporting eminent domain is very heartening to everyone. People,
including governmental entities, who want to take individuals' and
families' property to use as 'they' desire, have challenged our American
way of life."
Libertarian Tim Rohr, who's also a Lenoir city council member said, "I
think I'm going to propose Lenoir move its accounts to BB&T." Rohr was
instrumental in getting the Lenoir council to pass a resolution condemning
the Kelo decision.
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