The Big Picture and the Closeup

What’s to prevent, for instance, a legislature chartering a bank one of whose very purposes is to be locally owned and controlled, with charter provisions that prevent out-of-state takeovers or incorporation into bigger banks? And charter provisions that protect its borrowers from usurious out-of-state lending rates? I can hear Tea Partiers complaining that all that local regulation would drive investors screaming to the exits – but bank investors have historically done poorly with the existing setup. Could this be worse?