The final, and most crucial, factor to be assessed in determining whether injunctive relief is warranted is whether such relief would be consistent with the public interest. Id. As noted previously, see supra Part III-C, plaintiff claims that compliance with the interim suspension order will prevent him from managing, and completing sensitive negotiations on behalf of, two banks for whose affairs he is primarily responsible, with the result that depositors and shareholders in those banks may consequently suffer significant financial losses.
Thus, he claims that the FDIC's interim suspension order will, paradoxically, cause precisely the sort of injury to the public interest that it is presumably intended to prevent.
Nothing in the FDIC's interim suspension order, or in its subsequent submissions to the Court, indicates to what extent, if any, the FDIC has considered the possible effect of its order on the interests of depositors and shareholders in these two banks. The interim suspension order broadly bars plaintiff from participation in the affairs of any federally insured bank. It does not indicate that the FDIC has weighed the relative dangers of permitting an individual alleged to have participated in a pattern of unsafe and unsound banking practices to continue to manage banks in delicate financial circumstances against those of leaving such banks without an experienced, knowledgeable manager familiar with their affairs. It may be that the FDIC believes that plaintiff's record is so egregious that the danger of permitting him to participate in any way in the affairs of any bank far outweighs any benefits of familiarity or expertise he could provide.
But on this record it appears more likely that the FDIC simply failed to weigh the potential costs and benefits of permitting plaintiff to continue to participate in the affairs of the various banks with which he is involved pending the outcome of the administrative proceedings against him.
Accordingly, the Court has no evident basis for determining whether the FDIC has properly exercised its expert discretion to protect the public interest in maintaining the security and solvency of the banks with which plaintiff is involved.
As the preceding analysis indicates, the FDIC's failure to provide an explanation of the factors that led it to order plaintiff's interim suspension from participation in the affairs of federally insured banks pending the outcome of the administrative proceedings against him necessarily precludes the Court from determining even with minimum certainty where the equitable balance lies in this case. In such circumstances, the most appropriate course is a remand to the FDIC to permit it either to explain more fully the rationale for its decision, or even to reconsider the appropriateness of its order in the light of plaintiff's allegations concerning the critical situation at the two banks in whose affairs he is so deeply involved. This approach properly defers to the FDIC's acknowledged expertise in banking matters, see Mid America Bancorporation, Inc. v. Board of Governors, 523 F. Supp. 568, 576 (D. Minn. 1980), and it will also achieve the salutary purpose of providing the Court with a reasoned explanation of the FDIC's decision that will permit the Court to undertake a meaningful review of that decision. See supra Part III-A.
The remaining question is how properly to achieve such a remand. The Court concludes that the purposes of a remand will best be served if the FDIC is permitted to reconsider its interim suspension decision in its entirety, so that it has the maximum possible freedom to tailor precisely any interim suspension order necessary to protect any of the banks with which plaintiff is affiliated or the interests of their depositors.
Accordingly, finding that the available evidence warrants at least a temporary stay of the FDIC's interim suspension order, the Court will issue a temporary restraining order pursuant to 12 U.S.C. § 1818(f) suspending the FDIC's interim suspension order for ten days. However, nothing in the TRO shall be construed to limit the FDIC's authority to issue within that period interim suspension orders suspending plaintiff from participation in the affairs of specified banks based upon the FDIC's determination that such an interim suspension order is necessary to protect those banks or their depositors. Any such new interim suspension orders will, of course, be subject to the stay provisions of § 1818(f), and the Court will retain jurisdiction to review any such orders pursuant to those provisions.
There remains the question whether, as plaintiff contends, the FDIC's interim suspension order prohibiting plaintiff from participating in the affairs of any federally insured bank exceeds the FDIC's authority under the statute. It appears that the Court's issuance of the temporary restraining order described above may well result in the abandonment of the original interim suspension order and in the issuance of new orders involving individual banks, thereby rendering the question of the propriety of the original order moot. Accordingly, rather than issuing what might amount to an advisory opinion, the Court will instead defer resolution of this question to the time when (if ever) it becomes necessary to decide it.
The Court has considered defendant's motions to transfer venue and to modify the Order sealing these proceedings, and plaintiff's motions for a temporary restraining order and a declaratory judgment. For the reasons stated above, defendant's motions will be denied; plaintiff's motion for a temporary restraining order will be granted, with the modifications noted by the Court; and the Court will defer decision on plaintiff's motion for a declaratory judgment. An appropriate Order will be issued simultaneously with this memorandum.