Republic City Bank provides loans to businesses in the community through its Commercial Lending Department. Small loans (less than $250,000 ) may be approved by an individual loan officer, while larger loans (greater than $250,000 ) must be approved by a board of loan officers. Once a loan is approved, the funds are made available to the loan applicant under agreed-upon terms. The president of Republic City Bank has instituted a policy whereby he has the individual authority to approve loans up to $4,000,000. The president believes that this policy will allow flexibility to approve loans to valued clients much quicker than under the previous policy. All of the following are possible objections to Republic City Bank's loan policy except: a. The bank president should not be allowed to have individual authority over loans of more than $4,000,000. b. The limit an individual loan officer may approve should be less than $250,000. c. Having a board of loan officers evaluate larger loans wastes resources. d. The loan policy has a greater focus on credit worthiness rather than on granting loans based on personal relationships