When I posted about Operation Chokepoint, I didn’t get any inkling that the FDIC would ever back down. But it seems that they might be doing so. (Let’s hope!)
If you don’t remember, Operation Chokepoint was the FDIC’s strategy to basically financially cripple legal businesses.
The Department of Justice has its own secret drone program—it is called Operation Chokepoint and its drones are banks. According to Jason Oxman in The Hill, the department is attacking “disfavored – but legal – categories of merchants by targeting our nation’s payments systems.”
So now we can go after “disfavored, but legal” businesses by making banks refuse to do business with them.
The Department of [so-called] Justice is deliberately harassing legal businesses for offering legal services to other legal businesses. It is openly attempting to drive people out of business because it doesn’t like them, with absolutely no legal reason to do so. And if we know anything about this Justice Department, we know they want to go after gun businesses (except for the ones they use to transfer guns to their favored drug cartels).
See my original post for some examples of businesses, including a gun shop. I also wrote a follow-up post. Now it looks like the FDIC, which was also involved in the operation, is backing down. The Daily Signal reports, “Federal Agency Blames ‘Confusion’ for Choking Business Owners’ Access to Banks.” In this case, the Federal agency is not the Justice Department, but the FDIC which was also involved in Chokepoint.
Federal regulators have backed away from pressuring banks to stop doing business with legal enterprises that the Obama administration labeled “high risk” — including selling guns, making payday loans, and trading in rare coins.
Late last month, the Federal Depositors Insurance Corporation told banks that it had removed a list of 30 examples of “high risk” activities from the agency’s website, stating its list had “led to misunderstandings.”
By “misunderstandings,” FDIC apparently meant that its guidance led to sudden decisions by banks across America to close accounts with customers that fell under any of the listed categories.
I’m not sure exactly how following the FDIC’s own written guidelines counts as a misunderstanding. But for whatever reason it seems that these particular Federal “chokers” are loosening their grip, at least for awhile.
Better than nothing.
But there may still be other Federal agencies that are participating in the Department of Justice’s Operation Choke Point.
Despite FDIC moves to “clarify” its intent, federal financial regulatory agencies have not pulled out of a secretive Obama administration program dubbed Operation Choke Point.
Businesses are still reporting harassment. This should be considered entirely illegal but the government is doing it anyway. We need to use sources like the Daily Signal to stay current on what our government is doing and, follow the example of the President by using pens and phones to try to get this corrupt exercise of power halted.