During the Obama adminstration, Operation Chokepoint was instituted in order to prevent banks from giving money to anyone who purchased or manufactured firearms, or any other business Obama felt was an enemy of his agenda. Trump yanked that policy, and federal regulators adopted the “Fair Access Rule” which required that gun businesses or any other businesses could not incur bank discrimination based on “dislike” of a certain industry or business. Under Biden, that fairness is all gone.
Under Trump, banks were to “conduct risk assessments of individual customers, rather than make broad-based decisions affecting whole categories or classes of customers when providing access to services, capital, and credit.”
The Fair Access rule (the OCC is currently offline for “maintenance” which may mean this rule was purged from its website)
Chokepoint 2.0 – “choking” legal businesses out of the marketplace.
In his flurry of Executive Orders, Biden reversed the Trump rule. So on January 28, Biden’s administrator of the Office of the Comptroller of the Currency (OCC) “paused” the Trump rule intended to prevent banks from discriminating against the firearms industry or citizens. When banks can discriminate any business or person based on the leftist agenda, it doesn’t bode well for any of us. If you or your business is considered “an enemy of the state,” under Biden’s agenda, you are sunk.
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Under Operation Choke Point, federal regulators instructed banks to do the opposite — to openly discriminate against entire industries the Obama administration found objectionable. Weaponizing the power of banking regulators at the Federal Deposit Insurance Corp. and the Office of Comptroller of the Currency, the Obama administration realized it could block entire industries from the banking system that it didn’t like. This made it difficult — if not impossible — for politically unfavored businesses such as gun sellers and short-term lenders to operate.
Essentially, by using the power of federal banking regulators to intimidate banks from providing their services to these industries, the administration choked off their access to the financial system, leaving them paying more for essential banking services, or unable to use a bank at all…
…Different agencies within the Obama administration denied wrongdoing in various ways. At least one bank, however, admitted to choking off three legal enterprises at the government’s behest. Dozens of business owners — many of them gun sellers and short-term lenders — said their bank accounts and access to credit card processing platforms were suddenly stymied or shut down with no explanation and no opportunity for recourse.
Biden’s administration will be hailed as heroes by leftists. In the current culture of hating on Conservatives, this chokepoint style policy could impact all of us in ways we never imagined, and not just for the gun industry. Can you start a bank yourself? Can you start a credit card company yourself? It’s possible, but in order to get FDIC insurance, it would still fall under the FDIC. Federal regulators.
Though such a policy is blatantly unconstitutional, it is highly unlikely anything will be done about it at this point. We’re all in for a rough ride. Buckle up.
H/T Uncle Sam’s Misguided Children
Related:
- GOP Sen. Crapo warns bank CEO’s against targeting politically-incorrect industries
- Senate Banking Committee Chairman Confronts Bank of America and Citigroup
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- Second Amendment Attack: NYT Tells Big Banks to Blacklist Gun Purchasers
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