November 14, 2018
Operation Chokepoint pushed by FDIC
Timothy Birdnow
Operation Chokepoint, the Obama scheme to ruin businesses that he and his people didn't like, was promoted through the FDIC.
According to Forbes:
Last week brought new revelations regarding Operation Choke Point, the Obama administration’s effort to freeze politically disfavored businesses out of the financial system. Rep. Blaine Luetkemeyer (R-Mo.), who helped lead a multi-year effort to shut the program down, highlighted some of theses newest findings and pointed out that stopping Operation Choke Point is not a partisan issue.
For those unfamiliar, Choke Point consisted of bureaucrats in several independent federal agencies taking it upon themselves to shut legal businesses – such as payday lenders and firearms dealers – out of the banking system. Given the nature of the U.S. regulatory framework, this operation was easy to pull off.
Officials at the Federal Deposit Insurance Corporation (FDIC), for instance, simply had to inform the banks they were overseeing that the government considered certain types of their customers "high risk.†The mere implication of a threat was enough to pressure banks into closing accounts, because no U.S. bank wants anything to do with extra audits or investigations from their regulator, much less additional operating restrictions or civil and criminal charges.
Later, in April 2013, Joel Sweet, a Justice Department official heavily involved in the initiative, emailed senior officials at the FDIC, the FTC, the CFPB and other federal agencies with "a simple and elegant idea about how to protect consumers from predatory PD lenders.†The idea involved banning banks from "originating debit transactions against the bank accounts of non-customer borrowers.â€
End excerpt.
Operation Chokepoint was used to damage legal firearms dealers, payday loan businesses, and a host of other legal entitites solely based on the preferences of government. This is identical to National Socialist economic policy. It was as unAmerican as it gets.
Hat tip: Veritaspac.com
Operation Chokepoint, the Obama scheme to ruin businesses that he and his people didn't like, was promoted through the FDIC.
According to Forbes:
Last week brought new revelations regarding Operation Choke Point, the Obama administration’s effort to freeze politically disfavored businesses out of the financial system. Rep. Blaine Luetkemeyer (R-Mo.), who helped lead a multi-year effort to shut the program down, highlighted some of theses newest findings and pointed out that stopping Operation Choke Point is not a partisan issue.
For those unfamiliar, Choke Point consisted of bureaucrats in several independent federal agencies taking it upon themselves to shut legal businesses – such as payday lenders and firearms dealers – out of the banking system. Given the nature of the U.S. regulatory framework, this operation was easy to pull off.
Officials at the Federal Deposit Insurance Corporation (FDIC), for instance, simply had to inform the banks they were overseeing that the government considered certain types of their customers "high risk.†The mere implication of a threat was enough to pressure banks into closing accounts, because no U.S. bank wants anything to do with extra audits or investigations from their regulator, much less additional operating restrictions or civil and criminal charges.
Later, in April 2013, Joel Sweet, a Justice Department official heavily involved in the initiative, emailed senior officials at the FDIC, the FTC, the CFPB and other federal agencies with "a simple and elegant idea about how to protect consumers from predatory PD lenders.†The idea involved banning banks from "originating debit transactions against the bank accounts of non-customer borrowers.â€
End excerpt.
Operation Chokepoint was used to damage legal firearms dealers, payday loan businesses, and a host of other legal entitites solely based on the preferences of government. This is identical to National Socialist economic policy. It was as unAmerican as it gets.
Hat tip: Veritaspac.com
Posted by: Timothy Birdnow at
07:38 AM
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