Operation Choke-Point Is Worse Than We Thought
Operation Choke Point is an initiative of the DoJ that was announced in 2013 which investigates bank interactions with certain businesses believed to be at higher risk for fraud and money laundering. When first disclosed it was heavily criticised for bypassing due process with critics warning that “it’s a thinly veiled ideological attack on industries the Obama administration doesn’t like, such as gun sellers,” and precious metals dealers.However, as Mike Maloney explains, it is far worse than that… “it violates the most fundamental principles of the rule of law and accountable, transparent government.”
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From: Staff Report, 113th Congress, December 8, 2014
“At a minimum, Operation Choke Point is little more than government-mandated de-risking.FDIC, in cooperation with the Justice Department, made sure banks understood – or in their own language, “got the message” – that maintaining relationships with certain disfavored business lines would incur enormous regulatory risk.
The effect of this policy has been to deny countless legal and legitimate merchants access to the financial system and deprive them of their very ability to exist.
Accordingly, Operation Choke Point violates the most fundamental principles of the rule of law and accountable, transparent government.”
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We strongly suggest you are not holding anything sharp while you watch these clips….
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