The article reports:
“Under President Obama’s reign, the DOJ has abandoned its longstanding tradition of staying out of politics and has instead become a partisan arm of the White House,” Cruz said. “The Obama administration initiated Operation Choke Point to punish law-abiding small businesses that don’t align with the president’s political leanings. The DOJ should not be abusing its power by trying to bankrupt American citizens for exercising their constitutional rights.”
The bill, called the Financial Institution Customer Protection Act, bans federal agencies that oversee banks from requesting or ordering banks to terminate customer accounts “unless the regulator has material reason.”
The measure also requires banking regulators to put in writing any “formal or informal” requests for account termination, and requires those regulators to file an annual report to Congress regarding those requests. To scale back Operation Choke Point or any similar initiatives, the bill also amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
I have written articles about the impact of Operation Choke Point before. You can use the search engine at the top of the page to find them. Operation Choke Point is an obvious example of government overreach. Gun ownership is a right guaranteed by the U.S. Constitution, and the government has no right to interfere with that right. Operation Choke Point is one of several back door methods the Obama Administration used to attempt to take guns away from lawful gun owners. Had they come up with a plan to take guns away from unlawful gun owners, I might have been willing to listen.
The article further reports:
An identical version of the bill passed the House of Representatives 250-169 in February with bipartisan support.
According to government documents, Operation Choke Point was designed by the Justice Department in 2012 to “attack Internet, telemarketing, mail, and other mass market fraud against consumers, by choking fraudsters’ access to the banking system.”
The Justice Department carried out the program by using its investigative powers and partnering with federal regulating agencies such as the Federal Deposit Insurance Corporation (FDIC) that provide formal guidance to banks.
Since the program’s inception, many gun sellers, pawn shops, and short-term lenders reported their bank accounts being shut down.
…If the bill passes the Senate, it will then head to Obama’s desk for approval.
Hopefully one of the first things the next President will do (regardless of who is elected) will be to cut back on some of the abuses of power that have gone on during the Obama Administration.