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Operation Choke Point Hearing Reveals DOJ Threats And Strong-Arming
A Justice Department fraud prevention program came under fire Thursday for allegedly morphing into actively pressuring banks to deny financial services to businesses for political reasons.
Operation Choke Point functions as a partnership between the Department of Justice (DOJ) and various other federal agencies which deal with bank regulations, specifically the Treasury and the SEC. The objective of the project is to choke-off fraudulent businesses from accessing financial services, in an effort to protect consumers.
The controversy, however, is over allegations that the DOJ is pressuring financial institutions to decline doing business with so-called “high risk” industries which line up squarely against the political leanings of the current administration...
“Operation Choke Point is one of the most dangerous programs I have experienced in my 45 years of service as a bank regulator, bank attorney and consultant, and bank board member. Operating without legal authority and guided by a political agenda, unelected officials at the DOJ are discouraging banks from providing basic banking services…to lawful businesses simply because they don’t like them,” said William M. Isaac, former chairman of the FDIC.
Thursday’s House Judiciary Committee hearing focused on the legality of DOJ overreach. Letters have poured in from company owners in support of these suspicions, noting startling cases where the DOJ reportedly has directly strong-armed banks into dropping clients not engaging in fraud.to read more: dailycaller.com
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