Congressman John Shimkus (R, Illinois-15) today voted to end Operation Choke Point, an Obama Administration scheme to coerce banks and other financial institutions into cutting off relationships with legal businesses the administration dislikes.
“While a wide range of industries have been affected, law abiding gun and ammunition sellers have been top targets of the Obama Justice Department through Operation Choke Point,” said Shimkus. “The Obama Administration cannot be allowed to bully banks into freezing legitimate, legal businesses out of the banking system for no other reason than the president’s political preferences.”
H.R. 766, which passed the House on Thursday, would prevent federal banking agencies from abusing executive power to block legitimate businesses from making deposits to their financial institutions. The bill requires a federal banking agency to provide written justification of any request to terminate or restrict a customer account, unless it was based upon a belief that those customers pose a threat to national security.
More information on H.R. 766 is available HERE.