Obama lacked a legal basis for his 'Operation Choke Point'

Daily Caller:
Court documents released last Friday showed evidence the Obama administration’s now-defunct operation known as Operation Choke Point had top government officials struggling to find the legal basis to persuade banks to terminate their relationships with businesses that had not committed any crimes.

The never-before-seen document release happened as a result of a summary judgment from a lawsuit filed more than four years ago spearheaded by payday lender Advance America and other industry allies against the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC) and other federal regulators.

The effort was known as Operation Choke Point, where Obama administration regulators tried to limit access to banking services for businesses it considered “high-risk,” like payday lenders. Emails show that FDIC administration officials struggled to figure out how to explain to banks why their institutions should be terminating their relationships with businesses that have not committed any fraud or other illegal activities.
...
One email between FDIC officials discussed the issue of including pornography in the messaging about payday lending and whether it crossed the line that regulators were making moral judgments as opposed to legal judgments.
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There is much more.

The Obama team pressured the banks to drop legal clients and then acted like they had nothing to do with the decision.  It was a clear abuse of power by a Democrat President who attacked businesses he just did not like despite the fact they were legal enterprises.

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