I was intrigued when I first heard of a government program called Operation Choke Point and the concept behind it. According to the federal government, the operation was intended to keep illegal or fraudulent entities out of our banking system —– an important mission that could help protect consumers and businesses alike.
Unfortunately, multiple congressional investigative reports have revealed that Operation Choke Point has not been used primarily for this purpose. Instead, it has been targeting legitimate businesses, which some federal officials find personally objectionable, by pressuring banks to cut off accounts, payment processing abilities, and services to verify customer accounts. Industries like pharmaceuticals, dating services, tobacco sales, firearm dealers, coin dealers, small-dollar lenders, and many more were attacked — in many cases, not because they broke any laws, or were even accused of breaking any laws, but because some bureaucrats don’t like them.Posted: Apr 16, 2015