Yesterday, the House voted to keep due process and private enterprise by passing H.R. 766 by 265-199.
Operation Choke Point was the Obama administration’s way to unlawfully use the back door to stifle businesses, if not end them, that they do not like, based solely on ideological grounds. Due process not required.
The two primary targets of Operation Choke Point have been the short-term lending industry and firearm sellers. The distaste for both are rooted in leftist ideology. Progressives hate private lending, because they believe people cannot make financial decisions for themselves. In addition, there is ample evidence that the federal government wants to replace private lending with financial services provided by the Post Office. As for firearms, well, we know all about progressives and the Second Amendment.
It is also instructive to note that the bill passed pretty much on party lines. Democrats overwhelmingly voted against the bill. Or to put it another way, Democrats voted to keep the use of the federal government as a tool to punish businesses and industries they do not like.
H.R. 766 “prohibits a federal banking agency from formally or informally suggesting, requesting, or ordering a depository institution to terminate either a specific customer account, or group of customer accounts, or otherwise restrict or discourage it from entering into or maintaining a banking relationship with a specific customer or group of customers, unless: (1) the agency has a material reason to do so, and (2) the reason is not based solely on reputation risk.” The bill passed 265-159 and now goes to the Senate.