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Views from Washington, D.C.


Te Re-Emergence of Operation Choke Point


Congressman Blaine Luetkemeyer


  members to its ranks when Rohit Chopra and Gary Gensler were nominated to the Consumer Financial Protection Bureau and the Securities and Exchange Commission, respectively. As the new administration begins to take shape, it is critical for Congress to conduct necessary oversight, as is our constitutional duty. As a senior member of the House Financial Services Committee and ranking member on the Consumer Protection & Financial Institutions Subcommittee, it is my job to ensure the financial regulators maintain a healthy financial system and provide clear rules for the road to allow you to serve your customers.


Aſter four years of right- sizing regulations and a


20 mobankers.com


more transparent regulatory regime, we are, unfortunately, already starting to see the punitive tactics of former President Obama’s administration rear their ugly head. As many of you know all too well, during the Obama administration we saw regulation by enforcement and financial regulators abuse their supervisory authority. Te most egregious example of this executive overreach was Operation Choke Point: the initiative led by the U.S. Department of Justice and the Federal Deposit Insurance Corporation that sought to eliminate financial services for legally operating businesses. Its many targets included industries like firearm stores, car dealerships, ATM operators and other companies the administration felt were politically unaligned with


them. In 2019, I was able to work with my colleagues on both sides of the aisle to end Operation Choke Point. Passage of the Financial Institution Customer Protection Act by an overwhelmingly bipartisan 395-2 vote ensured that legally operating businesses cannot be “choked off” from the financial services they need.


While my Republican colleagues and I were successful in bringing light to Operation Choke Point and eliminating it, the recent politization of financial services has brought it back to life. One concerning trend is the “greening” of the financial system. If politicians and regulators push financial institutions to include climate when making lending decisions, we could see legally operating businesses


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