FDIC Shuts Down Operation Choke Point

30 Jan
January 30, 2015

The FDIC is now telling banks that they don’t have to close accounts of legitimate businesses the .gov doesn’t like.

And it’s writing new rules to stop it from happening again!

To address concerns raised about Operation Choke Point, the FDIC will now require bank examiners to put in writing any recommendation or requirement for an account termination.

The examiner will also be required to indicate what law or regulation they believe the bank or the customer of the bank is violating.

Problem 1: Someone’s rung the bell. We are going to have to watch to ensure that subsequent administrations don’t pull the same trick.

Problem 2: Banks are, by and large, conservative organizations. Having been stung once for dealing with gun and gun-related industries, they may decide the risk is not worth the reward.

Make no mistake, this is a win for liberty and RKBA. The question is whether the damage can be repaired.

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