Today’s hearing in the Financial Services Committee focused on oversight of a Department of Justice initiative known as “Operation Choke Point.” While the stated purpose of the program is to cut off banking relationships with “high risk” merchants engaged in fraudulent activities, a number of lawful and legitimate businesses have reported receiving notices that their bank accounts were being terminated since the launch of Operation Choke Point. During this important oversight hearing, I questioned the regulators about whether they have been pressuring banks to terminate relationships with companies engaged in coal mining and sought their assurances that coal production would not be targeted in the future.
Posted on: Tue, 15 Jul 2014 19:57:43 +0000
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