Posted by Tina
I shake my head a lot these days. I can’t believe its possible that in America so many grave injustices are being brought against private citizens and private business by an administration that rules with arrogant self-awarded authority. I posted a bit about Operation Choke Point in a story about banking regulations and the economy. A new report focuses on several businesses that have been destroyed by the federal government for no good reason other than the fact that this administration doesn’t like or wants o control certain legal items.
The Daily Signal reports how the policy is used to undermine legal businesses:
Banks receive notifications from federal regulators, including the Federal Deposit Insurance Corporation (the agency responsible for insuring bank deposits), that the government considers certain types of businesses “high risk.” Banks then are pressured, though the implied threat of government investigations, to sever ties with customers engaged in those enterprises.
This puts business owners such as Brookman in jeopardy of losing their livelihoods without ever being prosecuted for doing anything illegal.
Follow the link to read the stories of four business owners whose legitimate businesses are being denied bank accounts and lines of credit at local banks because the government, through Operation Choke Point, threatens banks with audit (harassment) if they serve businesses that do offer short term lending, or deal in firearms or coin sales.
For once, I have to say that you have a valid concern. I’m all for going after fraud, but from what I’ve heard about this secretive program, it reeks of the government deciding to target businesses that are perfectly legal but seen as potentially “seedy,” and it could set a dangerous precedent of the government punishing businesses that are simply unpopular.