The Daily Signal reports that the FDIC is changing its tactics with regard to legal, legitimate business, such as gun shops, that are in disfavor with the Obama regime. Congressman Blaine Luetkemeyer of Missouri's 3rd Congressional District has taken the lead in challenging the FDIC's involvement with the Justice Department's Operation Choke Point.
Now, supposedly, Operation Choke Point was meant to target things like ponzi schemes and mass market consumer fraud. In reality, Holder pressured the banking industry to "choke off" financing for completely legal businesses such as coin dealers, payday and title loan companies, firearms and ammunition dealers, and even home-based charities.
Rep. Luetkemeyer had real jobs before he became a legislator, including working in banking. He's not a lawyer. He has a business degree from Lincoln U. in Jefferson City, MO, which is more or less his hometown. I don't know him personally, but I know of him and his family. They are good people.
Anyway, Luetkemeyer is on the House Financial Services Committee and has led the fight against this operation:
Emails unearthed by investigators showed employees scheming to influence banks’ decisions on who to do business with by labeling certain industries “reputational risks,” ensuring banks “get the message” about the businesses the regulators don’t like, and pressuring banks to cut credit or close those accounts, effectively discouraging entire industries.
FDIC officials were also seen inserting their personal and moral opinions into banking decisions.
“The FDIC has allowed a culture within their agency to blossom that they believe it’s OK to impose their personal opinions and value system in a regulatory way,” says Luetkemeyer. “They are not a regulatory police—their job is to enforce the law.”
The policy change means that bank examiners will be required to put specific concerns and recommendations for termination of accounts in writing. The accounts will be reviewed on an individual, case-by-case basis. Industry or business sector "reputational risk" will no longer be an acceptable reason for account termination.
With regard to the FDIC's response, Luetkemeyer told the Daily Signal:
“We’re very pleased they’ve acknowledged their wrongdoing and they’ve accepted our suggestions to put in place measures to stop this activity.”This is the kind of stealth attack that epitomizes the Chicago Way of Holder and Obama as well as the nanny-staters and collectivists like Bloomberg. I'm glad to see it being exposed.
To call that contemptible behaviour hardly does it justice.
ReplyDeleteI imagine they can get away with it because most Americans, and voters in the west generally, have become completely cynical about politics and politicians, and simply 'tune out' when this kind of news is reported.
It's a long haul back from here.
I think that's a lot of it. People look at how bad it is and say there's nothing we can do. Maybe that's right. Wait around 'til it all blows up and try to do better the next time. I don't know.
ReplyDeleteI'm glad the Congressman could put a stop to this illegal behavior of the FDIC, but whoever abused their powers and authority should be fired, fined and charged with the appropriate criminal violations.
ReplyDeleteIf the GOP wins the White House in 2016, oneof the first things they should do is reign in all these alphabet organizations like the IRS, FDA, EPA, FDIC, etc., and take back their regulatory powers and place it in Congress, whereit belongs.
Then, whenever someone proposes a change, it must be debated and voted on in Congress rather than applied by a tyrannical agency that doesnt represent the people, and doesn't follow our laws or Constitution.
Another thing we could do is "sunset" everything, spending as well as legislation and departments. Force them to justify in public their continued existence.
ReplyDelete