Today, the Congressman told NSSF, “After a year of mounting pressure from Congress and outside organization like the National Shooting Sports Foundation, top officials from the Federal Deposit Insurance Corporation finally acknowledged their involvement and wrongdoing in Operation Choke Point. While I am very pleased the FDIC will put in place new polices and change the culture at the agency, there is still work to be done, specifically with the Department of Justice. I am pleased the National Shooting Sports Foundation supports my legislation, the Financial Institution Customer Protection Act, and I have no doubt the foundation will remain steadfast in educating its members and continuing the fight in ending Operation Choke Point once and for all.”
I have covered somewhat this Operation Chokepoint, but not at the depths that others had. In case you don’t know, the FDIC and the Fed in general were telling financial institutes that they may get in trouble and be targets of extra scrutiny if they provided merchant solutions to “shady” enterprises. Now this was supposed to be targeted at suspected money-laundering operations, but somehow a slew of other legal businesses got targeted. From porn sellers to check-cashing stores that might not be the cup of tea for everybody, but by golly they are legal in this country, at least so far.
But it there ever was an “icky” business that this administration does not like one bit is the firearms business. So suddenly gun stores with years of normal business with their banks were suddenly told “Ooopsie, sorry. We don’t do deal with people who sell guns,” shut down credit card transactions and more. Some solutions were eventually made and people got back in business, but that did not compensate for the losses incurred or was a permanent solution to the problem. Only what appears to be a congressional smack-down was required for the to cry uncle and stop with the harassment.
And good for the NSSF. They don’t do a lot in the limelight, but they indeed get moving when it is required.