Spencer Bachus: “What we learned to date is that, notwithstanding the promise of the Dodd-Frank Act, regulators do not work together.”

I claim the time in opposition, although I am not opposed. The CHAIR. Without objection, the gentleman from Alabama is recognized for 5 minutes. There was no objection.

The intent of Operation Choke Point may have carried a purpose that we would all agree with, and that is to prevent financial fraud.

But in fact in 4 it says, documents sufficient to identify payment processors or merchants or clients that experienced a return rate of 3 percent or greater in any 1-month period.

Consumer fraud is real. Go after that, not after an archery store.