Blaine Luetkemeyer: “How does the Federal Government get rid of an industry it simply doesn't like? Easy. It cuts that industry off from the…”

“How does the Federal Government get rid of an industry it simply doesn't like? Easy. It cuts that industry off from the financial services it needs to operate. Sound impossible? Sure, it does. However, that is exactly what the Department of Justice is doing in conjunction with the FDIC. This program even has a name: Operation Choke Point. It is designed to force legally operating and licensed entities out of business by choking them off from the financial services they need. What started with nondepository lenders is spreading to other industries. Media reports indicate that DOJ is now pressuring financial institutions that service the gun and ammunition industries. As a former bank examiner and banker, I know how they are using the power of their position to intimidate the banks and undermine the banks' ability to serve their customers who are doing a legal business. It is just plain wrong, Mr. Chairman. However, I want to be very clear. I strongly support DOJ's authority to go after the bad actors. Those actions should be commended and should not be inhibited. But what cannot be tolerated is the Federal Government using its authority to broadly target entire industries, including those that obey the law and are living within the rules. The staff report just released in the Oversight Committee summarizes 853 pages of internal DOJ documents.…”