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

“How does the Federal Government get rid of an industry it doesn't like? Simple. It cuts that industry off from the financial services sector--the lifeblood of every business in this country. It sounds impossible, doesn't it? However, that is exactly what the FDIC is doing in conjunction with the Department of Justice. By this point, we are all familiar with Operation Choke Point. It is the program 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 has spread to many other industries. Reports indicate that the FDIC and DOJ continue to pressure financial institutions that service the gun, ammunition, and tobacco industries. These are legal industries, and it is my belief that no joint FDIC and DOJ operation should broadly target lawful commerce. I want to be very clear. I strongly support the FDIC and other Federal banking regulators' authority to monitor financial institutions and identify risky behavior. But what cannot be tolerated is the Federal Government abusing its authority to target entire industries, including those that obey the laws and live within the rules. This isn't a Republican issue; this isn't a Democratic issue; it isn't a liberal or a conservative issue. This is an issue of the DOJ, FDIC, and potentially other banking regulators stepping outside the law.…”