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Operation Choke Point
6th November 2021 • MKG Tax Consultants News, View Points, Taxes & Finances • MKG Tax Consultants
00:00:00 00:19:13

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Operation Choke Point

All Americans, entrepreneurs and small businesses across our great country come from very different walks of life. They have taken great risks and share a common dream to start a company that can one day become profitable and provide for their families. While businesses face incredible hurdles before they succeed, the ones that do survive provide the foundation for our local communities.

Unfortunately, the most alarming hurdle facing businesses today is a Department of Justice initiative known as Operation Choke Point.

Created under the guise of a program to root out fraud and illegal activity, this initiative has been used by White House administration bureaucrats to pressure banks to end relationships with businesses they consider to be objectionable or "high risk." The House Financial Services Committee, the House Oversight and Government Reform Committee and the House Judiciary have held hearings on this out-of-control program. Peter Weinstock, a partner at a Dallas law firm whose practice focuses on corporate and regulatory representation of financial institutions, testified before the House Judiciary Committee on July 17, 2014:

"The U.S. Department of Justice created Operation Choke Point ostensibly to combat consumer fraud. However, it has become apparent that the program instead seeks to eradicate disfavored businesses."

This administration has targeted small businesses such as firearm and ammunition dealers, cigar shops, fireworks retailers, pawn stores, payday lenders and others. This backdoor effort by this administration to target legitimate law-abiding businesses they do not like, and to coerce banks to choke off relationships with these businesses, is completely unacceptable.

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