Under direction of the Obama Administration, the DOJ has launched “Operation Choke Point”, a credit card fraud investigation into banks and their payment processors.
In an interview by the Washington Times, The American Bankers Association Senior Vice President Richard Riese stated.
“We’re being threatened with a regulatory regime that attempts to foist on us the obligation to monitor all types of transactions, predicated on the notion that the banks are a choke point for all businesses,”
The Obama Administration is using Operation Choke Point to put a financial pinch on firearms dealers. Banks are being forced to cut back business dealings with firearm — dealers, parts manufacturers and retail stores — by cutting their credit lines, freezing their assets or dropping their accounts. If a bank decides to buck this executive overreach they may be faced with countless audits into accounts that the DOJ or Obama Administration feels are “High Risk” businesses.
Calling the operation an
“assault on our Second Amendment rights,”
Joe Sirochman of American Spirit Arms in Scottsdale, Ariz., told the Times that Bank of America discontinued his account, despite his respectable credit history.
“We are one of the most heavily regulated industries in America,” he said. “We have to ship our guns to another federal licensed dealer for pickup. The people who pick up the rifles have to go through a background check to make sure they don’t have any felonies. You can’t own a gun or pass the background check if you do.”
Across the nation, increased regulatory pressure on firearm dealers and the banks that serve them has reached a tipping point. There’s even a 12-department interagency Financial Fraud Enforcement Task Force to regulate the industry and ferret out suspicious transactions.
The Federal Deposit Insurance Corp. now considers firearm dealers “High Risk,” along with porn shops and drug paraphernalia stores, in an effort to pressure banks to stop doing business with firearm dealers.
Attorney Peter Weinstock, who represents several firearm dealers, told the Washington Times
“This administration has very clearly told the banking industry which customers they feel represent ‘reputational risk’ to do business with, so financial institutions are reacting to this extraordinary enforcement arsenal by being ultra-conservative,”
Miami gun retailer T. R. Liberti, owner and operator of Top Gun Firearms Training & Supply, had his online account dropped by BankUnited North America in April, with only a bland explanation attached, according to the Times.
When Bank of America dropped the McMillan Group International of Phoenix, owner Kelly McMillan set up a company to handle their online sales.
“Four generations of my family have been in this industry,” he said. “This is my way to give back.”
Republican congressmen call Operation Choke Point another example of the Obama administration’s attempts to stifle an industry it dislikes. Multiple hearings have been held on the matter, with no resolution in sight.
The battle for our constitutional rights continues to wage on. The Executive branch’s endless grab of power needs to be brought to it’s knees. This month, a movment to remove Obama and his cohorts converged on Washingtons door step as “Operation American Spring“. More people join Operation American Spring every day but we need even more if we are going to win our fight for rights.
In the above article, I have chosen to highlight firearms as the primary focus while revealing what “Operation Choke Point” is forged to do. Let it be known that Payday Loans, Porn and many other legitimate businesses are also being labeled as “High Risk” and having their accounts frozen, dropped and audited. Even though I do not agree with Payday Loan practices, I have to consider that they are a legitimate business. Seeing that they are a legitimate business puts them in the same category as the firearms dealers. They are being viscously attacked by dangerous, over reaching and down right criminal acts under “Operation Choke Point”. Make no mistake, the free market is under attacks by the bureaucrats of the DOJ and the Obama Administration.