Guns In The News 2022-05-23
Ten years ago, the Obama Administration introduced “Operation Choke Point,” a program to weaponize the banking industry and financial service providers against certain lawful businesses and merchants. Implemented by Eric Holder’s Department of Justice and the Federal Deposit Insurance Corporation (FDIC), the ostensible objective was to fight consumer fraud by cutting off access to credit and bank services for businesses classified as “high risk” (e.g., online gambling sites, escort services, payday loan operations, and those that had a higher incidence of consumer complaints, returns, or chargebacks).
However, the list also included federally licensed firearm and ammunition dealers, already among the most heavily regulated businesses in America. The FDIC “publicly warned banks that it was intensifying its own scrutiny of banks that did business with ‘high risk’ business customers who use payment processors (for example, firearm dealers who accept credit cards, as well as law-abiding payday
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