On January 28, Biden’s administrator of the Office of the Comptroller of the Currency (OCC) “paused” the Trump rule intended to prevent banks from discriminating against the firearms industry or citizens. When banks can discriminate any business or person based on the leftist agenda, it doesn’t bode well for any of us. If you or your business is considered “an enemy of the state,” under Biden’s agenda, you are sunk.
Under Operation Choke Point, federal regulators instructed banks to do the opposite — to openly discriminate against entire industries the Obama administration found objectionable. Weaponizing the power of banking regulators at the Federal Deposit Insurance Corp. and the Office of Comptroller of the Currency, the Obama administration realized it could block entire industries from the banking system that it didn’t like. This made it difficult — if not impossible — for politically unfavored businesses such as gun sellers and short-term lenders to operate.
Essentially, by using the power of federal banking regulators to intimidate banks from providing their services to these industries, the administration choked off their access to the financial system, leaving them paying more for essential banking services, or unable to use a bank at all…
…Different agencies within the Obama administration denied wrongdoing in various ways. At least one bank, however, admitted to choking off three legal enterprises at the government’s behest. Dozens of business owners — many of them gun sellers and short-term lenders — said their bank accounts and access to credit card processing platforms were suddenly stymied or shut down with no explanation and no opportunity for recourse.
Kelsey Bolar at The Federalist
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