Amendment Would Block “Operation Choke Point”

On Thursday morning in the U.S. Senate Banking Committee, Sen. Michael Crapo (R-Idaho) introduced an amendment to the Financial Regulatory Improvement Act to prohibit federal banking and credit union regulators from implementing or participating in the Obama Administration’s Department of Justice originated “Operation Choke Point.” In his remarks, Crapo aptly compared the administration’s logic in launching Operation Choke Point to the strategy used in the 2002 Tom Cruise movie “Minority Report,” as if it could be determined who might commit a crime (in this case fraud) ahead of any actual evidence of wrongdoing. In the real-world case, however, entire industries were targeted.