Saturday, August 19, 2017

Operation Chokepoint Strangled

If you missed it, the Obama Administration had the FDIC pressure banks into terminating the accounts of "high-risk businesses," which meant payday lenders and firearms dealers.

Now, I do not have any love for the payday lenders who charge amazing interest on very short-term loans.  Often the people taking out these loans go from deep financial crisis to deeper because of these loans.  But these businesses are lawful and for some people, these may be an alternative to failing to pay the rent or electric bill.

Firearms dealers are not by any stretch of the imagination in a similar category.  This was just Obama using his power to injure small businesses that his owners find distasteful.  Here's the letter from DOJ to Congress announcing the end of Chokepoint.  Hat Tip NRA/ILA.

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