IG Report Determines More Must Be Done to Protect Lawful Businesses

Press Release

Three key Financial Services Committee Members weigh in on the just released Office of Inspector General's (IG) report regarding the FDIC's role in government targeting of lawful businesses. Through a program more commonly known as "Operation Chokepoint", top-level, un-elected, bureaucrats have been "choking-off" businesses' ability to bank because they have determined them to be high-risk.

Financial Services Oversight and Government Reform Subcommittee Chairman Sean Duffy, Financial Institutions and Consumer Credit Subcommittee Chairman Randy Neugebauer and Housing and Insurance Subcommittee Chairman Blaine Luetkemeyer, who have all taken on an integral role in combatting the Administration's bully tactics, offered the following comment on the report:

"While we appreciate the FDIC acknowledging the problematic treatment of businesses by their banking institutions, and vowing to take remedial steps, concerns remain around the damage that has already been done to these legal businesses whose banking relationships have been shunned and shuttered.

"We are pleased to see a prescriptive timeline under which the FDIC will hold themselves responsible for correcting the policy and personnel issues contributing to the unjust treatment of these lawful businesses. The American people, and the targets of the FDIC's misguided policies, can be assured that Congress will continue to exercise our oversight authority to ensure that a few top-level bureaucrats "regulation by intimidation' practices will not continue."

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