Stutzman Supports The Financial Institution Customer Protection Act

Press Release

Today, Congressman Marlin Stutzman, released the following response to the Obama Administration's Operation Choke Point.

"Several years ago federal regulators created a target list of "high risk" businesses that included law abiding industries like firearms dealers and ammunition makers. Bank regulators then used the list to harass and threaten banks lending to such businesses and labeled their lending "risky." This thuggish abuse of power is just one of the many offensive acts of the Obama administration, but I believe it qualifies as one of the most unjust.

Today, I voted to put the power back in the hands of those who know best--the businesses themselves. It is imperative that Congress highlights and condemns any regulators who think this kind of dangerous overreach is within their power. That is why I was proud to cosponsor H.R. 766 and to support its passage on the House floor. Although we may never fully prevent bad actors' abuse of their office, this bill would make regulators more accountable and their communications with banks more transparent. I hope that the Senate will act on it quickly, and that the President shows the decency to sign it into law."

The Financial Institution Customer Protection Act, prevents federal banking agencies from abusing executive power when preventing businesses from using depository institutions. The bill also requires a federal banking agency to provide a depository institution written justification of any request to terminate or restrict a customer account, unless it was based upon a belief that those customers pose a threat to national security.

Source