Senators Seek Formal End to Choke Point Initiative

Nov 08, 2018

Republican members of the Senate Banking Committee called on the FDIC to send a message that the culture of Operation Choke Point is over. In a joint letter to Chairman Jelena McWilliams, the 13 senators said the agency should communicate with examiners, other FDIC officials, and financial institutions to ensure lawful businesses may continue operating without fear of politically motivated restrictions.

ICBA strongly opposed the Operation Choke Point initiative, which discouraged financial institutions from providing payments and deposit services to legal but politically disfavored industries. ICBA repeatedly called for a suspension of Operation Choke Point during the previous administration and endorsed repeated congressional efforts to overturn the Justice Department and FDIC initiative.

Read the Joint Letter