President Barack Obama would likely veto a bill shutting down the controversial Operation Choke Point and similar tactics used by federal regulators to financially target disfavored industries such as gun stores and payday lenders.
“Imposing burdensome and arbitrary standards hinder the ability of Federal financial regulators to protect the financial system and consumers from unnecessary risks,” said a release from the White House Office of Management and Budget. “If the president were presented with H.R. 766, his senior advisors would recommend that he veto the bill.”
Operation Choke Point is run through the Department of Justice, the Federal Deposit Insurance Corporation and the Consumer Financial Protection Board and targets how banks handle accounts with the gun industry, payday lenders, casinos, check cashers and debt collectors, among other businesses deemed “high risk” by the government.
Rep. Blaine Luetkemeyer (R-Mo.) introduced legislation to roll back the program by preventing regulatory agencies and the Federal Reserve — which oversees the CFPB — from ordering closures of bank accounts without material reason.
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