In yet another glaring example that Joe Biden is little more than “Barack Obama revisited,” the occupant of the White House is reportedly all-in on reviving a controversial Obama policy that critics at the time said was designed to punish right-leaning businesses.
The program, dubbed “Operation Choke Point” by then-attorney general Eric “My People” Holder, which should tell you all you need to know, required banks to “conduct risk assessments of individual customers, rather than make broad-based decisions affecting whole categories or classes of customers when providing access to services, capital, and credit.”
As reported by The Federalist, federal regulators did the opposite, ordering banks to “openly discriminate against entire industries the Obama administration found objectionable.” Among the targets were gun retailers, short-term lenders, pawnshops, and any other businesses that were unfavorable to
Chicago Jesus the Obama administration.
The Obama administration of course
lied its ass off claimed the program was intended to root out fraud by cutting off “high risk” businesses from the banking system.
Just one problem.
The Obama rule didn’t differentiate between legal and illegal “high risk” industries but instead intentionally grouped firearms sellers, for example, with illegal businesses, such as Ponzi and credit-card schemes.
Always had to hand it to O. While he might have been the worst president in modern history, proactively so — Jimmy Carter would be close, but unlike Obama, he didn’t purposely divide America along class and racial lines; he was just inept as hell — Obama was damn good at screwing America while having half of the country laud him for doing so.
I’m not a constitutional lawyer but sure sounds unconstitutional as hell to me.
The Trump administration agreed. In 2017, the Justice Department declared the program “formally over.” Before Trump left office — Jan. 14 — the Office of the Comptroller of the Currency established the Fair Access Rule, requiring large banks to provide fair access to bank services, capital, and credit. Two weeks later, the OCC, now under Biden, announced it would “pause” the Trump rule which again was intended to prevent another Operation Choke Point from happening again.
Here’s background, via The Federalist.
Weaponizing the power of banking regulators at the Federal Deposit Insurance Corp. and the Office of Comptroller of the Currency, the Obama administration realized it could block entire industries from the banking system that it didn’t like.
This made it difficult — if not impossible — for politically unfavored businesses such as gun sellers and short-term lenders to operate.
Essentially, by using the power of federal banking regulators to intimidate banks from providing their services to these industries, the administration choked off their access to the financial system, leaving them paying more for essential banking services, or unable to use a bank at all.
As was the case with Obama, make no mistake. Biden’s “pause” of the Fair Access Rule” is all about gun control — and a lot of it.
Incidentally, when Democrats tell you they’re not trying to take away your guns or limit the Second Amendment rights of law-abiding gun owners, they’re trying to take away your guns and limit the Second Amendment rights of law-abiding gun owners.
In the immortal word of Rahm Emanuel — “You never want a serious crisis to go waste” — Biden on February 14, the 3rd anniversary of the Parkland shooting, exploited the tragedy, calling for “common-sense gun law reforms.”
ProTip: When a Democrat talks about “common-sense” or “reformed” anything, they are calling for anything but. Besides, who decides what’s “common sense” and what is not? Who declares what is “reformed” vs. what is taken away? Rhetorical, of course.
Interesting, isn’t it, how Democrats themselves are often guilty of the very same accusations they make against Republicans. From 2016 Russia “collusion,” to discrimination against an entire class of Americans, to politicizing the federal court system.
So as Biden continues his torrid pace of trying to cancel Donald Trump, the reality is, the Donald will live rent-free in the collective heads of Democrats for all eternity.
One needs to look no further than the likes of Nancy Pelosi, Chuck Schumer, and Adam Schiff. If nothing else, we have that reality to smile about for the next four years.