Rep. Tom Graves on Monrday voted for and the House passed the Financial Institution Customer Protection Act (H.R. 2706), bipartisan legislation prohibiting the Department of Justice and federal banking regulators from forcing financial institutions to terminate customer accounts for political reasons.
He said, “The Obama administration used Operation Chokepoint to block businesses they disliked – such as gun stores and short-term lenders – from accessing bank loans and other financial services.
It was an undeniable abuse of power. This legislation eliminates Operation Chokepoint and prohibits any future administration from implementing a similar program.”
Rep. Graves also included a provision to end Operation Chokepoint in this year’s Financial Services Appropriations bill, which passed the House in September.