Apparently there is a secretive Obama administration program (Operation Choke Point) to force banks through the FDIC not to operate accounts withe certain types of business. If bank officials didn’t close the accounts, they were lead to believe they would be subject to audits and other investigations. Banks are regulated and have enough audits and investigations, so bankers felt the heat.
A range of both legal and illegal activities that Obama’s Department of Justice found objectionable included ammunition sales, coin dealers, firearms sales, pay day loans, surveillance equipment sales, tobacco sales, and travel clubs. The list also included several others including telemarketing.
Now, the feds have backed off the plan after some legitimate businesses filed complaints. One of which was a pawn shop that had just opened an account and the bank closed the account two weeks later.
When you hear about how government controls your life, this type of control doesn’t jump out.
I wonder what else is objectionable?
Certainly not golf courses.
PMO
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