BUDD SPEAKS AGAINST “OPERATION CHOKE POINT”

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Washington, October 9, 2017 | comments
here was a genuine fear in the industry, an industry that is legal however you feel about firearms, that the federal government could boot your business out of the financial system at any time.
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Washington, DC -- U.S. Representative Ted Budd (R-NC) spoke in favor of Financial Institution Consumer Protection Act (H.R. 2706) at the House Financial Services Committee markup. Operation Choke Point was a sustained effort to remove disfavored industries from the financial system. These included payday lenders, coal producers, firearms dealers, and a host of other legal industries.  President Trump ended the practice in August 2017. The Financial Institution Consumer Protection Act would prevent Choke Point from happening in the future.

“This is a personal issue for me.  Before I came to Congress, I owned and ran a gun store and firing range in Rural Hall, North Carolina.  I have colleagues who were told by their banks, longtime banks, 'Sorry, you have two weeks to find a new financial institution.  You’re a reputational risk.'  There was a genuine fear in the industry, an industry that is legal however you feel about firearms, that the federal government could boot your business out of the financial system at any time.  

That should never happen. I’m proud to support Chairman Luetkemeyer’s bill to ensure that it does not, and I urge a yes vote.”

Watch Rep. Budd’s full remarks here.
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