Operation Choke Point Protects American Businesses, Consumers
On Tuesday, the Senate will consider an amendment to the Commerce-Justice-Science Appropriations bill that would eliminate funding for a Department of Justice program called "Operation Chokepoint."
Center for Responsible Lending president Mike Calhoun responds:
It's clear that the mythology that Operation Chokepoint detractors have been marketing has reached our nation's lawmakers and legislators.
Despite what critics claim, Operation Chokepoint is a critical program that protects American businesses and consumers. This program targets the source of illegal financial activity and ensures that our nation's biggest banks are not complicit in activities ranging from fraudulent debt collection to drug trafficking to funding terrorism.
Detractors wrongly complain that the Department of Justice (DOJ) program is targeting legal businesses and pressuring banks to drop legitimate accounts; this accusation is patently false.
It's startling that anyone invested in the safety and soundness of the American economy would want to eliminate such a vital program.
The Center for Responsible Lending joins a group of 25+ organizations that support Operation Choke Point and other efforts to fight payment fraud. A group letter can be found here.
Catherine An, 202-349-1878, email@example.com