An amendment introduced late last week in the U.S. Senate to the Financial Regulatory Improvement Act would prohibit federal banking and credit union regulators from implementing or participating in the Obama administration's Department of Justice-originated “Operation Choke Point.”
The amendment, by Sen. Michael Crapo, R-Idaho, targets the Obama administration program that pressures banks to sever or avoid business relationships with legitimate industries that are considered politically objectionable, including firearms and ammunition sales. The amendment passed the Senate Banking Committee on a 13-9 vote with Sen. Joe Donnelly, D-Ind., joining the Republicans in voting in favor.
The legislation containing the amendment next moves to the Senate floor for consideration by the full Senate.
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