Republicans criticize Obama administration for program attacking legal businesses
Fascists: At House hearings yesterday Republican congressmen attacked the FDIC for creating a program that encouraged banks to cease any dealings with businesses the Obama administration happened to dislike.
Rep. Sean Duffy (R-Wis.) called on a top banking regulator to fire top employees or step down himself after certain businesses saw their accounts shuttered as part of a government program known as “Operation Choke Point.” Banking regulators have since walked back guidance that was interpreted by some as calling for banks to halt operations with entire types of businesses, but GOP lawmakers say regulators that pushed that notion still need to be held accountable. “I fear that activists at the Department of Justice and [Federal Deposit Insurance Corporation] are abusing their power and authority,” said Duffy. “They’re weaponizing government to meet their ideological beliefs.”
Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation, told lawmakers Tuesday that bank examiners had misinterpreted regulatory guidance to suggest that entire categories of businesses should be barred from traditional banking services. He said earlier guidance outlining high-risk areas had been “misunderstood,” leading examiners to believe that banks should not be providing services to certain types of businesses, like payday lenders and firearms dealers. [emphasis mine]
The FDIC simply decided that certain legal businesses, specifically businesses liberals in the Obama administration were strongly hostile to, should be barred from access to banks. They weren’t illegal. They simply were disliked by liberals. The result was that many of these businesses were forced to shut down.
This quote best illustrates who was and continues to be willing to use the power of government to attack legal businesses they happen to dislike:
But Duffy accused Gruenberg of “slow walking” the matter, having failed to punish FDIC employees that pushed banks to cut services with certain industries. He went so far as to suggest that if Gruenberg did not punish those employees, he should step down as chief regulator. “I don’t think you want to hold them accountable,” said Duffy. “If you can’t go after the problem in the FDIC…you have no place as the chairman.”
For their part, Democrats largely defended the FDIC as attempting to properly implement policy and protect the banking sector.
So, the Democrats think it’s a good idea. Interestingly, Democrats took an almost identical position in regards to the IRS harassment of conservatives. To me, it seems kind of fascist. But who am I to say?
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Fascists: At House hearings yesterday Republican congressmen attacked the FDIC for creating a program that encouraged banks to cease any dealings with businesses the Obama administration happened to dislike.
Rep. Sean Duffy (R-Wis.) called on a top banking regulator to fire top employees or step down himself after certain businesses saw their accounts shuttered as part of a government program known as “Operation Choke Point.” Banking regulators have since walked back guidance that was interpreted by some as calling for banks to halt operations with entire types of businesses, but GOP lawmakers say regulators that pushed that notion still need to be held accountable. “I fear that activists at the Department of Justice and [Federal Deposit Insurance Corporation] are abusing their power and authority,” said Duffy. “They’re weaponizing government to meet their ideological beliefs.”
Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation, told lawmakers Tuesday that bank examiners had misinterpreted regulatory guidance to suggest that entire categories of businesses should be barred from traditional banking services. He said earlier guidance outlining high-risk areas had been “misunderstood,” leading examiners to believe that banks should not be providing services to certain types of businesses, like payday lenders and firearms dealers. [emphasis mine]
The FDIC simply decided that certain legal businesses, specifically businesses liberals in the Obama administration were strongly hostile to, should be barred from access to banks. They weren’t illegal. They simply were disliked by liberals. The result was that many of these businesses were forced to shut down.
This quote best illustrates who was and continues to be willing to use the power of government to attack legal businesses they happen to dislike:
But Duffy accused Gruenberg of “slow walking” the matter, having failed to punish FDIC employees that pushed banks to cut services with certain industries. He went so far as to suggest that if Gruenberg did not punish those employees, he should step down as chief regulator. “I don’t think you want to hold them accountable,” said Duffy. “If you can’t go after the problem in the FDIC…you have no place as the chairman.”
For their part, Democrats largely defended the FDIC as attempting to properly implement policy and protect the banking sector.
So, the Democrats think it’s a good idea. Interestingly, Democrats took an almost identical position in regards to the IRS harassment of conservatives. To me, it seems kind of fascist. But who am I to say?
Readers!
My annual February birthday fund-raising drive for Behind the Black is now over. Thank you to everyone who donated or subscribed. While not a record-setter, the donations were more than sufficient and slightly above average.
As I have said many times before, I can’t express what it means to me to get such support, especially as no one is required to pay anything to read my work. Thank you all again!
For those readers who like my work here at Behind the Black and haven't contributed so far, please consider donating or subscribing. My analysis of space, politics, and culture, taken from the perspective of an historian, is almost always on the money and ahead of the game. For example, in 2020 I correctly predicted that the COVID panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Every one of those 2020 conclusions has turned out right.
Your help allows me to do this kind of intelligent analysis. I take no advertising or sponsors, so my reporting isn't influenced by donations by established space or drug companies. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.
You can support me either by giving a one-time contribution or a regular subscription. There are four ways of doing so:
1. Zelle: This is the only internet method that charges no fees. All you have to do is use the Zelle link at your internet bank and give my name and email address (zimmerman at nasw dot org). What you donate is what I get.
2. Patreon: Go to my website there and pick one of five monthly subscription amounts, or by making a one-time donation.
3. A Paypal Donation or subscription:
4. Donate by check, payable to Robert Zimmerman and mailed to
Behind The Black
c/o Robert Zimmerman
P.O.Box 1262
Cortaro, AZ 85652
You can also support me by buying one of my books, as noted in the boxes interspersed throughout the webpage or shown in the menu above.
“… GOP lawmakers say regulators that pushed that notion still need to be held accountable.”
Don’t hold you breath waiting for anyone in DC to be “held accountable” for anything.
“To me, it seems kind of fascist. But who am I to say?”
I would suggest that you are a thinking individual who is not blinded by ideology to blatant hypocrisy.