Congress Seek Answers on “Choke Point”
Congress Seek Answers on "Choke Point"
LIBRE Initiative Institute has Filed Amicus Brief
(Washington, D.C.) – At least 36 Members of the House and Senate have officially requested further information from the Justice Department regarding Operation "Choke Point." This initiative – which was implemented without an open debate or Congressional authorization, and with little public feedback – is intended to induce financial institutions to cut off funding for legal business deemed undesirable by the administration. It has led legal businesses in economically distressed areas to shut down, further reducing economic opportunity. The LIBRE Initiative Institute recently announced that it filed an amicus brief in litigation regarding the operation.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
"The economy continues to falter – and one leading reason is the lack of available credit for small businesses that need it. Instead of finding ways to grow our economy by expanding access to capital, this administration is cutting it off. In doing so they reject transparency and openness, and override state regulation of a broad range of small businesses.
This is the wrong way to operate. If the White House believes that certain industries should be shut down, the idea should be part of the public debate, and it should be subject to consideration by Congress. No administration should have the power to squeeze banks into shutting down lending for legal companies it does not like."