House Passes Bill Aimed At Operation Choke Point

The Daily Caller mentions two recommendations CEI had for the bill curtailing Operation Choke Point prior to its passing in the House. 

The Competitive Enterprise Institute recommended two steps that were included in the House bill.

First, the law would “Prevent supervisory agencies, including the Federal Reserve, which houses the Consumer Financial Protection Bureau (CFPB), from ordering the closure of a banking account without material reason. (Note that Choke Point involved allegations of ‘reputational risk.’)”

Second, the law would “Amend the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) to ensure that federal agency subpoena power could not be used in fishing expeditions.”

Read the full article at the Daily Caller.