News Column

Subcommittees to Review Justice Department's 'Operation Choke Point', Bills on Excessive Regulation and Terrorist Assets

July 11, 2014



Two House Financial Services subcommittees will hold hearings on Tuesday to examine the Department of Justice's "Operation Choke Point" and to discuss proposals that reduce the excessive federal regulatory burden. On Thursday, a third subcommittee will hold a hearing on matters related to court judgments against the Colombian terror group FARC for actions taken against Americans in 2003.

The Oversight and Investigations Subcommittee, chaired by Rep. Patrick McHenry (R-NC), will review actions taken by the Justice Department and federal banking regulators in executing "Operation Choke Point," an Obama administration campaign to pressure banks and other companies that handle payments for businesses the administration considers objectionable.

Based on a recent Congressional report and documents produced by the Justice Department, it appears that Operation Choke Point has led some banks to terminate their relationships with a wide variety of merchants, including lawfully-operating businesses.

The hearing will take place on Tuesday, July 15 at 10 a.m. For a list of witnesses scheduled to testify, please go to: http://financialservices.house.gov/calendar/eventsingle.aspx?EventID=387064.

At 2 p.m. on Tuesday, the Financial Institutions and Consumer Credit Subcommittee will hold a hearing to examine nine proposals that are designed to ensure consumers have greater access to the financial services they want and need.

The subcommittee, chaired by Rep. Shelley Moore Capito (R-WV), will hear testimony from leaders of community financial institutions located in Georgia, West Virginia, Ohio and Delaware.

The Financial Services Committee has successfully passed more than 30 bills during the 113th Congress aimed at protecting consumers, strengthening the economy and helping to create jobs by providing small companies and community financial institutions with relief from Washington's onerous red tape burden.

For lists of witnesses scheduled to testify and the bills to be discussed at the subcommittee's hearing, please go to: http://financialservices.house.gov/calendar/eventsingle.aspx?EventID=387065.

On Thursday at 9:45 a.m., the Monetary Policy and Trade Subcommittee will hold a hearing on a proposal entitled the "Bank Account Seizure of Terrorist Assets Act."

Additional information about this hearing will be posted online here http://financialservices.house.gov/calendar/eventsingle.aspx?EventID=387459.

Read this original document at: http://financialservices.house.gov/news/documentsingle.aspx?DocumentID=387575


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Source: Congressional Documents & Publications


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