Latta Supports Banking Legislation to Prevent Executive Actions like Operation Choke Point
Feb 8, 2016 12:00 AM
2016-02-08T00:00:00
OFFICE OF CONGRESSMAN Robert E. Latta
FIFTH DISTRICT OF OHIO
2448 Rayburn House Office Building
Washington, D.C. 20515
(202) 225-6405 FOR IMMEDIATE RELEASE
February 4, 2016 Contact: Erin Partee
Office: (202) 225-6405
Latta Supports Banking Legislation to Prevent Executive Actions like Operation Choke Point
WASHINGTON, D.C. – Congressman Bob Latta (R-Bowling Green) today voted in support of H.R. 766, the Financial Institution Customer Protection Act of 2016.
“For too long, the Obama Administration has abused its executive power by going around Congress to advance its own political agenda. One glaring example of this is Operation Choke Point, an Administration effort to prohibit entire industries from having access to financial services and depository institutions,” said Latta. “However, many legitimate businesses, including local gun and ammunition stores, have been shut out of the banking industry as a result of this unconstitutional executive overreach. H.R. 766, of which I am a cosponsor, represents a bipartisan effort to address these concerns and protect small businesses by preventing federal banking agencies from abusing executive power.”
H.R. 766 was passed by the House of Representatives by a vote of 250-169. This legislation would prohibit a federal banking agency from suggesting, requesting, or ordering a depository institution to terminate a specific customer account or a group of customer accounts unless the agency has a material reason to do so and the reason is not based solely on reputation risk. It would require the federal banking agency to provide a depository institution with written justification for terminating or restricting a customer account, unless it was based upon a belief that those customers pose a threat to national security.
FIFTH DISTRICT OF OHIO
2448 Rayburn House Office Building
Washington, D.C. 20515
(202) 225-6405 FOR IMMEDIATE RELEASE
February 4, 2016 Contact: Erin Partee
Office: (202) 225-6405
Latta Supports Banking Legislation to Prevent Executive Actions like Operation Choke Point
WASHINGTON, D.C. – Congressman Bob Latta (R-Bowling Green) today voted in support of H.R. 766, the Financial Institution Customer Protection Act of 2016.
“For too long, the Obama Administration has abused its executive power by going around Congress to advance its own political agenda. One glaring example of this is Operation Choke Point, an Administration effort to prohibit entire industries from having access to financial services and depository institutions,” said Latta. “However, many legitimate businesses, including local gun and ammunition stores, have been shut out of the banking industry as a result of this unconstitutional executive overreach. H.R. 766, of which I am a cosponsor, represents a bipartisan effort to address these concerns and protect small businesses by preventing federal banking agencies from abusing executive power.”
H.R. 766 was passed by the House of Representatives by a vote of 250-169. This legislation would prohibit a federal banking agency from suggesting, requesting, or ordering a depository institution to terminate a specific customer account or a group of customer accounts unless the agency has a material reason to do so and the reason is not based solely on reputation risk. It would require the federal banking agency to provide a depository institution with written justification for terminating or restricting a customer account, unless it was based upon a belief that those customers pose a threat to national security.