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Committee Leaders Call on Federal Agencies to Disavow Operation Choke Point

Washington, Apr 9 -

Republican leaders on the House Financial Services Committee are calling on federal financial regulatory agencies to publicly disavow their “past, present, and future involvement in Operation Choke Point or any similar operation” in letters sent Wednesday.

The committee Republicans also request that the agencies take internal actions to ensure “deposit account terminations are based on sound reasoning and potential risk, not political motive.”

“The Financial Services Committee will continue to investigate this matter. Your proactive efforts to require your staff to follow similar guidelines as those issued by the FDIC would help demonstrate to Congress, the public, and the financial institutions that you regulate” that agencies take seriously “the need for transparency and fairness in examinations.”

The letters were delivered on Wednesday to the heads of the Federal Reserve, the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the National Credit Union Administration.

A list of members who signed the letters follows:

Financial Services Committee Chairman Jeb Hensarling (R-TX)
Capital Markets and Government Sponsored Enterprises Subcommittee Chairman Scott Garrett (R-NJ)
Financial Institutions and Consumer Credit Subcommittee Chairman Randy Neugebauer (R-TX)
Housing and Insurance Subcommittee Chairman Blaine Luetkemeyer (R-MO)
Monetary Policy and Trade Subcommittee Chairman Bill Huizenga (R-MI)
Oversight and Investigations Subcommittee Chairman Sean Duffy (R-WI)

Letter to OCC
Letter to CFPB
Letter to Federal Reserve
Letter to NCUA

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