Stopping Financial Harassment of Gun Businesses

February 4, 2016
Press Release

Congressman Doug Lamborn issued the following statement after passage of H.R. 766, the Financial Institution Customer Protection Act:

"Today, the House took another important step towards rolling back the Obama Administration's abuses of power. When the President created Operation Choke Point, he did so with the express purpose of empowering federal financial institutions to intimidate banks and other local financial entities. In particular, President Obama wanted to choke off the relationship between gun businesses and local financial institutions, making it more difficult for them to stay in business. This clear abuse of power is yet another example of the Obama administration's unconstitutional overreach to advance its radical agenda.

H.R. 766 prohibits federal financial regulators from using subpoena powers to intimidate local banks, requires that any terminations must be backed by a well-supported, legal rationale, and brings this program out of the shadows by requiring that Congress is provided an annual report that details the termination requests submitted by the Obama administration."

- Congressman Doug Lamborn (CO-05)