WASHINGTON, D.C.—Today, Congressman Ted Poe (TX-02), issued the following statement after House passage of H.R. 766, the Financial Institution Customer Protect Act. This legislation would ensure that the federal government can no longer target certain businesses and block them from gaining access to depository institutions without explanation. It requires that federal banking agencies provide written justification for any request to terminate a customer account to ensure all companies have equal access to the resources they seek.
“We’ve seen time and time again that this Administration has targeted entities for political reasons. Its abusive initiative, Operation Choke Point, is another example where the federal government targeted small businesses in certain fields, such as the gun industry, and denied them access to resources based on their politics. Many of these businesses rely on this access for survival. Shutting off their resources for the sake of implementing a political agenda violates the free market values this economy has been built on since our founding. This is America, not communist China. The government has no business picking winners and losers, and it certainly has no right to intimidate and target businesses based on politics."