While Operation Choke Point was ruled illegal and supposedly shut down, it was never defunded by Congress. This has caused banks and credit processors to continue as if Choke Point is still in effect "Just in Case" so that they do not loose their federal status' if on some whim some prosecutor decides to come for them under the Choke Point provisions. The banks remain to this day extremely skittish over this as they believe eventually that Choke Point will come back in some way and catch them with their pants down. Eric Holder's Operation Choke Point still lives. F* Obama.
Obama really showed how the powers of the Federal government could be used to advance an agenda. Of course, he was given a complete free pass from the Fake news media while doing so. That was a big help.
Agreed. He really messed up the various financial businesses both in the USA, and particularly for international banking. Now, nearly all banks outside the USA will refuse to open accounts for USA citizens. They don't want the hassle of the required paperwork Obama added to the process nor the exposure to banking fines. Also, wire transfers were reduced to 5k per month for everyone unless you were specifically exempted by your bank based on previous history. My bank only limited me to 50k per month because of history, but what if you are starting a new business with no history? I could get an exception because I know how, but the average person would be stuck. Funny thing is, the dishonest people the USA is supposedly trying to catch and stop all know how to bypass it too. It only hurts the honest person trying to get ahead.
While Operation Choke Point was ruled illegal and supposedly shut down, it was never defunded by Congress. This has caused banks and credit processors to continue as if Choke Point is still in effect "Just in Case" so that they do not loose their federal status' if on some whim some prosecutor decides to come for them under the Choke Point provisions. The banks remain to this day extremely skittish over this as they believe eventually that Choke Point will come back in some way and catch them with their pants down. Eric Holder's Operation Choke Point still lives. F* Obama.
Obama really showed how the powers of the Federal government could be used to advance an agenda. Of course, he was given a complete free pass from the Fake news media while doing so. That was a big help.
Agreed. He really messed up the various financial businesses both in the USA, and particularly for international banking. Now, nearly all banks outside the USA will refuse to open accounts for USA citizens. They don't want the hassle of the required paperwork Obama added to the process nor the exposure to banking fines. Also, wire transfers were reduced to 5k per month for everyone unless you were specifically exempted by your bank based on previous history. My bank only limited me to 50k per month because of history, but what if you are starting a new business with no history? I could get an exception because I know how, but the average person would be stuck. Funny thing is, the dishonest people the USA is supposedly trying to catch and stop all know how to bypass it too. It only hurts the honest person trying to get ahead.