U.S. Congressman French Hill publicly committed to investigating 'Operation Chokepoint 2.0', an initiative accused of politically motivated denial of financial services to specific industries, such as cryptocurrency. Hill stated that financial institutions should not terminate customer accounts without legitimate, substantive reasons, characterizing such actions as weaponizing government resources.
He emphasized the importance of fairness and transparency in financial regulation, noting that such practices are detrimental to legitimate businesses. In a recent social media post, he condemned the Biden-Harris administration for continuing these practices, pointing out that they are reminiscent of the original 'Operation Chokepoint'. He announced his intention to push for legislative scrutiny of regulators' actions and policies to determine whether they comply with legal standards. Additionally, Hill expressed a strong stance to eliminate political targeting in financial regulation.
Hill emphasized that as part of its extensive reform agenda, it is very important to develop financial regulatory measures targeted at specific institutions. He suggested requiring federal prudential regulators to consider factors such as size, risk profile, and business model when implementing policies. This approach will prevent a one-size-fits-all regulation and ensure that smaller community banks and credit unions do not bear an unfair burden. (CoinGape)