Biden move will allow banks to cut off services, funding to gun industry and other businesses they don’t like

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WASHINGTON, D.C. – Along with producing a flurry of executive orders, memos, and proclamations, Joe Biden has also paused a Trump-era rule that promised to protect certain businesses from discriminatory stifling of banking transactions.

This Fair Access Rule, set forth at the end of Trump’s presidency and intended to take effect in April of 2021, stipulates that banks may not deny banking access to entire categories or classes of customers, such as customers involved in the firearms industry.

The Fair Access Rule had put a final nail in the coffin of a little-publicized Obama program known as Operation Choke Point – or so it seemed.

Established in 2013, Operation Choke Point was an effort by the Obama administration to exclude certain industries from the banking system, ostensibly to address issues of consumer fraud by protecting bank customers from “high risk” business practices.

According to a screenshot saved by the Daily Signal, businesses that the FDIC deemed an elevated risk included not only illegal or questionable prospects such as Ponzi schemes and pornography, but also business activities hated by the left, such as ammunition and firearms sales.

Under Operation Choke Point, the Department of Justice began issuing subpoenas to banks and financial payment processors.  

Banks responded to the pressure of the possibility of federal investigations by reviewing their customers and ceasing transactions with what the DOJ and FDIC considered unfavored industries.

Such pressure, according to Forbes, led to the likes of investment banking leader J.P. Morgan severing ties with thousands of customers.

Business owners, including pawn shop owners and firearms sellers, found themselves cut off from their banks and lending institutions, often with no explanation, and also with no recourse.

Gun stores “had credit lines limited or cut, and their assets frozen.”

Fortunately, in 2017, under President Trump, Operation Choke Point was ended.

Calling the program “misguided,” Assistant Attorney General Stephen Boyd noted that:

“law abiding businesses should not be targeted simply for operating in an industry that a particular administration might disfavor.

“Enforcement decisions should always be made based on the facts and applicable law.” 

He added:

“The Department [of Justice] is committed to bringing enforcement actions only where warranted by the facts and the applicable law, without regard to political preferences….

“We reiterate that the Department will not discourage the provision of financial services to lawful industries, including businesses engaged in short-term lending and firearms-related activities.”

Boyd also promised:

“All of the Department’s bank investigations conducted as a part of Operation Chokepoint are now over, the initiative is no longer in effect, and it will not be undertaken again.”

This promise was further bolstered by the aforementioned Trump-era Fair Access Rule.

The rule applies to banks with greater than $100 billion in assets, and requires those banks to: 

“make those products and services they choose to offer available to all customers in the communities they serve, based on consideration of quantitative, impartial, risk-based standards established by the bank.”

Acting Comptroller of the Currency Brian P. Brooks stated with reference to the rule:

“As Comptrollers and staff in previous administrations have made clear in speeches, guidance, and testimony, banks should not terminate services to entire categories of customers without conducting individual risk assessments. 

“It is inconsistent with basic principles of prudent risk management to make decisions based solely on conclusory or categorical assertions of risk without actual analysis.”

The Fair Access Rule received praise from those involved in the firearms industry.

National Shooting Sports Foundation senior vice president and general counsel told the Washington Times:

“This rule will ensure large financial institutions that are supported by taxpayer-funded resources like insurances must provide fair and equal access to services based on their objective financial creditworthiness, and not based on ‘woke’ political considerations.”

Senator John Barrasso (R-WY) noted that the rule would stop “left-wing abuses of power and discrimination against lawful businesses.”

The Senator added:

The radical left wants to impose purity tests on bank lending to legal, constitutional activities that employ our friends and neighbors.”

He continued:

“That’s wrong, and that’s un-American.”

Unfortunately, as expected, under Joe Biden, the rule’s protection for legitimate businesses has been removed.

On January 28, 2021, according to a press release by the Office of the Comptroller of the Currency:

“The Office of the Comptroller of the Currency (OCC) today announced it has paused publication of its rule to ensure large banks provide all customers fair access to their services.”

The OCC has allowed the “supervisory guidance” of not cutting off broad swaths of customers to stand, but not the rule itself.

The press release goes on to say:

“The agency proposed the rule in November 2020 to codify more than a decade of OCC guidance stating that banks should conduct risk assessments of individual customers, rather than make broad-based decisions affecting whole categories or classes of customers, when providing access to services, capital, and credit.

It continues:

“Pausing publication of the rule in the Federal Register will allow the next confirmed Comptroller of the Currency to review the final rule and the public comments the OCC received, as part of an orderly transition.”

In this era of cancel culture, it is more than reasonable to expect that under Biden, the left will applaud a resumption of politically-based choking off of banking relationships via a resurrection of Operation Choke Point.

Given the pausing of the Trump-era protective Fair Access Rule, the country has now started down a path to that resurrection.

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Biden suspends Trump executive order, opens door for China to influence our electric grid

WASHINGTON, DC- In yet another indication that Biden plans on selling the United States down the river to China, the overmatched Biden quietly revoked an executive order issued by President Trump which was intended to keep foreign countries out of our power grid.

Trump’s order was indirectly intended to keep China, our primary enemy, out of our infrastructure. Biden’s “Executive Order on Protecting Public Health and the Environment and Restoring Science to Tackle the Climate Crisis” undoes all of that.

Along with revoking the permit for the Keystone XL Pipeline, which experts say will eliminate thousands of jobs, Biden’s order also pulls back on several other climate and energy-focused executive orders that had been implemented under the Trump administration,” the National Pulse says.

The portion that exposes our power grid to foreign control is under Subpoint C, which says: “Executive order 13920 of May 1, 2020 (Securing the United States Bulk-Power System), is hereby suspended for 90 days.”

Terrific.

President Trump’s order was intended to ban, replace and set new criteria on bulk-power system (BPS) electric equipment coming from a foreign country or nation which may pose a national security threat.

Trump’s order stated:

“Foreign adversaries are increasingly creating and exploiting vulnerabilities in the United States bulk-power system, which provides the electricity that supports our national defense, vital emergency services, critical infrastructure, economy and way of life.

The bulk-power system is a target of those seeking to commit malicious acts against the United States and its people, including malicious cyber activities, because a successful attack on our bulk-power system would present significant risks to our economy, human health and safety, and would render the United States less capable of acting in defense of itself and its allies,’ the intro to Trump’s order read.

The question becomes; why would Biden want to overturn or suspend that order for 90 days? To what end?

Either Biden is naïve as to the threat posed by the Chinese Communist Party, he doesn’t care, or perhaps there is a financial incentive somewhere for a member of the Biden family. It wouldn’t be the first time that has happened, according to Tony Bobulinski, a former business associate of Hunter Biden.

The executive order issued by President Trump continued, by prohibiting “any acquisition, importation, transfer or installation of BPS electric equipment by any person or with respect to any property to which a foreign country or a nation thereof has any interest, that poses an undue risk to the BPS, the security or resiliency of U.S. critical infrastructure, or the U.S. economy, or U.S. national security or the security and safety of U.S. persons.”

Trump also directed the Department of Energy to identify any existing BPS electric equipment which violated the aforementioned, and were tasked to “develop recommendations to identify, isolate, monitor or replace this equipment as appropriate.”

Prior to the inauguration, on January 16, former Secretary of Energy Dan Brouillette issued a “prohibition order designed to reduce the risks that entities associated with the People’s Republic of China pose to the Nation’s BPS.”

The press release announcing the decision further read:

“The order prohibits utilities that supply critical defense facilities (CDF) from procuring from the People’s Republic of China, specific BPS electric equipment that poses an undue risk to the BPS, the security or resilience of critical infrastructure, the economy, national security, or safety and security of Americans.”

Now, with a stroke of a pen, Biden has put all of that at risk, putting the order’s fate in the hands of the Biden administration:

“The Secretary of Energy and the Director of OMB shall jointly consider whether to recommend that a replacement order be issued.”

The National Pulse reported that Biden’s choice for OBM chief, Neera Tanden formerly served as head of the far-left, Soros-funded Center for American Progress (CAP), where she earned over $700,000. In addition, the CAP has, according to the National Pulse co-authored reports alongside a Chinese Communist Party-backed influence operation.

As widely reported, Biden’s son Hunter, when he wasn’t doing lines of coke and engaging in other forms of debauchery was previously involved in business dealings with CEFC China Energy Chairman Ye Jianming.

The Pulse, citing a CNN report said:

“After his father left office in 2017, Hunter Biden worked on securing a deal with CEFC China Energy to invest in US energy projects, according to documents released by Republicans.”

In addition, an investment firm that was headed by Hunter Biden dumped millions into China General Nuclear Power Corp, a state-owned power company guilty of stealing American nuclear technology, which was used by the Chinese Communist Party for decades, the Pulse reported.

The above was reported by investigative journalist Peter Schweizer, who noted that China General through its agent Allen Ho had worked for twenty years to acquire the highly-guarded American nuclear technology, Real Clear Politics (RCP) reported.

Ho was arrested by the FBI for his role in the stealing of nuclear technology, however at the time he was arrested no connection had been drawn to either Hunter Biden or his father, who was actually engaged at the time as vice president with China over South China Sea and other issues, RCP said.

Many conservatives have been raising alarm bells for some time about the Biden’s apparent cozy relationship with the Red Chinese and by Biden suspending President Trump’s executive order over the power grid for ninety days, that only confirms suspicions that something may be amiss.

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