During a US Senate Banking, Housing, and Urban Affairs Committee hearing titled “Investigating the Real Impacts of Debanking in America,” senators and witnesses laid out how Joe Biden’s administration, regulators, overbearing rules, big banks, and more had resulted in millions of Americans being blacklisted from the banking industry.
Throughout the hearing, witnesses and senators noted that Biden regime pressure was a major contributor to this debanking wave, particularly through Operation Choke Point 2.0, a Biden-era push that primarily focused on pressuring banks to refuse to service cryptocurrency companies.
These claims were bolstered by the Federal Deposit Insurance Corporation’s (FDIC’s) release of 175 pages of documents before the hearing, which, according to FDIC Acting Chairman Travis Hill, show that banks that sought to offer crypto-related products or services were “almost universally met with resistance” from the FDIC, with some of this resistance coming in the form of “directives from supervisors to pause, suspend, or refrain from expanding all crypto- or blockchain-related activity.”
“Under the Biden administration, we’ve seen the rise of what many are calling Operation Choke Point 2.0, where federal regulators exploited their power, pressuring banks to cut off services to individuals and businesses with conservative dispositions, or folks aligned with industries they just didn’t like, like the color of one’s skin in my family’s history,” Senate Banking Committee Chairman Tim Scott (R-SC) said. “I wholeheartedly believe that debanking someone over their political ideology is un-American and goes against the core values that our nation was founded upon.”
Hellbound and Down 