civics: “debanking”

Marc Andreessen:

More. and.

“Apple Lamps” timeline:

2011-2012:
The Obama administration targets the online poker industry, pressuring banks to cut off their services to poker companies.

2013:

  • Operation Choke Point 1.0 begins. The Department of Justice (DOJ), in coordination with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), initiates a campaign to combat fraud by targeting banks that service “high-risk” industries, including payday lenders, firearms manufacturers, and adult entertainment businesses.
  • The DOJ designates 30 specific merchant categories as “high-risk,” leading banks to preemptively cut ties with many companies and individuals within these sectors, even those operating legally.
  • Michael Bresnick, executive director of Obama’s Financial Fraud Enforcement Task Force, emphasizes the strategy of targeting financial institutions and payment processors as “choke points” to combat fraud.

2014:

  • Concerns grow about the chilling effect of Operation Choke Point on legal businesses, with banks facing increased scrutiny and pressure from regulators.
  • The House Judiciary Committee launches an investigation into Operation Choke Point, highlighting the potential for abuse and the lack of transparency in the program.

Balaji:

Remember that Warren built an anti-crypto army. So of course she was willing to unbank companies! Her goal was to block you from escaping control. And she almost succeeded, if not for democracy.


Fast Lane Literacy by sedso