New Trump Administration Rule Bars Banks From Denying Services To Gun Manufacturers, Others

A new Trump administration rule prohibits big banks from denying their services to gun manufacturers and other industries that were previously targeted by the Obama administration.

Known as Operation Choke Point, the Obama administration sought to force banks to stop lending or providing other services to industries President Barack Obama and his administration officials didn’t like, such as gun manufacturers and payday lenders. As the Washington Free Beacon’s Stephen Gutowski reported, “Operation Choke Point—coupled with public pressure from gun-control activists—led some of the biggest lenders in the country to drop their clients in the gun industry. Citibank and Bank of America cut ties with gun businesses after warnings from the operation that they could face reputational harm from doing business with legal but disfavored industries.”