Rep. Vargas, with the Financial Services Oversight and Investigations Subcommittee, Hold Operation Choke Point Hearing
WASHINGTON, DC (March 19, 2015) – On Tuesday, March 23, Rep. Juan Vargas (CA-51) will join his colleagues on the House Financial Services Subcommittee on Oversight and Investigations for a Hearing regarding the role of the FDIC in Operation Chokepoint.
“This hearing is an important step in the investigation of Operation Choke Point and is essential for determining how this program is truly impacting the average citizen,” stated Vargas. “As the Congressman representing the entire US – Mexico border in California, I am committed to working to ensure that our border communities have access to banking services while also maintaining our nation’s financial security.”
The FDIC has worked closely with the Department of Justice to implement Operation Choke Point. Due in part to the Committee’s oversight, the FDIC released an amended Financial Institutions Letter on January 28, 2015, stating that all banks it supervises should examine their customer relationships on a case-by-case basis. The FDIC followed this action with an internal memorandum to supervisory staff requiring that examiners record in writing any recommendations to terminate a bank account. The purpose of this hearing is to continue to review the FDIC’s implementation of Operation Choke Point.
Vargas serves on the House Financial Services Committee, the Subcommittee on Oversight and Investigations, and the Subcommittee on Financial Institutions and Consumer Credit. The Committee on Financial Services has jurisdiction over banks and banking, including deposit insurance and Federal monetary policy.