“You’ve known for two years that this was going on,” Rep. Sean Duffy, R-Wis., who chairs the subcommittee, said to Gruenberg. “What have you done in the last two years to address Operation Choke Point or the targeting of these businesses?”
The head of the Federal Deposit Insurance Corporation (FDIC) told members of Congress Tuesday that part of the agency’s involvement in Operation Choke Point was a “mistake.”
“Clearly there was misunderstanding with regards to the list, which was a mistake on our part,” Martin Gruenberg, chairman of the FDIC, said of the agency’s decision to create a supervisory list of 30 “high risk” industries that, in addition to highlighting a number of illegal or outright offensive enterprises like “racist materials,” featured legal merchants such as gun dealers and payday lenders.
But if it was a “mistake,” Republicans asked, why has no one been fired or held accountable?
That was the central question in today’s hearing held by the Oversight and Investigations Subcommittee of the House Financial Services Committee about the FDIC’s involvement in Operation Choke Point.