Regulators Use Banks to Silence Businesses

Operation Choke Point shows how regulators can leverage banks and payment processors to shrink or eliminate legal industries that are politically stigmatized (payday lending, certain adult commerce, firearms retail). The DOJ/FDIC campaign prompted banks to terminate relationships, triggered lawsuits and a 2017 official end — demonstrating financial access as a regulatory choke point. — This matters because private financial intermediaries can implement public policy outside legislatures or courts, shifting the balance of power over who can operate in the economy and who can speak or advocate publicly.