Iain Murray (Competitive Enterprise Institute) on the history of Operation Choke Point (EP.169)
Play • 1 hr 1 min

Iain Murray, VP of Strategy at the Competitive Enterprise Institute, joins the show to discuss the history of Operation Choke Point, a 2011-2015 program used to exclude legal businesses from banking led by the DoJ and FDIC. In this episode: 

  • How Iain Murray came to be one of the main historians of Operation Choke Point
  • The roots of Choke Point in the crackdown on poker sites in 2011
  • How Choke Point was started on a whim by two midlevel DoJ lawyers in 2011
  • How OCP targeted completely legal but politically disfavored industries
  • How mechanically the DoJ was able to get banks to comply with their informal guidance
  • Why the closed nature of banking means that alternatives financial service providers for these industries couldn't be created
  • How bank consolidation meant that OCP was easier to instrumentalize
  • How successful was Choke Point in marginalizing targeted industries?
  • Did OCP have buy-in from the highest levels of the Obama administration?
  • How regulations should have implemented the rules they sought to create with Choke Point – and why they chose not to
  • How OCP was an end-around the administrative procedure act, and why it was done covertly
  • Was there any accountability for the individuals behind OCP? Was anyone fired?
  • Why individuals on any side of the political spectrum should be concerned about OCP
  • Did Choke Point ever really end?
  • The long term enduring effects of OCP
  • How the Wyoming SPDI is a reaction to Choke Point
  • Whether Iain agrees with the OCC's 'Fair Access' rule

Content mentioned in this episode: 

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