Financial Institution Customer Protection Act of 2015

Floor Speech

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Mr. GOSAR. Mr. Chairman, I rise today to offer a commonsense amendment that will protect customers of financial institutions and increase transparency between them and the Federal Government.

I applaud the committee for bringing this bill to the floor to protect consumers and businesses from an overreaching Federal Government. I am especially grateful to Representative Luetkemeyer for his work on the bill, and I am proud to be a cosponsor.

My amendment will increase transparency by requiring the financial institutions to provide notice to customers if their account is ordered terminated by a Federal banking regulator. Customers have a right to be informed when the Federal Government has instructed a financial institution to close their accounts.

In the base bill, Federal banking agencies are required to notify the financial institution and provide written justification as to why the termination is needed. My amendment would simply require the depository institution to share that justification with the customer.

One of the ways the Federal Government has abused its powers in the past regarding customers of financial institutions is Operation Choke Point. Operation Choke Point was an unconstitutional program created by the Obama administration that put pressure on banks and payment processors to shut down industries like gun stores and pawn shops that President Obama and the attorney general just didn't like.

After continued pressure from Chairman Luetkemeyer, myself, and other Members of Congress, the Federal Deposit Insurance Corporation, FDIC, announced in January of 2015 that some changes to this terrible program were to be made. While this was a positive step, this bill and my amendment are still very necessary. Congress needs to codify these customer protections to prevent future abuses by an overreaching Federal Government.

My amendment will help put an end to the abuses of Operation Choke Point. President Obama has been staunch in his assault on the Second Amendment, and Operation Choke Point was simply another way for the President and the DOJ to infringe upon the rights of lawful gun owners and businesses.

American citizens do not want Big Government to have the power to arbitrarily terminate their accounts at financial institutions based on ideological opposition to individuals or organizations. This simple, commonsense amendment, which is supported by Americans for Limited Government, the National Rifle Association, Gun Owners of America, and Eagle Forum, is about protecting consumers and increasing transparency.

CBO has informed me that this amendment will not score. As such, there is no reason not to pass this amendment or this bill that will increase transparency and protect consumers throughout the Nation.

I urge my colleagues to support this amendment and H.R. 766.

I thank the distinguished chair and ranking member.

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Mr. GOSAR. Mr. Chairman, I am miffed. I am absolutely miffed that a customer, or a consumer, would not have the ability to understand that their account was actually closed. I am totally miffed at personal rights and responsibilities and the coordination with the Justice Department.

Once again, this is the second amendment I have offered on Financial Services with the same type of attitude and idiocrasy that I have actually seen in defiance of a commonsense amendment.

I oppose the gentlewoman's objections, and I would ask everyone to vote for this amendment.

I yield back the balance of my time.

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