HR 4986 · 113th Congress · Finance and Financial Sector
End Operation Choke Point Act of 2014
Bill Progress
✓
Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.(2014-07-15)
Plain Language Summary
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End Operation Choke Point Act of 2014 - Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to prohibit the federal banking agencies from prohibiting, restricting, or discouraging an insured depository institution or insured credit union from providing any product or service to an entity that demonstrates that it is: (1) licensed and authorized to offer such product or service, (2) registered as a money transmitting business under federal law or regulations, or (3) has a reasoned legal opinion that demonstrates the legality of the entity's business under applicable law. Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) to repeal the Attorney General's subpoena authority to summon witnesses and require the production of books, papers, correspondence, memoranda, or other records relevant or material to an inquiry. Authorizes the Attorney General instead to request a court order from a court of competent jurisdiction to summon witnesses and require the production of relevant or material records. Permits issuance of such a court order, however, only if the Attorney General offers specific and articulable facts showing that th…
Summarized by Claude AI · Non-partisan · For informational purposes only
Cosponsors (14)
3 Democrats11 Republicans