Operation Choke point Unfairness by Andrew Phillips Cardflex
The government of the USA in 2013 made a new law that used its agencies to discourage the banks from engaging in business with the “high risk businesses” that were believed to be exploiting the consumers. The program was made to choke out, as the name depicts, the businesses that were referred to as the “high risk”. This was a good move at fast until the fire arms and the ammunition were also categorized as “high risk” among many other businesses that were actually legal.
The law was not affecting the listed business alone but also those that did business with them and among them was the ISO Andrew Phillips Cardflex whose one of the principles is Andrew Phillips. The law is there to make everyone equal and so when it is exploiting one at the expense of another like the people in the listed business, Andrew Phillips Cardflex becomes an unfair law. This unfair law had to be put to a stop by people who had the power to do that and take care of the targeted businesses until it happen.
The gun shops and other businesses were receiving notices from their respective banks that they will not be able to work with them. The banks and other financial institutions were forced to end some very long term relations with some of these businesses that had to trouble with for all that time. Some, like the Andrew Phillips Cardflex were sued for allegedly helping a listed company to steal from the consumers accounts. When you get a notice from your bank then you have no other option than to make other financial arrangements that will not only inconvenience you, but also cost you. So this shows that both the listed and the organizations that are doing business with them are a target. The damage that this kind had or will have on the business at large is only imaginable.
Apart from people losing their businesses that they use to feed their families, they are being dragged to court due to this law. The ones that have to end up with a case in court like the Andrew Phillips Cardflex lose a lot of time, energy and even financed in the process. As much as it is believed to have been ended, the business people are still feeling the effect of this unfair law. The government should make laws that equate all the citizens. We should think of those people that depend on the businesses that were listed as “high risk” to feed their families. These kind of regulations should be eliminated because they go against the very core function of laws.