Procedure of 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. This law is unfair to those people that are being choked out of their business yet they are doing legal businesses. So since there are people and organizations that are there to protect the defenseless, they started a fight against this law until it was said to end in 2017.
When this law was instigated, the banks were forced to block the listed businesses from their services and that led them to sending notices to these businesses telling them 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. Companies like the Andrew Phillips Cardflex felt the heat when they had to go to court when they were claimed to have engaged in business with a listed company that led to a scam on the consumer’s credit and debit 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.
This kind of law affect where people get their income and some having to face legal procedure. The courts are accompanied by lots of fines, bails and even a lot of money that is used to hire lawyers. As much as it is believed to have been ended, the business people are still feeling the effect of this unfair law. The work of the government is to protect the citizens at all cost but that “all cost” should be limited up to where the law hurts other people. Consider the affected people. These kind of regulations should be eliminated because they go against the very core function of laws.