Senate bill seeks to liberate banking

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There is something Orwellian about irresponsible business leaders analyzing every purchase you make. It sounds like ‘1984’, but for the gun industry, it’s a reality of 2019.

Some large banks impose the political opinions of their managers on companies by refusing to do business on the sole basis of personal opinions about the lawful products that these companies sell. This means that if a product falls out of favor politically with elites in high-rise buildings, it will be difficult for those products to find their way to a shelf or display case. It is a reality for the firearms industry, including manufacturers, distributors, importers and retailers.

In response, Sens. Kevin CramerKevin John Cramer LIVE COVER: Senators Press Afghanistan’s Military Chiefs on Money – Democrats rush to end infrastructure GOP warns McConnell won’t blink on debt cliff MORE (RN.D.) and John kennedyJohn Neely KennedyPLUS (R-La.) Recently introduced the Freedom Funding Act, Art. 821, which would deprive the big banks of taxpayer-funded insurance if they refused service to firearms companies that are constitutionally protected and compliant with all laws and statutes.

These senators stand up for responsible gun owners, gun manufacturers and gun retailers threatened by big banks. These banks take on a role of social activist, demanding that the gun industry follow baseless rules – even after those rules have been rejected in the legitimate political process.

This is nothing new. Under the Obama administration, an initiative known as Operation Choke Point (OCP) was initiated when federal banking regulators took advantage of a “reputational risk” test to pressure banks to sever ties with legitimate businesses, including the gun industry. fire. The problem with the administration was that they didn’t like guns.

Fortunately, the representatives. Blaine luetkemeyerWilliam (Blaine) Blaine Luetkemeyer Small Business Group To Launch Bus Tour Against Biden Agenda Missouri Republicans Decide To Block Greitens In Key Democratic Senate Race In Kansas City, Missouri, Mayor Considering Senate Race MORE (R-Mo.) And Sean duffySean Duffy The First Lady’s press secretary calls on Rachel Campos Duffy and Fox News to apologize for the host’s comments. (R-Wis.), With the Chairman of the Senate Banking Committee Mike CrapoMichael (Mike) Dean CrapoBiden Bypasses GOP on Judicial Vacation, For Now The Hill’s Morning Report – Presented by Alibaba – Biden Engages in Frenzied Dem spending talks GOP Senators say Biden’s COVID- strategy 19 “exacerbated vaccine reluctance” MORE (R-Idaho) ended this initiative. From now on, the big banks are positioning themselves as arbiters of public policies, forcing discriminatory gun policies.

Citigroup announced in March 2018 that it would refuse to fund gun dealers who carry standard capacity magazines, which are legal under federal law, and institute age-based gun bans for adults of 18 to 20 years old. Last April, Bank of America stopped lending money to manufacturers of modern sporting rifles like the AR-15, a community-owned semi-automatic rifle legally used by more than 16 million Americans.

These decisions have no basis in the effectiveness of policies. Congress authorized the expiration of the 1994 assault weapons ban after a decade in which it proved unnecessary to prevent the misuse of firearms. The statements by these banking executives are political fad statements by companies more interested in signaling virtue than fulfilling their responsibilities as federally chartered financial institutions.

These extrajudicial sanctions aim to deprive businesses and citizens of their respective right to produce and / or purchase a constitutionally protected product. Cramer explained in his freedom funding law announcement that a few too-big-to-fail banks controlling most of the financial sector could make legal trading illegal by refusing to finance certain industries, adding that “the big banks should not be the arbiter of constitutionality.”

These are the same banks that accepted multi-billion dollar taxpayer-funded bailouts. Now they want to dictate public policy. Today they may be firearms. Then it could be SUVs, red meat, or the cause of the day.

The Freedom Funding Act, which also garnered Crapo’s backing, is said to prevent “board bureaucrats” from dictating national policy. In fact, Crapo recently letters sent warning executives at Citigroup, Bank of America and JPMorgan Chase that their persistent discriminatory practices do not go unnoticed.

Some in Congress are comfortable with outsourcing corporate financial responsibility. In a recent House Financial Services Committee hearing, Rep. Carolyn MaloneyCarolyn MaloneyHillicon Valley – Presented by Ericsson – Senators Prepare for Facebook Hearing Lawmakers Call for Briefing on FBI Decision to Withhold Kaseya Decryption Key Hillicon Valley – Presented by Xerox – EU calls on Russian hacking efforts targeting Member States PLUS (DN.A.) threatens Wells Fargo Bank CEO Timothy Sloan with punitive actions if he did not “voluntarily” adopt gun control funding policies similar to those of Citibank and Bank of America.

Sloan stood firm, explaining that they “ensure that all of the customers we do banking with comply with applicable laws and regulations.” However, some board bureaucrats are giving in to the whims of social justice warriors and usurping the role of democratically elected policymakers. The Freedom Financing Act will deny banks access to bailed out taxpayer-funded insurance if they discriminate against law-abiding gun companies.

Larry Keane is Senior Vice President and General Counsel of the National Shooting Sports Foundation (NSSF).

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