Explore The NRA Universe Of Websites

APPEARS IN News

Pro-Gun Senators Introduce Bill to Prohibit Discrimination in Financial Services

Friday, March 22, 2019

Pro-Gun Senators Introduce Bill to Prohibit Discrimination in Financial Services

On March 14, pro-gun Sens. Kevin Cramer (R-ND) and John Kennedy (R-LA) introduced S. 821 the Freedom Financing Act, a bill to prohibit discrimination against the firearms industry in the provision of financial services.

We have long been reporting on how anti-gun activists are seeking to use access to financial services as a means to punish and suppress lawful firearm-related commerce.

First came Operation Choke Point, a supposed “anti-fraud” effort during the Obama administration that morphed into a campaign by federal regulators to intimidate banks and payment processers into refusing business with politically disfavored clients, including firearm-related businesses. That program was officially repudiated by the Trump Administration, but for some businesses, the damage had already been done.

Anti-gunners next turned directly to the financial service providers themselves, extorting them with “social justice” condemnation for “financing” mass shootings and insisting they drop their firearm industry clients or impose gun control-like conditions on doing business with them. Several national banks did just that.  

Activist institutional investors in publicly-traded gun companies also tried to embarrass those companies with proxy actions designed to portray the businesses in a negative light. To date, those efforts have been largely unsuccessful.   The Freedom Financing Act aims to put a stop to this discrimination by ensuring that banks participating in certain federal programs – as well as credit card companies, credit unions, and users of the Automated Clearing House Network -- cannot refuse business with law-abiding federal firearm licensees for political or “reputational” reasons.

More recently, anti-gun members of Congress have reverted to Choke Point-like tactics in a continuing effort to intimidate banks and marginalize law-abiding businesses in the firearm sector. Rep. Carolyn Maloney (D-NY) went so far as to berate the president and CEO of Wells Fargo Bank during a public oversight hearing for refusing to buckle to the pressure of the anti-gun lobby’s demands.

“How bad does the mass shooting epidemic have to get before you will adopt common sense gun safety policies like other banks have done?” Maloney demanded to know.

To his credit, the Wells Fargo executive stood firm, replying, “We just don’t believe that it is a good idea to encourage banks to enforce legislation that doesn’t exist.”

The Freedom Financing Act aims to put a stop to this discrimination by ensuring that banks participating in certain federal programs – as well as credit card companies, credit unions, and users of the Automated Clearing House Network -- cannot refuse business with law-abiding federal firearm licensees for political or “reputational” reasons.

It is important to keep in mind that the national banks targeted by this legislation owe their very existence in large part to government and taxpayer largesse. Among other things, they benefit from public bailouts and federally-subsidized loan programs, as well as from infrastructure financed or subsidized by the government.

Private businesses generally enjoy broad discretion in setting their own policies and objectives, as is appropriate in our free market system. But exclusionary politics in the financial services industries hearken back to some of the most shameful episodes in American history. They are rightfully condemned, and have long been rightfully prohibited in other contexts.

The NRA thanks Sens. Cramer and Kennedy for their leadership in this important effort and commends the bill for swift action by the Senate.  

TRENDING NOW
Don’t Say They Didn’t Warn You: Left Leaning Voices Question Democrats’ Anti-Gun Proposals, Fervor

News  

Friday, June 7, 2019

Don’t Say They Didn’t Warn You: Left Leaning Voices Question Democrats’ Anti-Gun Proposals, Fervor

If the 2020 Democrat presidential primary is any indication, that party’s base and donor class will accept nothing less from their nominee than commitments to sweeping gun control. And the contenders appear happy to accommodate ...

Obama Lies about Guns… Again

News  

Friday, June 14, 2019

Obama Lies about Guns… Again

Despite no longer living in the White House, former President Barack Obama continues to be a headache to law-abiding Americans. On May 30, Obama spoke at a digital innovation event in Brazil. During the onstage ...

Governor Abbott Signs Ten Pro-Second Amendment Bills into Law

Monday, June 17, 2019

Governor Abbott Signs Ten Pro-Second Amendment Bills into Law

Governor Greg Abbott has now signed all of the NRA-supported legislation which the Texas Legislature sent him during the 2019 session.

Pittsburgh Mayor Presents DICK’S CEO an Award for Gun Control Advocacy

News  

Friday, June 14, 2019

Pittsburgh Mayor Presents DICK’S CEO an Award for Gun Control Advocacy

On June 4-5, the annual Yale Mayors College & CEO Summit was held in New York City. The theme of this year’s CEO Summit was “Trumpeting the Issues without Becoming the Issue: Selective Use of CEO Voice.” ...

Advice Columnist Tells Father to Evict Daughter from His House for Owning a Gun

News  

Friday, June 14, 2019

Advice Columnist Tells Father to Evict Daughter from His House for Owning a Gun

Amy Dickinson is an advice columnist who, according to the company that syndicates her work, “combines storytelling with advice that is rooted with honesty and trust.” “Ask Amy” appears in newspapers that include The Baltimore Sun, ...

Bloomberg Course: Ineffective Policies and Non-Existent Technology

News  

Friday, June 14, 2019

Bloomberg Course: Ineffective Policies and Non-Existent Technology

This week in the online course “Reducing Gun Violence in America: Evidence for Change” is a real rollercoaster. Week Five is titled “Regulating Gun Design, Enforcing Gun Laws, and Reducing Police-Involved Shootings” covers so-called assault ...

I wish the gay community were more accepting of gun supporters. I should know.

WashingtonPost.com  

Monday, June 17, 2019

I wish the gay community were more accepting of gun supporters. I should know.

Last June, I attended my first Pride parade. I’m a 24-year-old gay man, and the downtown D.C. event came two months after I started my new job as social media manager for the National Rifle Association. ...

New Jersey “Smart Gun” Law Gets an F Grade

News  

Friday, June 14, 2019

New Jersey “Smart Gun” Law Gets an F Grade

After signing six gun control measures into law a year ago, New Jersey Governor Phil Murphy warned that “Our work is far from done.” Several new bills are now making the rounds in a state already notorious ...

Nevada: Gov. Sisolak Signs Anti-Gun Bill

Friday, June 14, 2019

Nevada: Gov. Sisolak Signs Anti-Gun Bill

Ignoring the constitutional rights of law-abiding Nevadans, on June 14th, Governor Steve Sisolak signed omnibus anti-gun Assembly Bill 291 into law.  Your NRA would like to thank the many lawmakers who stood with our members and ...

California: Anti-Gun bills still moving forward and more scheduled to be heard next week

Friday, June 14, 2019

California: Anti-Gun bills still moving forward and more scheduled to be heard next week

Next Tuesday, June 18, the Senate Public Safety Committee is scheduled to hear anti-gun bills, AB 12 and AB 61.  On Wednesday, June 19, the Assembly Appropriations Committee has scheduled Senate Bill 220. 

MORE TRENDING +
LESS TRENDING -

More Like This From Around The NRA

NRA ILA

Established in 1975, the Institute for Legislative Action (ILA) is the "lobbying" arm of the National Rifle Association of America. ILA is responsible for preserving the right of all law-abiding individuals in the legislative, political, and legal arenas, to purchase, possess and use firearms for legitimate purposes as guaranteed by the Second Amendment to the U.S. Constitution.