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Pro-Gun Senate Bill Seeks to End Discrimination in the Financial Marketplace

Monday, February 13, 2023

Pro-Gun Senate Bill Seeks to End Discrimination in the Financial Marketplace

Operation Choke Point was just the beginning. That Obama-era scandal featured federal regulators who used their authority to lean on the banks and payment processors they oversaw to pressure them into severing ties with legal but politically-disfavored businesses. At the time, this concept was still considered shameful and overreaching enough for the agencies involved to claim it was all a big misunderstanding and to issue corrective” guidance once it was exposed. But to activists in and outside of government, the power of manipulating the financial services industry to achieve their objectives was just too tempting to ignore. Soon, they were openly calling for banks, credit card companies, and other financial service providers to set terms of service that openly discriminate against lawful firearm-related commerce, as well as other industries demonized by the far left. This makes the reintroduction of the Fair Access to Banking Act, led by U.S. Sen. Kevin Cramer (R-ND), all the more timely and welcome.

Banks, credit cards, payment processors, and the like all exist to serve the public and to keep the engine of Americas economy running smoothly. These industries are rightly subjected to government oversight, given the roles they play and the power they wield over the lives of ordinary Americans. But when politics and regulatory abuse infect their decision-making, markets get distorted and law-abiding businesses – often small businesses, in the case of the gun industry – suffer. Sen. Cramers bill seeks to shield the economy from manipulation by a small segment of powerful activists and ensure the financial services industry emphasizes objective factors like financial soundness, creditworthiness, and case-by-case risk assessment in its business decisions.

The bill is built around the principles of the Trump Administrations Fair Access to Banking Rule, which the NRA supported at the time. Joe Bidens Administration, however, put the finalized rule on indefinite hold, prioritizing politics over basic principles of fairness and non-discrimination. Like the Trump rule, the Cramer bill would require large national banks to provide fair access to all the products they offer to law-abiding customers who are able to satisfy predetermined quantitative, impartial risk-based standards.” It would prohibit financial service providers from using murky considerations of politics or reputational risk” to refuse business with creditworthy, law-abiding customers. And it would establish enforcement mechanisms with real teeth to ensure these standards are followed.

Americans who play by the rules and establish viable businesses deserve to know they will not be undercut by discriminatory tactics in the financial marketplace. These illegitimate practices risk the soundness of the American economy, stifle entrepreneurial impulses, and impose extra-legal restraints on Second Amendment activity. The NRA therefore commends Sen. Cramer and the 36 co-sponsors of his bill and commends it for swift action by the Senate.

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Monday, February 3, 2025

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Wednesday, February 5, 2025

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Wednesday, January 8, 2025

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Colorado: Senate Postpones Vote on Semi-Auto Ban

Friday, January 31, 2025

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Fifth Circuit Court of Appeals Strikes Down Federal Laws Prohibiting FFLs From Selling Handguns to 18-to-20-Year-Olds

Friday, January 31, 2025

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Yesterday, the Fifth Circuit Court of Appeals held that 18 U.S.C. §§ 922(b)(1) and (c)(1)—which together forbid Federal Firearms Licensees from selling handguns to 18-to-20-year-olds—violate the Second Amendment.

Expanded Gun Rights in the U.S. Virgin Islands?

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Monday, February 3, 2025

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The reelection of Donald Trump as President of the United States hasn’t just signaled a return to sanity in the White House when it comes to the Second Amendment.  His outspoken support for our right to ...

Maine: Democrats Deal Major Blow to Anti-Gun Referendum

Wednesday, January 29, 2025

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Less than a week after holding a press conference praising themselves for running a paid signature effort that gathered a qualifying number of signatures to put an extreme Red Flag referendum on the 2025 ballot, ...

Washington: Financial Discrimination and Insurance Mandate Introduced

Monday, January 27, 2025

Washington: Financial Discrimination and Insurance Mandate Introduced

Washington anti-gun legislators continue their attack on law-abiding gun owners by introducing legislation to move the goal posts on lawful gun ownership. Last Friday, House Bill 1504 was introduced, requiring gun owners prove they are "financially ...

New Mexico: Anti-Gun Extremists Introduce Sweeping Gun Ban

Wednesday, February 5, 2025

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Monday, February 3, 2025

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On Thursday, February 6th, the House Committee on Judiciary and Public Affairs will hold a public hearing on several bills that will further restrict your Second Amendment rights. 

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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.