House Members Ask Trump Admin. to Prevent COVID-Related Firearm Industry Banking Discrimination

rep richard hudson

Rep. Richard Hudson, R-N.C. (Greg Nash/Pool via AP)

Press release from Rep. Richard Hudson:

U.S. Representative Richard Hudson (NC-08), a staunch supporter of the Second Amendment and sponsor of the Concealed Carry Reciprocity Act, is leading the effort to call on the Trump administration and Federal Reserve to prevent financial discrimination against industries including firearms and ammunition amid the economic recovery to the COVID-19 pandemic.

Rep. Hudson was joined by 98 Members of Congress on a letter to Treasury Secretary Steven Mnuchin, Federal Reserve System Chairman Jerome Powell, and Small Business Administration Administrator Jovita Carranza urging further guidance to clarify eligibility and prevent financial discrimination of industries including firearms and ammunition, oil and gas, coal and private corrections.

The Members wrote:

“As you may be aware, several of the nation’s systemically important financial institutions (SIFI) continue to use their market dominance to financially discriminate against legal and compliant businesses for political reasons. This includes, but is not limited to, the firearms and ammunition, oil and gas, coal, and private corrections industries.

“We find it extremely disconcerting that, while these businesses are clearly eligible for participation in the CARES Act programs, many of the nation’s largest institutions will block their participation based on their own political agendas which could result in the loss of jobs for thousands of hard working Americans.

“With these concerns in mind, we ask the Administration to take additional steps to clarify the eligibility of these industries and urge further guidance that will prevent the unlawful discrimination by financial institutions.”

Read the entire letter here.

Financial discrimination of the firearms industry began with an Obama-era policy called “Operation Choke Point” during which banks were found to be targeting the firearms industry under the guise of preventing crime. Since then, there has been a disturbing trend of some of the nation’s largest financial institutions bowing to political pressure from activist shareholders to implement internal policies that discriminate against lawful businesses. These policies have included attempts to insert unilateral gun control measures by denying firearms manufacturers access to critical capital.

Lawrence Keane, Senior VP and General Counsel of the National Shooting Sports Foundation, issued a statement about the history of this issue and commended the letter:

“Certain banks, after having received ‘too big to fail’ bailout funds a decade ago, have adopted social policies refusing to provide banking services to federally licensed businesses engaged in lawful commerce in arms. These same banking institutions have now been entrusted by Congress to disburse taxpayer funds through the Paycheck Protection Program. Our industry appreciates Congressman Hudson‘s leadership in writing, along with nearly 100 of his House colleagues, to demand assurances that these taxpayer funds will be disbursed in a fair and non-discriminatory manner to members of our industry.”

comments

  1. avatar Madcapp says:

    What about against individuals? PayPal won’t let me use my balance to buy many firearms related items. And ebay won’t let me sell stocks or grips that fit the AR (at the very minimum).

    1. avatar I Haz A Question says:

      Your account might be flagged for some reason. I’ve purchased gun-related accessories – and even full Glock kits to finish all my P80 builds! – via Ebay (and paid via Paypal). Never had any issues.

    2. avatar binder says:

      Has way more to do with dealing with local laws than anything else, and why should any company be required to sort threw that?

  2. avatar Truckman says:

    I have never had any trouble myself but I don’t buy much gun stuff except for reloading stuff

  3. avatar enuf says:

    PayPal and eBay are unpredictable. If they realize you are selling something or buying something in conflict with their corporate values, they will screw you over. Accounts closed, financial transfers denied. The reason it does not happen to everyone is that their software to detect exactly what you are doing is imperfect, and their rules are weird.

    For example try to find a magazine on eBay over ten rounds. On eBay, you can find some California Compliant gun items, but there are still restrictions beyond that diseased thinking.

    I did some buying and selling on GunBroker for a while. Would hear from people all the time that PayPal cancelled a sale or a buy when they figured out it was a firearm.

    1. avatar Jim from LI says:

      I was recently shopping for mags for my B92F and had my pick of 15 or 10 round versions.

  4. avatar enuf says:

    Nice to hear somebody finally thought to ask. I have to wonder why so late in Trump’s first four years?

    There should have been a list of actions ready on Day 1. Summon the heads of various Federal agencies and read them the riot act on Second Amendment Infringements. Such as the Security Exchange Commission, Department of Commerce, Federal Reserve and Department of Justice and hell yes on the BATFE. It would have sounded something like this…..

    “The following practices are not to be tolerated. Any business entity restraining trade in items pertaining to the Second Amendment to the Constitution are to be given an opportunity to correct their behavior. If they fail to do so in very short order, they are to be punished to the full extent of both law and bureaucracy! Any agency head failing to support all of the US Constitution better polish up their resume!”

    And then list banks declining credit to gun businesses, online retailers refusing to support sellers and buyers, etc. List the bad deeds of agencies that are not to be repeated, on pain of being fired (not told to resign, FIRED!)

    The power to fix these problems is just sitting there, fuming, Twittering about the last President or how Fox News doesn’t love him enough.

    Will we ever have a truly pro-gun, pro-Second Amendment President?

    Seems unlikely.

    1. avatar I Haz A Question says:

      We need one that’s actually familiar with guns and likes them. Like Theodore Roosevelt. Or Eisenhower.

      “Two Shots” Biden doesn’t qualify, tho.

    2. avatar Debbie W. says:

      Why don’t you just cut the sneaky crap and get right to your Trump Bashing? Like no one on the forum is smart enough to see where your dribble is going. The only thing you are good for is using your odorous disdain for the POTUS to help to elect a gun grabbing democRat. It’s time for you to man up and clear the air…Exactly who are you supporting and voting for in Nov? Here’s who I am voting for in Nov. come Hell and High Water…

      TRUMP/PENCE 2020.

  5. avatar Rick says:

    I went to my not-so-local gun store to purchase some ammo. I have a Chase Mastercard and it was refused. Chase has a history of refusing gun store purchases and the store even had a posting that Chase was doing this next to the register. I ended up paying cash and then going back to the bank to refill my wallet. The Chase Mastercard is now in my filing cabinet, only to be used for small purchases every few months to keep the account current and force then to send statements.

    1. avatar I Haz A Question says:

      That was your first mistake. I’ve used cash for ammo my entire life, and always face-to-face purchases. Nobody ever refuses cash or questions it if done in batches under about $300 at a time.

  6. avatar 9x39 says:

    “if done in batches under about $300 at a time”.

    If you can find Hevi in per case quantities @ under $300 per, you just let me know. :p

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