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
Colorado: Mandatory Storage Bill Passes General Assembly and Semi-Auto Ban Temporarily Removed from Calendar

Tuesday, March 26, 2024

Colorado: Mandatory Storage Bill Passes General Assembly and Semi-Auto Ban Temporarily Removed from Calendar

In a temporary reprieve for Colorado gun owners, the semi-auto ban HB24-1292 has been removed from the calendar. But we cannot let our guard down as gun control advocates can bring it up for a vote at ...

The U.S. Supreme Court Looks at Government “Blacklists”

News  

Tuesday, March 26, 2024

The U.S. Supreme Court Looks at Government “Blacklists”

Much of the attention this past week in the United States Supreme Court was the oral arguments in National Rifle Association of America v. Vullo, No. 22-842, a First Amendment case on whether government officials ...

Colorado: Semi-Auto Ban Passes Committee and Sensitive Places Bill Hearing Rescheduled for Today!

Wednesday, March 20, 2024

Colorado: Semi-Auto Ban Passes Committee and Sensitive Places Bill Hearing Rescheduled for Today!

Yesterday the House Judiciary Committee held a hearing on House Bill 24-1292, the semi-auto ban, that lasted over 12 hours where hundreds of patriotic Coloradans overloaded the committee with opposition testimony. The hearing concluded with an ...

25 years and one PLCAA Later, Chicago is Still Harassing Gunmakers

News  

Tuesday, March 26, 2024

25 years and one PLCAA Later, Chicago is Still Harassing Gunmakers

On March 19, the city of Chicago filed suit against handgun manufacturer Glock. Seeking to shift responsibility for the city’s woeful governance, Chicago’s lawsuit blames the popular firearm manufacturer for the third-party criminal misuse of ...

NRA Files Amicus Brief Asking Supreme Court to Hear Antonyuk v. James

News  

Second Amendment  

Monday, March 25, 2024

NRA Files Amicus Brief Asking Supreme Court to Hear Antonyuk v. James

In response to the NRA’s victory in Bruen, which secured every American’s right to carry arms, NY passed the “Concealed Carry Improvement Act,” severely restricting carry throughout the state. The 2nd Circuit upheld many of ...

Washington: Governor Signs Anti-Gun Legislation

Wednesday, March 27, 2024

Washington: Governor Signs Anti-Gun Legislation

Today, Governor Inslee signed five anti-gun bills into law that were recently passed by the Washington State Legislature. The bills include:

Anti-gun Democrats Seek to Undermine Law Passed to Protect Veterans’ Rights

News  

Tuesday, March 19, 2024

Anti-gun Democrats Seek to Undermine Law Passed to Protect Veterans’ Rights

Last week we reported on a major breakthrough on behalf of veterans who risked losing their Second Amendment rights because of a long-running scheme by the Department of Veterans Affairs (VA) to report certain beneficiaries ...

Pennsylvania: Senate Committee Passes Full Inclusion Sunday Hunting

Wednesday, March 20, 2024

Pennsylvania: Senate Committee Passes Full Inclusion Sunday Hunting

On Wednesday, the Senate Game & Fisheries Committee voted 7-4 to pass Senate Bill 67 to the Senate floor for a vote. 

Colorado: Semi-Auto Ban Scheduled for Floor Vote Today!

Thursday, March 21, 2024

Colorado: Semi-Auto Ban Scheduled for Floor Vote Today!

Today, the House is scheduled to vote on HB24-1292, the ban on semi-automatic firearms. Please contact your legislators today by using the button below and urge them to OPPOSE HB24-1292!

Louisiana: Firearms Bills on the Move - Take Action Now!

Monday, March 25, 2024

Louisiana: Firearms Bills on the Move - Take Action Now!

A number of firearm-related bills, including enhanced preemption, are moving in the Louisiana Legislature. It's critical that NRA members and Second Amendment supporters get involved to keep the momentum going!

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.