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Republican Lawmaker Proposes End to Wall Street Blacklisting Firearms Industry

 

BREITBART.COM March 22, 2019 - Sen. Kevin Cramer (R-ND) introduced legislation Thursday that would prevent Wall Street from unbanking and denying service to the firearms industry.

Sen. Cramer introduced the Freedom Financing Act, a bill to ensure that large financial firms cannot deny service to constitutionally-protected industries that comply with all laws and statutes. Sen. John Kennedy (R-LA) also backed the bill as a co-sponsor.

A small number of banks controlling most of the financial sector could effectively illegalize legal commerce by refusing to finance certain industries or process certain transactions,” said Sen. Cramer in a statement on Thursday. “Look no further than pro-Second Amendment industries where such discrimination has already occurred. Big banks should not be the arbiters of constitutionality.”

The Freedom Financing Act focuses on the industries that have faced significant discrimination from Wall Street: firearms, ammunition, and sporting goods. The legislation would not force businesses to do business with a specific industry, but instead, it would ensure that legal commerce is not illegalized. The bill exempts financial institutions and community banks with less than $10 billion in assets.

Sen. Kennedy said in a press release Thursday:

It’s not a bank’s job to create policy. They need to leave the policymaking to Congress,” said Senator Kennedy. “Banks should not be able to discriminate against lawful customers on the basis of social policy.  The banks should keep in mind that these lawful customers are the same hard-working taxpayers who bailed them out during the recession. This legislation will ban big banks from refusing to do business with customers that may not share the same political values as the bank. This kind of power move is an unfair assertion of dominance by the big banks, which is why it should be illegal.

Since 2018, the left ha s pressured Wall Street to impede the firearms industry from operating. Citibank said last year that it would not do business with any company that sells “high capacity magazines,” while Bank of America said it would cut off its services to any company that sells “AR-style” weapons. The online payment processor Stripe, which frequently financially blacklists right-wing figures, refuses to process payments for any firearms businesses. So far, only Wells Fargo has refused to join the rest of Wall Street in unbanking the gun industry.  [full article]

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Commentary/Analysis

The Choice is Simple: Choose Individual Freedom or Collective Captivity

Following the law used to be easy. Then Congress got involved.

Steve Comus

Gun control: What happens if government passes laws and they are not followed? Potentially, all kinds of things and none are good.

This question has been hushed in the background for some time now, as society becomes more and more polarized politically. The two sides are well defined and there seems to be no common ground. It is because the subject goes straight to the heart of survival instincts – fight or flight, predator or prey, individual or herd.

Nowhere is it as intense a matter as in the gun control debate. That is because beliefs are held deeply and because the inanimate objects in question can be lethal. This is serious stuff.

This question became more public recently when the State of Washington passed Initiative 1639, a measure that punishes people who want to buy and own firearms. Some law enforcement agencies have indicated they will not enforce it.

Then a Maryland sheriff went public, saying he would not comply with proposed legislation regulating ownership of rifles and shotguns. His concern included fears that his deputies might be sent on a “suicide mission” if they were tasked to confiscate firearms from citizens.

The United States has prided itself in being a nation of laws, which presupposes that laws will be enforced and that citizens will follow the laws. That may be unraveling in today’s society.

In what is still a somewhat free society, it is always awkward when government attempts to cram things down citizens’ throats, and/or when government attempts to short-circuit constitutional guarantees.

In any society, if flouting the law becomes the norm, lawlessness takes over. Chaos and mayhem follow. [Read More]

Reply to this commentary by email to editor@gunproplus.com

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