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NJ – INDUSTRY INSIDER – New Jersey Will Pressure Banks to Stop Doing Business with Gun Organizations

New Jersey is setting the way by discontinuing business with gun manufacturers and retailers that refuse to go above and beyond federal gun control laws. The gun control laws it had in mind are universal background checks, which cover all private gun sales and transfers. Further, the state will be pressuring major financial institutions, especially those who do business with the state of New Jersey, into disclosing any information regarding their business dealings with gun manufacturers and vendors. The New Jersey state government, which claims that it pays more than $1 billion in bank fees annually, is considering the use of disclosure requirements to determine if it will continue working with financial firms. According to state government estimates, New Jersey allegedly spent more than $70 million in recent years on ammunition, firearms, and supplies for the State Police and other law enforcement agencies. These measures were announced on Tuesday, September 10, 2019, by Democratic Governor Phillip Murphy. Such an approach is a new way to implement gun control when the federal government has not been very responsive to the issue lately. Similarly, prominent banks have taken proactive steps by not providing banking and credit card services to gun retailers and no longer giving out loans to manufacturers who do not follow age limits or conduct enhanced background checks.  [full article]

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