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Financial Pressure Being Put on Other Banks and Processors

Bloomberg had a plant at Citi, so that’s how they caved so quickly, but pressure is being put on other gun businesses:

The [New York State] pension, third largest in the U.S., contacted the chief executives of nine financial institutions including Mastercard Inc., Visa Inc., American Express Co., Discover Financial Services, JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co., First Data Corp. and Worldpay Inc., asking them to assess risks and explore the cost of implementing systems that could reject purchases of firearms, ammunition or accessories.

I can’t think of what public safety impact is going to be had from driving gun businesses to use cash, which will diminish traceability. Think about it: some schmuck buys a gun and later uses it to murder his wife, if he pays for it with a card the cops will know where it was bought as soon as they pull his credit card records. If it’s cash, they actually have to trace the gun, assuming they even have it. We’re constantly told that Law Enforcement needs more tracing resources, and this would be removing one. So what’s the public safety function of this? I ask this as a rhetorical question, because we all know the answer. As Glenn Reynolds is fond of observing: “It’s got nothing to do with safety. It’s all about humiliating the flyover rubes and showing them who’s boss.

It’s also about acting, which forces us to react. PLCAA was such a reaction, and it immediately rocketed up to the top of NRA’s priorities. It was the major legislative achievement we got out of the Bush Administration. How would you like the major legislative achievement of the Trump Administration be a bill that doesn’t allow the financial industry to discriminate against federal firearms licensees, instead of SHARE or National Reciprocity? I can promise that Bloomberg would love it.

Actually, I think there are other options: such as a lawsuit under 42 U.S. Code § 1985(3). Ordinarily, Carpenters v. Scott would be a problem here, which held that 1985(3) did not apply to First Amendment cases where the state was not involved. But this would not be a First Amendment case, and with the involvement of the New York State Pension Fund, the state now is involved. It’s a long shot, but I’d still try it, if only to make some of these people burn money on lawyers.

There’s also tortious interference with contract, which Dave Hardy has talked about some. I don’t agree such laws should be applicable to boycott organizers, but a state pension fund using their market power as a form of intimidation to interfere with and harm another’s lawful business is a textbook case. I’d grab that chair in this bar fight.

14 Responses to “Financial Pressure Being Put on Other Banks and Processors”

  1. Joe says:

    Is there anything that can be done to stop this crap by utilizing the Sherman Anti-Trust Act?
    These financial firms are actimg as political agents of the Democrat Party, seeking to impose the Democrat Party Agenda of Civilian Disarmament upon America.

    I think it’s also time for the Firearms Industry to form it’s own Credit Union to stick it to these WallStreet and Silicon Valley Billionaire Donor Class, Democrat Stooges.

  2. Patrick Henry, the 2nd says:

    Its scary that this is the path they are taking. I like all the options you mentioned to fight back. Honestly if the big win of the Trump’s administration is protecting gun purchases, I’ll take it.

  3. Billmcyrus says:

    Just another example of why we should be talking to influential people who aren’t politicians and bringing them over to our side, but people on our side are too busy selling raffle tickets and spicy pickles at gun shows and just talking among ourselves. We should have OUR people running Amex, Visa, Chase, etc.

    • Joe says:

      True to all of your points. However, the Companies you listed are all part of the “Financial Institutions” of our society that have been infected with leftwing politics going back 50 years.

      The Billionaire Aristocrats that run those companies are inherently collectivist, authoritarian, and even totalitarian at heart. They believe that their wealth justifies them in stripping us if our Liberties, so they can rule over us, because to them, they know better than us.

      It’s why the WallStreet and Silicon Valley Billionaire Donor Class are overwhelmingly to the left side of the political spectrum, and gun owning peasants threaten their power and influence.

  4. Richard says:

    Federal law needs to require keeping state pension funds 100% funded. That will keep them busy and have other desirable effects as well. I am not sure if fiduciary violations are a criminal offense but they need to be. If we are going to be forced into a game of whack a mole, then we need to hurt the moles, not just drive them back into their holes.

  5. Mike says:

    How hard would it be for the NRA to create a credit union and offer banking services to gunshops and manufacturers? Hate to say it but we need to start thinking about fallback positions.

    • HappyWarrior6 says:

      This. I know I would definitely open an account at NRAFCU. I think that would be a huge hit considering how popular low cost banking services at a credit union have become formthe consumer. Credit unions tend not to have excessive (if any) brick and mortar locations to maintain, either.

  6. HappyWarrior6 says:

    Also, I can’t help but notice that retail banking at these large financial institutions is slowly becoming a thing of the past, as is merchant processing services. Moves like this are becoming more irrelevant as credit unions and small community banks continue to expand.

    Ever take a look at the fee schedule at these places?

    • The_Jack says:

      Given how many people use credit and debit cards to pay for things. If they can get the companies that run the credit cards to stop approving use of their cards for blanket items….

      • HappyWarrior6 says:

        Well people are going to pay for lawful commerce somehow! Cash, precious metals, bartering, whatever. If electronic means of payment is denied then there would be a strong case for tortious interference. It would also make the case for going “cashless” even more difficult. Actually we already know why cashless is impossible. Just hang around during a natural disasters if you can’t figure it out.

  7. The_Jack says:

    Also couple this will the effort to ban cash that many wonks are peddling about.

  8. Brad says:

    Very disturbing.

    And I would say this escalation of dragging economic warfare into politics is more evidence of the creeping authoritarianism of the Left, and of the growing political division of our Nation. Guns are just part of that Cultural Cold War, but also the sharpest edge of that division.

    Normally one might count on the Press to restore some perspective to the Public, and douse those flames. The problem is the Press has chosen a side and pours gasoline on those flames instead. The Press is now just an arm of the new ruling class and they serve their own class interests instead of the interests of the Public as a whole.

  9. The second largest teacher’s union, the American Federation of Teachers, is threatening Wells Fargo over their refusal so far to disassociate themselves from firearms makers and the NRA. Given I bank with Wells Fargo, I plan to write the CEO to him know my money moves if they cave.

    https://www.aft.org/press-release/aft-throws-down-gauntlet-wells-fargo-over-gun-support

    • Arnie says:

      I just saw that, too. I was hoping to replace my Citibank card with a Wells Fargo card. I may let the WF CEO know that my decision rests on his response not to cave. Praying for him!
      – Arnie

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