NSSF®, The Firearm Industry Trade Association, applauds U.S. Sen. Ted Cruz (R-Texas) for directly addressing the ongoing and illegal discrimination of the firearm industry by major banks and payment processors. Fox Business reported on this continued discriminatory practice of major banking institutions and payment processors refusing services because officials in those financial sectors politically disagree with Second Amendment rights.
“Discrimination against firearm manufacturers and retailers is not a new phenomenon but it is long past time this practice is ended,” said Lawrence G. Keane, NSSF Senior Vice President and General Counsel. “Major banks, and the payment processors they support, benefit from taxpayer dollars to insure they stay afloat, including the multi-trillion-dollar bailout they enjoyed at taxpayer expense. The discriminatory practice of denying banking services to a Constitutionally-protected industry with which they politically disagree is an abuse of those taxpayer funds. American taxpayers should not be forced to fund banks that actively work to erase their rights. The Second Amendment is not for sale.”
Sen. Cruz, in his capacity as Ranking Member of the Senate Committee on Commerce, Science, and Transportation, recently wrote to Intuit, a payment processor, that reversed their discriminatory policies of denying QuickBooks services to firearm manufacturers and retailers. The change came only after Senate inquiries into the discriminatory practices. Intuit claimed the policy was directed to them by JP Morgan Chase and Bank of America, both banks that hold discriminatory policies against the firearm industry and refuse banking services in an effort to starve them of essential financial services.
NSSF supports legislative efforts to halt these discriminatory practices by financial service providers, including the Firearm Industry Nondiscrimination (FIND) Act (S. 428/H.R. 53), introduced by Sen. Steve Daines (R-Mont.) and U.S. Rep. Jack Bergman (R-Mich.). This vital legislation would end the ability of corporate entities to profit from taxpayer-funded federal contracts while discriminating against a Constitutionally-protected industry at the same time.
NSSF also supports the Fair Access to Banking Act (S. 293/H.R. 2743), introduced by Sen. Kevin Cramer (R-N.D.) and U.S. Rep. Andy Barr (R-Ky.). These bills would require banks to provide access to services, capital and credit based on the objective risk assessment of individual customers, rather than subjective broad-based decisions affecting whole categories or classes of customers.
