Bank chiefs grilled on gun restrictions

Following the adoption of new firearm-specific transaction codes that have raised concerns over whether payment processors might use tracking data to curb gun and ammunition sales, all seven bank chiefs testifying before Congress on Thursday have committed to upholding the Second Amendment by committing not to restrict gun sales.

During a conversation with Sen. Kevin Cramer (R-N.D.), who asked the heads of America's largest retail banks to ensure that all transactions for legal goods and services, including guns, will be protected and processed. Considering the pressure from political elites to legislate social policy through corporate boardrooms rather than democratically, he said that.

The international organization for standardization has adopted firearm-specific Merchant Category Codes for gun and ammunition stores due to pressure from liberal activists, according to Cramer.

There have been calls from gun rights groups and two dozen Republican attorneys general against major credit card companies implementing firearm-specific category codes, a move criticised as unfair, ineffective, and invasive.

26 September 2022