Bank Heads grilled over Firearm-Specific Merchant Codes
- Capitol Times
- Sep 23, 2022
- 1 min read
Following the adoption of new firearm-specific transaction codes that have sparked concerns over whether payment processors might use tracking data to curb sales of guns and ammunition, all seven bank chiefs testified before Congress on Thursday committed to upholding the Second Amendment by vowing not to restrict gun sales.
According to the CEOs, they pledged in response to Sen. Cramer (R-N.D.), who urged the heads of the biggest retail banks to protect and process all legal transactions, including guns, in light of what Cramer called political pressure to enact social policy in boardrooms instead of through democracy.
As Cramer explained, liberal activists forced the International Organization for Standardization (ISO) to adopt the firearm-specific Merchant Category Codes (MCCs).
Gun rights groups and two dozen Republican attorneys general have criticized major credit card companies for implementing firearm-specific category codes, accusing them of invading privacy and unfairly harming the public.
23 September 2022
