New York Banker: Gun, Ammunition Purchase Code ‘answers the call of millions’
Editors’ Note: There are a number of highly disturbing trends embedded in this article. First and foremost, is the ability of Democrats to make an end run around the legislative process by engaging highly regulated industries for their cause. Whether it be electric vehicles from GM, suppression of free speech by Facebook and Twitter, or now highly regulated banks creating a national firearm registry; Democrats are getting what they want without the representatives of the people voting. They do this openly while criticizing others for threatening “democracy.” Secondly, the alliance of big business with the government truly would make Mussolini proud, since that was among the key ingredients of Italian-style fascism. Thirdly, it shows no amount of evidence will convince Progressives of their folly. Most guns used in the commission of crimes are stolen and are not purchased using a credit card from legitimate dealers. The law-abiding public buys at gun stores, not hardened criminals. At the margin, this will likely hardly make a dent in crime, especially since the same Democrats are reducing or eliminating bail, freeing dangerous criminals early, and joining with Black Lives Matter and other groups in denigrating and de-funding police forces. Democrats are turning our major cities into hellholes. This all makes the average citizen need to have a gun for self-protection. But now, his or her private purchases will be monitored by the banking system, which is a weaponization of the banking industry by the Democrat party. Be sure to view the video by Jason Riley in the video section. It would seem their goal is to leave us all vulnerable to criminals, as pictured above.
The president and CEO of the New York-based bank that pushed for a specific credit card code for gun retailers have claimed victory in the wake of the International Organization for Standardization’s approval of that request last week.
“We all have to do our part to stop gun violence,” Amalgamated Bank’s Priscilla Sims Brown said in a statement from Guns Down America.
Critics say she and the ISO have done little.
“The ISO’s decision to create a firearm-specific code is nothing more than a capitulation to anti-gun politicians and activists bent on eroding the rights of law-abiding Americans one transaction at a time,” Lars Dalseide, spokesman for the National Rifle Association, told The Center Square. “This is not about tracking or prevention or any virtuous motivation – it’s about creating a national registry of gun owners.”
As part of its gun safety crusade, Amalgamated says it does not offer loans to “gun, nuclear weapon or ammunition manufacturers or distributors.” It also offers investment funds that exclude those companies.
Brown said in her statement that the merchant category code will allow Amalgamated to “report suspicious activity and illegal gun sales” to law enforcement while not interfering with lawful purchases.
“This action answers the call of millions of Americans who want safety from gun violence, and we are proud to lead a broad coalition of advocates, shareholders, and elected officials to achieve this historic outcome,” Brown said.
Amalgamated got support from New York Gov. Kathy Hochul and Attorney General Letitia James, both Democrats, who said establishing the MCC would help prevent mass shootings.
James, in a letter co-signed by California Attorney General Rob Bonta to executives of American Express, Mastercard, and Visa, said the perpetrator of the 2016 Pulse nightclub shooting in Orlando that killed 49 people and injured 53 used six credit cards in spending $20,000 to buy the guns and ammunition used in the attack.
Guns Down America said the MCC will apply to all federally-licensed 9,000 gun and ammo retailers.
According to PaymentCloud, a financial services provider to merchants, MCCs were initially established to simplify 1099 reporting to the IRS. However, credit card processors have since started using them to determine fees assessed to merchants and consumer cashback rates.
“High-risk merchant category code classifications can also come with other downsides,” PaymentCloud said on its blog. “This can include exclusion from the same eCommerce fraud protections as other businesses. Some MCCs, like those assigned for gambling and money orders, do not receive these protections in transactions where a card is not present.
“Sometimes high-risk businesses are not accepted by a credit card provider at all.”
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This article was published by The Center Square and is reproduced with permission.
