Senate bill seeks to bring freedom back to banking

There’s something Orwellian about unaccountable corporate executives parsing over every purchase you make. It sounds “1984-ish,” but for the firearms industry, it’s a 2019 reality.

Some big banks are imposing their executives’ political views on companies by refusing to do business based solely on personal opinions of the lawful products these companies sell. This means that should a product fall out of political favor with elites in corporate high rises, it’s going to be hard for those products to find their way to a shelf or a display case. This is reality for the firearms industry, including manufacturers, distributors, importers and retailers.

In response, Sens. Kevin Cramer (R-N.D.) and John Kennedy (R-La.) recently introduced the Freedom Financing Act, S. 821, which would strip large banks of taxpayer-funded insurance if they deny service to firearms businesses that are constitutionally-protected and compliant with all laws and statutes.

These senators are speaking out for responsible gun owners, gun manufacturers and firearm retailers threatened by big banks. Those banks are taking up a social activist mantle, mandating that the firearms industry follow baseless rules – even after those rules have been rejected in the legitimate policy process.

It’s not new. During the Obama administration, an initiative known as Operation Choke Point (OCP) was initiated wherein federal banking regulators leveraged a “reputational risk” criteria to pressure banks to cut ties with lawful businesses including the firearms industry. The administration’s problem was they didn’t like guns.  

Thankfully, Reps. Blaine Luetkemeyer (R-Mo.) and Sean Duffy (R-Wis.), along with Senate Banking Committee Chairman Mike Crapo (R-Idaho) ended this initiative. Now, big banks are positioning themselves as public policy arbiters, forcing discriminatory policies pertaining to firearms.