Business Insider – by Michelle Mark
Last week’s deadly shooting at a Florida high school has renewed calls for gun-control legislation — but some finance-industry titans could take the issue into their own hands.
The New York Times columnist Andrew Ross Sorkin wrote on Monday that he had spent several days speaking with “a handful of chief executives” to discuss how banks and credit-card companies could intervene in gun sales. Sorkin said he found universal enthusiasm, though none of the executives would speak on the record.
Sorkin drew upon Visa’s espousal of “corporate responsibility” to argue that financial companies should change their terms of service to cut business ties with retailers that sell assault weapons, high-capacity magazines, and bump-stock devices designed to accelerate the firing rate of semiautomatic rifles.
“Assault weapons would be eliminated from virtually every firearms store in America because otherwise the sellers would be cut off from the credit card system,” Sorkin said.
The idea has precedent, Sorkin said. Major banks — including JPMorgan Chase, Citigroup, and Bank of America — have in the past barred clients from using their credit cards to buy bitcoin and other cryptocurrencies, citing their risk and volatility.
The financial industry has also intervened in cases where companies feared legal liability for their clients’ purchases. In 2015, Visa and Mastercard cut business ties with Backpage.com after law-enforcement agencies accused the classified-ads portal of facilitating sex trafficking.
Visa and Mastercard also suspended payments and donations to WikiLeaks in 2010 after the anti-secrecy website published hundreds of thousands of diplomatic cables. Mastercard argued at the time that its rules prohibited customers from “directly or indirectly engaging in or facilitating any action that is illegal.”
Sorkin acknowledged that the idea may be a “pipe dream,” noting that at least two executives said they feared the reaction of the National Rifle Association and worried for their employees’ safety.
“None of this is a panacea. But it’s a start,” Sorkin said. “It takes leadership and courage — exactly what these executives say they have. If they don’t want to back up their words with actions, the next time there’s a school shooting that prompts a conversation about gun companies, it should also include the financial complex that supports them.”
8 thoughts on “Banks are mulling a creative way to enforce gun control even if the US government doesn’t make a single change”
Banks, the original tools of enslavement in the world, are colluding against the American People to deny access to weapons purchases?
Banks are CORPORATIONS. CORPORATIONS are run by a hierarchy of people, who ARE the one’s responsible for the acts of the CORPORATIONS. Ergo, if these CORPORATIONS choose to become Domestic/Foreign enemies of the Republic for the United States, they have deliberately and willingly asked for war to be made against them, meaning the seditious, traitorous people that run them. One cannot put a bullet into a CORPORATION, but one can certainly find the creatures running that CORPORATION and call them to the reckoning.
a great way to put the kiss of death to the bank fraud they are
maybe more people will wake up and pull out of banking
just what they will deserve for going against the rights of the people
make yourself irrelevant , nice work
most people I know dont use CC for gun purchases
and I dont know anyone dumb enough to disclose to a bank what they spend their cash on
Wow, just the headline shows how bold they are. It’s like they want to show you who’s boss. I hate ’em.
“Assault weapons would be eliminated from virtually every firearms store in America because otherwise the sellers would be cut off from the credit card system,” Sorkin said.”
The ones still in the stores aren’t the ones you have to worry about, dipsh#t. It’s the hundreds of millions already out there that are going to kill your scumbag @sses.
COME GET EM!!!!
A. Why are you using ANY of these well-know, top-of-the-list criminal banks?
B. why are you using a credit card?
Only reason to use a credit card, AmEx, is to purchase online.