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Bank Chiefs Grilled On Restricting Gun Sales Via Firearm-Specific Merchant Codes

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Bank Chiefs Grilled On Restricting Gun Sales Via Firearm-Specific Merchant Codes
Major US bank CEOs testify during a Senate Banking, Housing, and Urban Affairs Committee Hearing on the Annual Oversight of the Nations Largest Banks on Capitol Hill in Washington on Sept. 22, 2022. Saul Loeb/AFP via Getty Images
Tom Ozimek
By Tom Ozimek
9/23/2022Updated: 9/23/2022
0:00

All seven bank chiefs testifying before Congress on Thursday committed to upholding the Second Amendment by promising not to restrict sales of guns following the adoption of new firearm-specific transaction codes that have sparked concern over whether the tracking data might be used by payment processors to curb sales of guns and ammunition.

The CEOs made the pledge while responding to Sen. Kevin Cramer (R-N.D.), who pressed the heads of America’s biggest retail banks for a commitment to protect and process all transactions for legal goods and services—including guns—in light of what he described as political pressure to legislate social policy through corporate boardrooms instead of through the democratic processes.

Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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