Corporate America Increasingly Avoids Gun-Industry Business

Corporate America Increasingly Avoids Gun-Industry Business

With Gary Ramey’s fledgling gun-making business taking off in retail stores, he decided to start offering one of his handguns for sale on his website. That didn’t sit well with the company he used to process payments, and they informed him they were dropping his account. Another credit card processing firm told him the same thing: They wouldn’t do business with him. The reason? His business of making firearms violates their policies. In the wake of high-profile mass shootings, corporate America has been taking a stand against the firearms industry amid a lack of action by lawmakers on gun control. Payment processing firms are limiting transactions, Bank of America stopped providing financing to companies that make AR-style guns, and retailers like Walmart and Dick’s Sporting Goods imposed age restrictions on gun purchases. Las Vegas Shooter Stephen Paddock had at least 12 “bump stocks” attached to his guns, which allowed him to fire his weapons at a machine gun-like rate. Lawmakers are now pushing for them to be banned. Here is how these devices work. (Published Thursday, Dec. 14, 2017) The moves are lauded by gun-safety advocates but criticized by the gun industry that views them as a backhanded way of undermining the Second Amendment. Gun industry leaders see the backlash as a real threat to their industry and are coming to the conclusion that they need additional protections in Congress to prevent financial retaliation from banks. "If a few banks say ‘No, we’re not going to give loans to […]

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Corporate America increasingly avoids gun-industry business

Corporate America increasingly avoids gun-industry business

GAINESVILLE, Ga. – With Gary Ramey’s fledgling gun-making business taking off in retail stores, he decided to start offering one of his handguns for sale on his website. That didn’t sit well with the company he used to process payments, and they informed him they were dropping his account. Another credit card processing firm told him the same thing: They wouldn’t do business with him. The reason? His business of making firearms violates their policies. After high-profile mass shootings, corporate America has taken a stand against the firearms industry amid a lack of action by lawmakers on gun control. Payment processing firms are limiting transactions, Bank of America stopped providing financing to companies that make AR-style guns, and retailers like Walmart and Dick’s Sporting Goods imposed age restrictions on gun purchases. In this April 25, 2018, photo, literature is on display on the factory floor of Honor Defense, a gunmaker in Gainesville, Ga. In the wake of high-profile mass shootings, corporate America has been taking a stand against the firearms industry amid a lack of action by lawmakers on gun control. The moves are lauded by gun-safety advocates but criticized by the gun industry that views them as a backhanded way of undermining the Second Amendment. Gun industry leaders see the backlash as a real threat to their industry and are coming to the conclusion that they need additional protections in Congress to prevent financial retaliation from banks. (Photo: AP Photo/Lisa Marie Pane) The moves are lauded by gun-safety […]

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