Op-Ed: To Protect 2nd Amendment Rights, Kentuckians Should Support Fair Access to Financial Services

Op-Ed: To Protect 2nd Amendment Rights, Kentuckians Should Support Fair Access to Financial Services

The following op-ed is written by State Rep. Savannah Maddox (R-Dry Ridge). Nearly a decade has passed since the Obama administration implemented Operation Chokepoint, under which the Department of Justice sought to discourage banks from doing business with industries, like the firearm industry, that the administration opposed. The Trump administration rightly discontinued this initiative in 2017. However, financial institutions have continued to cave to political pressure applied by anti-gun billionaires and gun control groups and are refusing to conduct business with the firearm industry more frequently than before. A recent survey of firearm industry members conducted by the National Shooting Sports Foundation, Inc., demonstrated nearly 75% of surveyed businesses reported being denied financial services solely because of their affiliation with the firearm industry. Manufacturers of Modern Sporting Rifles (MSRs), firearms which are deceptively labeled “assault rifles” by anti-gun groups, are not the only ones impacted. You do not have to look far to find a shooting range offering gun safety classes that has been denied the ability to process credit cards or manufacturers of hunting equipment that have been denied business loans. These denials are not based on legitimate credit worthiness or credit risk, but simply on political bias. This political bias on behalf of banks exists even as they receive an extraordinary amount of taxpayer-funded financial support through agencies and programs including the FDIC, Automated Clearing House, Open Window, the Federal Reserve System, and more. It is wholly inappropriate for the taxpayer- supported financial services industry to discriminate […]

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.