Are Banks Being Weaponized Against Gun Owners?
Genbiz.com
In recent years, we've witnessed many of our most prestigious institutions attack ordinary Americans. Whether it be the IRS targeting of conservative groups, the FBI's crusade against political opponents and parents who protested school board meetings, or big tech coordination with the government to censor opponents of the current regime.
But the pattern of violations to our civil liberties is intensifying with no end in sight. Now, it appears that the financial services industry will be the latest institution that will be weaponized and its target will be legal gun owners.
Recently, we heard that Amalgamated Bank, the largest union-owned bank in the United States, successfully lobbied regulators to install a new tracking system for all gun transactions.
This new rule ensures that every time you purchase a firearm or ammunition, a new Merchant Category Code will be assigned to your transaction. This specific designation for your firearms/ammo purchase will enable banks to strictly scrutinize gun and ammunition transactions. Even more troubling, banks like Amalgamated Bank, have already stated that they will implement software to detect or block gun/ammo sales that they consider "suspicious."
What is Considered a "Suspicious" Firearms Transaction?
We don't know the answer to this question. The term "suspicious" in this context is undefined and intentionally vague. Just as your social media post can be removed without a clear reason or explanation, we may be entering a future where your credit or debit card transaction is mysteriously declined the next time you attempt to purchase a handgun or ammunition.
An Unofficial National Gun Registry
Just as concerning is the prospect of a national gun registry, which may develop as a result of this special MCC designation for firearms. An unconstitutional national gun registry might result in every gun owner being placed on a national watchlist.
There is no reason to believe that any of these scenarios are implausible. Consider the unconstitutional abuses we have witnessed in the past decade by the aforementioned agencies such as the NSA, FBI, and IRS. It is worth noting our local police departments have not been innocent either. There are countless examples you can find of local police agencies abusing their power to violate the civil liberties of Americans through the use of civil forfeiture laws and seizing the private data of citizens without warrants.
Americans of all political persuasions should be able to find common ground and defend our constitutional rights against these infringements.
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Ashton Cohen is an attorney, investor, writer, and host of Ashton Cohen: The ELECTile Dysfunction Podcast.