Gun dealers and retailers around the country are being targeted by the Obama administration in an attempt to regulate them out of existence.
After failing to push their gun control agenda through congress, the Obama administration has decided to yet again sidestep the law and is using the banking system to target gun dealers. In their latest effort to kill the 2nd amendment the administration is working with the banks to cut off credit, freeze assets and prohibit online sales by gun dealers.
As part of their plan, the FDIC has labeled gun retailers as “High Risk”, putting them in the same category as businesses who sell drug paraphernalia. At the same time, the administration has the Justice Department launching an operation called “Operation Choke Point,” in which Eric Holder and the DOJ are attempting to force the banks into cutting their ties with gun dealers – even though these dealers have excellent credit and valid firearm licenses.
This administration has very clearly told the banking industry which customers they feel represent ‘reputational risk’ to do business with,” said Peter Weinstock, a lawyer at Hunton & Williams LLP. “So financial institutions are reacting to this extraordinary enforcement arsenal by being ultra-conservative in who they do business with: Any companies that engage in any margin of risk as defined by this administration are being dropped.”
Although this is finally getting some media attention, this tactic is not new and has been used by this administration for some time now. In fact, back in 2012 the McMillan Group faced similar pressure when Bank of America suspended their accounts because the company was in the firearms manufacturing business. At the time we assumed this was just another anti-gun company abusing their customers, but it looks like this may have been directly related to the Obama administrations attempt to use the banks to stop gun sales around the country.
According to an article by the Washington Times, gun retailers across the country are actively being targeted by the Obama administration, and over the last couple of months numerous companies have had their accounts frozen or suspended as part of “Operation Choke Point”.
- T.R. Liberti, Owner and operator of Top Guns Firearms Training & Supply say their account was suspended and dumped by their bank last month. The bank told them that it “in in no way reflects any derogatory reasons for such action on your behalf. But rather one of industry. Unfortunately your company’s line of business is not commensurate with the industries we work with.”
- Black Rifle Armory in Henderson, Nevada had their accounts frozen and were forced to stop taking online orders.
- American Spirit Arms was unable to process orders after Bank of America froze all of their accounts – despite being customers in good standing for over 10 years.
On top of suspending or freezing accounts, a number of banks have put policies in place where they will no longer finance any firearms related business. In fact, GE Capital recently announced they were cutting ties with all firearms companies and would no longer finance gun purchases or gun businesses.
GE Capital, owned by General Electric, has a number of executives working either directly with or in the Obama administration. GE also owns MSNBC, the radical left wing news organization who routinely spreads Obama administration propaganda and has started a campaign to flood the airways with anti-gun stories.
Sen. David Vitter (R-La.), a member of the Senate Committee on Banking said, “There is a determined effort from [the Justice Department] to the regulators to cut off credit and use other tactics to force [payday lenders] out of business,” … “I find that deeply troubling because it has no statutory basis, no statutory authority.”
The Independent Community Bankers of America, an organization who represents the interests of the community banking industry, has also come out to condemn what the Obama administration is doing, specifically because it’s hurting small banks who would otherwise work with these firearms companies.
Is a statement the ICBA asked, “that the DOJ suspend Operation Choke Point immediately and focus its resources directly on businesses that may be violating the law, rather than targeting banks providing payment services.”