{"id":90245,"date":"2018-04-09T12:57:37","date_gmt":"2018-04-09T16:57:37","guid":{"rendered":"https:\/\/www.gunsamerica.com\/blog\/?p=90245"},"modified":"2018-04-09T12:57:37","modified_gmt":"2023-08-30T18:47:06","slug":"new-york-comptroller-lenders-choke","status":"publish","type":"post","link":"https:\/\/gunsamerica.com\/digest\/new-york-comptroller-lenders-choke\/","title":{"rendered":"New York Comptroller Asking Money Lenders to Put the Choke on Gun Sellers"},"content":{"rendered":"
\"New<\/a>

Former U.S. Attorney General Eric Holder, one of the architects of Operation Choke Point. (Photo: AP\/ Mark Humphrey<\/em>)<\/p><\/div>\n

As Yogi Berra famously quipped, \u201cIt\u2019s d\u00e9j\u00e0 vu all over again.\u201d<\/p>\n

Four months after the House voted<\/a> 395 \u2013 2 to kill Eric Holder\u2019s anti-gun Operation Choke Point<\/a>, New York Comptroller Thomas DiNapoli is encouraging credit card companies to strangle gun transactions<\/a> by classifying them alongside pornography and illicit drugs.<\/p>\n

\u201cIf gun violence continues unabated in society \u2014 public outcry and calls for action may grow and create significant financial risk for the company,\u201d DiNapoli reportedly wrote to Mastercard.<\/p>\n

DiNapoli also contacted executives from Visa, American Express, Bank of America, JPMorgan Chase and other companies to consider implementing systems that could reject purchases of weapons or ammunition.<\/p>\n

DiNapoli controls New York\u2019s $209.1 billion pension fund, which owns shares of each of the nine companies he contacted.<\/p>\n

The moves come\u00a0alongside a separate effort by Citigroup to force its clients to restrict firearm purchases<\/a>. The company announced that it will no longer do business with companies that sell bump-fire stocks and \u201chigh capacity\u201d magazines. It will also require its clients to perform background checks on all gun purchases and prohibit the sale of firearms to anyone under the age of 21.<\/p>\n

Reclassifying gun and ammunition purchases as \u201chigh risk\u201d would give credit companies an excuse not to do business with merchants that sell these items. If gun dealers do secure lines of credit, high-risk merchants \u201chave to make do with crappier terms and higher rates,\u201d according to Merchant Maverick<\/a>.<\/p>\n

These restrictions would make doing business as a small firearms company increasingly difficult in an environment already feeling the effects of a post-Obama slump<\/a>.<\/p>\n

SEE ALSO:\u00a0When Banks Attack: Citigroup\u2019s Anti-Gun Policies May Provide \u2018Template\u2019 for Others<\/a><\/h2>\n

The strategy feels suspiciously similar to the Obama-era, Eric Holder-led Operation Choke Point. Operation Choke Point was a federal policy that encouraged banks and money lenders to cut ties with companies engaged in nefarious, \u201chigh risk\u201d activities.<\/p>\n

The feds peddled the plan as a way to combat fraud, money laundering, and terrorism, but they also used it to go after the gun industry and dry up their lines of credit.<\/p>\n

The policy has faced strong criticism from the pro-gun community as well as members of Congress, and the House voted to repeal Operation Choke Point late last year.<\/p>\n

\u201cIt is simple: the federal government should not be able to intimidate financial institutions into dropping entire sectors of the economy as customers, based not on risk or evidence of wrongdoing, but purely on personal and political motivations,\u201d said the bill\u2019s sponsor, Rep. Blaine Luetkemeyer (R-MO) in a press release.<\/p>\n

Now the anti-gun lobby is taking Operation Choke Point to the state level, and they\u2019re using the Parkland-driven hysteria to put as many firearm and ammunition dealers and manufacturers out of business.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cIf gun violence continues unabated in society \u2014 public outcry and calls for action may grow and create significant financial risk for the company,\u201d DiNapoli reportedly wrote to Mastercard.<\/p>\n","protected":false},"author":54,"featured_media":90246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_specdata_upc":"","_specdata_placement":"","footnotes":""},"categories":[7,25,593],"tags":[132,607,122],"featured":[],"hunt365":[],"class_list":{"0":"post-90245","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gunsamerica-authors","8":"category-current-events","9":"category-jordan-michaels","10":"tag-buzz","11":"tag-news","12":"tag-r2kba"},"yoast_head":"\nNew York Comptroller Asking Money Lenders to Put the Choke on Gun Sellers<\/title>\n<meta name=\"description\" content=\"New York Comptroller Asking Money Lenders to Put the Choke on Gun Sellers - Authors\" 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