The New York Times: Banks Could Control Gun Sales if Washington Won’t

Jurisdictions that restrict gun sales, like Australia or Connecticut, soon experience fewer mass shootings, suicides and other shooting deaths. The United States has the highest rate of gun violence among developed nations, yet the National Rifle Association and Congress resist background checks and other controls. In the wake of a Florida school shooting that left 17 dead, Andrew Ross Sorkin of the New York Times proposes that banks and other financial firms act on their own to reduce assault-weapons sales: “What if the finance industry … were to effectively set new rules for the sales of guns in America?” he writes. “PayPal, Square, Stripe and Apple Pay announced years ago that they would not allow their services to be used for the sale of firearms.” Credit card companies, changing their terms of service, could refuse to work with retailers that sell assault rifles or other equipment boosting firepower. Sorkin points to precedents for credit-card issuers blocking otherwise legal products. About 30 percent of US banks have 50 percent or more of their shares owned by foreigners. Retailers would resist being told how to run their business, and cash sales could present dangers, too. Citizens in democratic societies, confronting government inaction on a problem with obvious solutions, hunt for new ways to apply pressure. – YaleGlobal

The New York Times: Banks Could Control Gun Sales if Washington Won’t

The US government fails to take action to prevent mass shootings, but the financial industry could prohibit its products being used to sell assault weapons
Andrew Ross Sorkin
Tuesday, February 20, 2018

Read the essay from the New York Times.

Andrew Ross Sorkin is a columnist for The New York Times and the founder and editor-at-large of DealBook, an online daily financial report published by The Times that he started in 2001. In addition, Mr. Sorkin is an assistant editor of business and finance news, helping guide and shape the paper’s coverage.

The US Federal Reserve monitors banks and foreign ownership.

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