U.S. Bank Terminating Relationships with Firearms Businesses

[ScottDLS]

Ding, Dong - Operation Chokepoint is dead:

http://www.foxnews.com/politics/2017/08 ... point.html

But could another President just have the same rules/regulations put back in place? Was the law changed to prevent it?

An argument can, and was, made that existing law doesn't allow how the program was implemented. But because congress has delegated its constitutional responsibility to make law to executive departments we get this type of issues frequently. Interestingly I was applying for a business checking account for my LLC just today with Capital One and I noticed they had questions about high risk businesses like gambling, money transfer, bulk cash acceptance, etc. Notably absent... firearms related business... At least one giant bank...

[Jusme]

Ding, Dong - Operation Chokepoint is dead:

http://www.foxnews.com/politics/2017/08 ... point.html

But could another President just have the same rules/regulations put back in place? Was the law changed to prevent it?

An argument can, and was, made that existing law doesn't allow how the program was implemented. But because congress has delegated its constitutional responsibility to make law to executive departments we get this type of issues frequently. Interestingly I was applying for a business checking account for my LLC just today with Capital One and I noticed they had questions about high risk businesses like gambling, money transfer, bulk cash acceptance, etc. Notably absent... firearms related business... At least one giant bank...

Not to mention the fact, that a firearms business, is no more "high risk" than any other. The regulation was used to try to intimidate, and discourage people from opening any business, the previous administration disagreed with, and that included gun stores, manufacturers, etc. Banks were constantly audited, if they had loaned money to any of these businesses. It was in line with the use of the IRS to target conservative organizations. It never worked out like they had hoped, because, as we all know, gun sales were skyrocketing during the past 8 years, and getting business loans for firearms related businesses, was not difficult, because repayment was a sure thing. But, the fact that it has been killed by this administration, shows that Trump, is still fulfilling his promises.

[ScottDLS]

I wholeheartedly agree!

[bblhd672]

Ding, Dong - Operation Chokepoint is dead:

http://www.foxnews.com/politics/2017/08 ... point.html

But could another President just have the same rules/regulations put back in place? Was the law changed to prevent it?

An argument can, and was, made that existing law doesn't allow how the program was implemented. But because congress has delegated its constitutional responsibility to make law to executive departments we get this type of issues frequently. Interestingly I was applying for a business checking account for my LLC just today with Capital One and I noticed they had questions about high risk businesses like gambling, money transfer, bulk cash acceptance, etc. Notably absent... firearms related business... At least one giant bank...

Not to mention the fact, that a firearms business, is no more "high risk" than any other. The regulation was used to try to intimidate, and discourage people from opening any business, the previous administration disagreed with, and that included gun stores, manufacturers, etc. Banks were constantly audited, if they had loaned money to any of these businesses. It was in line with the use of the IRS to target conservative organizations. It never worked out like they had hoped, because, as we all know, gun sales were skyrocketing during the past 8 years, and getting business loans for firearms related businesses, was not difficult, because repayment was a sure thing. But, the fact that it has been killed by this administration, shows that Trump, is still fulfilling his promises.

Firearms business are high risk? When was the last time the government had to bail out a firearms business with taxpayer money?
Seems auto manufacturers, banks and a bunch of other businesses have hand their hands out collecting bailouts the last few years.
The program was nothing more than the previous administrations efforts to dismantle the 2nd Amendment any way possible.