Bank Chiefs Grilled On Restricting Gun Sales Via Firearm-Specific Merchant Codes

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All seven bank chiefs testifying before Congress on Thursday committed to upholding the Second Amendment by promising not to restrict sales of guns following the adoption of new firearm-specific transaction codes that have sparked concern over whether the tracking data might be used by payment processors to curb sales of guns and ammunition.

The CEOs made the pledge while responding to Sen. Kevin Cramer (R-N.D.), who pressed the heads of America’s biggest retail banks for a commitment to protect and process all transactions for legal goods and services—including guns—in light of what he described as political pressure to legislate social policy through corporate boardrooms instead of through the democratic processes.

Cramer said that the adoption of the new firearm-specific Merchant Category Codes (MCC) for gun and ammunition stores was foisted on the International Organization for Standardization (ISO) by liberal activists.

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