Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Feds targeting gun sellers as ‘high risk,’ same category as Ponzi schemes (VIDEO)

% of readers think this story is Fact. Add your two cents.


Attorney Gen. Eric Holder’s Department of Justice, in coordination with the FDIC, is seeking to bring extra scrutiny to bank funding to high-risk businesses. (Photo credit: Susan Walsh/AP/File)

The Federal Deposit Insurance Company (FDIC) has labeled companies in the gun and ammunition industry “high risk,” which is now arming the DOJ with the power to limit or cut off their access to working capital.

This story was reported extensively this week by the Washington Post, which discovered that the FDIC has, since 2011, urged banks to better manage the risks of their merchant customers who employ payment processors, such as PayPal, for credit card transactions.

In tandem with this guidance from the nation’s guarantor of banks, the Justice Department in 2013 launched a program, along with the Consumer Financial Protection Bureau, known as “Operation Choke Point,” which focuses on the transactions of these same payment processors.

“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.

Besides the gun and ammunition industry, this list of high-risk merchant categories includes Ponzi schemes, dating and escort services, drug paraphernalia shops, racists material makers, pornography and online gambling.

The list of 30 “high-risk merchant categories” maintained by the FDIC since 2011. (Photo credit: FDIC.gov)

Many argue that this has directly effected gun makers and retailers ability to obtain credit and financing.

In 2013, for example, GE Capital quietly began cutting off lines of credit to gun shops nationwide. The year before, both McMillan International and American Sprint Arms were dropped by Bank of America.

Bank of America at first defended their actions by claiming American Sprint sold guns illegally online, although all transactions were, by law, conducted through Federal Firearms License holders.

“This seems to be happening with greater frequency and to many more dealers,” said Joe Sirochman, owner of American Spirit Arms.

This has brought gun-rights groups as diverse as the National Rifle Association and Jews For The Preservation of Firearms Ownership out in opposition of this increase in federal banking scrutiny.

“Gun control proponents, having achieved only limited success in the legislative arena, have without question sought additional avenues for restrictions through the business community,” stated a report from the NRA’s Institute for Legislative Action earlier this month on Operation Choke Point.

However the NRA urges caution, by saying, “While all of these developments deserve close attention, we have not substantiated that they are part of an overarching federal conspiracy to suppress lawful commerce in firearms and ammunition, or that the federal government has an official policy of using financial regulators to drive firearm or ammunition companies out of business.”

Meanwhile, Operation Choke Point has also garnered Congressional attention. In January, Rep. Darrell Issa, (R-Calif.), who chairs the House Oversight Committee asked Attorney General Eric Holder for more information which led to a hearing last month in front of the House Committee on Financial Services with Choke Point at the center of discussion.

“It’s pretty clear,” says Rep. Steve Stockman, (R-Texas), “that unless Congress uses the power of the purse to stop him, Barack Obama will use his ‘phone and his pen’ to ban guns by cutting off money for gun manufacturers and dealers.”

The post Feds targeting gun sellers as ‘high risk,’ same category as Ponzi schemes (VIDEO) appeared first on Guns.com.


Source: http://www.guns.com/2014/05/20/feds-targeting-gun-sellers-as-high-risk-same-category-as-ponzi-schemes-video/?utm_source=rss&utm_medium=rss&utm_campaign=feds-targeting-gun-sellers-as-high-risk-same-category-as-ponzi-schemes-video


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.


LION'S MANE PRODUCT


Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules


Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.



Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.


Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.