Financial Institutions Involved in Gun Control

[eddiememphis]

A new bill would have financial institutions report on "suspicious or illegal financial activity related to firearms".

Link to bill
https://wexton.house.gov/sites/wexto...ence%20Act.pdf

Link to press release
https://wexton.house.gov/media/press...ht-against-gun

Link to National Review detailing the bill
https://www.nationalreview.com/corne...n-gun-control/

This would allow a government database on firearm, ammunition and accessory purchases compiled by your bank and credit card companies.

[Irving]

Seems like a backdoor into starting a data base for sure. As written, it doesn't say much, but as the article implies, since there isn't a way for financial institutions to provide much info, it just opens a door to the government requiring more info sharing to get that info.

More ATMs at gun shops?

[Gman]

If you spend money at a gun store, for a gun, ammo, accessories, etc., how would the financial institution know anything other than the total charge? Since when does the credit card company get an itemized accounting of your total bill?

If someone were doing some kind of illegal activity, they're probably operating a cash business. They'd likely also not be buying firearms in any kind of volume through legal means.

= More leftist thinking that doesn't make logical sense.

[Irving]

Definitely none of this makes sense. The chances of this being used to actually prevent a crime, rather than filling in blanks after the fact are nill, in my opinion.

[eddiememphis]

Seems like a backdoor into starting a data base for sure. As written, it doesn't say much, but as the article implies, since they're isn't a way for financial institutions to provide much info, it just opens a door to the government requiring more info sharing to get that info.

Exactly.

"If FinCEN determines that the data collected is insufficient, they must submit a report to Congress detailing the process and identifying barriers to data collection. " From the press release.

When it shows there is not enough information available to define the red flags indicating whatever they are looking for, they will simply request a change in the information gathering. I can see a couple of changes. Either your credit card will have a receipt attached breaking down every charge, or the the stores will be required to submit information on sales of UPC or SKU numbers. Every sale of a box of CCI Stingers will be recorded, (which it likely already is for inventory purposes) and sent to the database along with the card used for the transaction.

If you buy 2500 rounds you can then be flagged as a terrorist or whatever. It is also a great indicator of who owns guns that are not registered.
But there is no Federal registration system, you say?
Just wait.

It is also a way to curb sales by putting pressure on banks and lenders to not allow their customers to buy guns and ammo. Either refuse to pay for the item or put an extra charge for handling the transaction due to whatever nonsense their lawyers can dream up. Consumers are not required to enter into an agreement with a bank, it's a voluntary arrangement.

Oh, one more thing. By sharing the information with your health, life and homeowner's insurance, your premiums will be adjusted accordingly.

[eddiememphis]

Definitely none of this makes sense. The chances of this being used to actually prevent a crime, rather than filling in blanks after the fact are nill, in my opinion.

It's only superficially about crime or safety. It's about control and eventually stopping all private firearm ownership in the country.

[FoxtArt]

Just wait until they start trying to pressure people into not using cash too... which will happen, one way or the other, eventually.
5 years, 25? Who knows.

Things like the existing reporting requirements for depository institutions (Depositing $3,000 and $10,000 IIRC) but instead, imagine automated reporting for withdrawing > $19.99 in cash, from a bank, ATM, or debit.

In the field of government control, cash is a HUGE loophole, it's just a matter of time.....

[Great-Kazoo]

Seems like a backdoor into starting a data base for sure. As written, it doesn't say much, but as the article implies, since there isn't a way for financial institutions to provide much info, it just opens a door to the government requiring more info sharing to get that info.

More ATMs at gun shops?

No, More cash transactions. As in walk in with cash, walk out with products. Honestly, anyone who doesn't have pvc, waterproofed tubes buried somewhere is foolish.

[Irving]

Just wait until they start trying to pressure people into not using cash too... which will happen, one way or the other, eventually.
5 years, 25? Who knows.

Things like the existing reporting requirements for depository institutions (Depositing $3,000 and $10,000 IIRC) but instead, imagine automated reporting for withdrawing > $19.99 in cash, from a bank, ATM, or debit.

In the field of government control, cash is a HUGE loophole, it's just a matter of time.....

Some restaurants tried to not accept cash, until they got sued.

[Gman]

No, More cash transactions. As in walk in with cash, walk out with products. Honestly, anyone who doesn't have pvc, waterproofed tubes buried somewhere is foolish.

I'd probably forget where I buried them.