UNACCEPTABLE: "Special Code" for FIREARM and AMMO for "blocking transactions in such a category"...

Published on September 11, 2022
Duration: 8:15

An international organization has approved a new merchant category code (MCC) for firearm and ammunition retailers, a move driven by pressure from Democrats and certain state officials. While proponents claim it will help flag suspicious sales and reduce gun crime, critics argue it's a step towards tracking and potentially restricting legal purchases, setting a dangerous precedent for financial institutions acting as moral authorities. The code's implementation is optional for credit card companies, but political pressure is being applied for its widespread adoption.

Quick Summary

An international organization has approved a new merchant category code (MCC) for firearm and ammunition retailers, driven by political pressure. While proponents claim it aids in flagging suspicious sales, critics fear it's a step towards tracking and restricting legal purchases, setting a dangerous precedent for financial institutions.

Chapters

  1. 00:00Introduction: New Firearm & Ammo Credit Card Code
  2. 00:57Credit Card Sales of Guns and Ammo Tracking Approved
  3. 01:34International Standards Organization Approves New MCC
  4. 01:46Democratic Pressure Behind the Code Creation
  5. 02:32Not All Card Companies Are On Board
  6. 02:56Visa's Concerns About Moral Authority
  7. 03:42Amalgamated Bank's Role and 'Woke' Tendencies
  8. 04:28The 'Woke Bank' Capitulation
  9. 05:21Amalgamated Bank CEO on Stopping Gun Violence
  10. 05:58Questioning How the Code Stops Illegal Purchases
  11. 06:37Lawmakers Pressure Credit Card Companies
  12. 07:14Elizabeth Warren on Code Effectiveness
  13. 07:33Call to Action: Pressure Financial Organizations
  14. 07:54Why the Code is Wanted Across All Organizations
  15. 08:06Conclusion and Viewer Engagement

Frequently Asked Questions

What is the new merchant category code (MCC) for firearms and ammunition?

An international standards organization has approved a new MCC for firearm and ammunition retailers. This code is intended to help flag suspicious sales, though critics argue it could lead to tracking and potential restrictions on legal purchases.

Who is behind the push for the new firearm and ammunition MCC?

The creation of this new merchant category code was heavily influenced by pressure from congressional Democrats, along with Attorney Generals from New York and California. Amalgamated Bank also played a key role in initiating the effort.

What are Visa's concerns regarding the new firearm and ammunition MCC?

Visa has expressed concern that requiring payment networks to act as 'moral authorities' by deciding which legal goods can be purchased sets a dangerous precedent. They also noted their rules prohibit blocking legal transactions under an MCC.

Is the new firearm and ammunition MCC mandatory for credit card companies?

No, the implementation of the new merchant category code for firearms and ammunition is optional for financial institutions and payment systems. However, there are ongoing efforts to encourage widespread adoption through political and public pressure.

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