SAFER Banking Act Hardly Protects the Firearm Industry
By Ben Sanderson
SUMMARY: As written, the SAFER Banking Act of 2023 does not sufficiently protect the gun industry or the right to keep and bear arms. Instead, it makes a presently illegal substance legal to bank while allowing banks and regulators wide authority to de-bank the constitutionally-protected right to keep and bear arms. Some flaws in the proposed statutory language could negatively impact half of the gun stores in the United States!
Click here to read more about how Banks currently refuse business to the firearms industry
Sec. 10(b)(1) only restricts the actions of rogue federal bureaucrats while doing nothing to address the actions of anti-gun banks and other financial institutions who owe their continued existence to taxpayer bailouts and other government assistance. These woke institutions have no right to discriminate against the constitutionally protected rights of the American people or the commercial services they provide which enables this constitutionally protected activity.
Sec. 10(b)(2)(A)(i)(I) fails to provide a statutory definition of “unsafe or unsound practice in conducting business” which guarantees protections for the firearm industry. While existing case law provides a reasonable interpretation of such language, it’s far from settled Supreme Court precedent. Gun Owners know full well how statutory language can be redefined and