During the Obama Administration, the government developed its own sneaky way of attacking Second Amendment rights without even passing a law. The government simply encouraged banks to cut off gun manufacturers from the entire U.S. financial system, seemingly in violation of their rights. This was only one in a series of moves to choke off companies that Obama did not like.
Banks Cannot Kill the Gun Industry in the Absence of Laws
Now, the Trump Administration has finalized a rule to keep that from happening in the future. Not only did Trump halt this program when he first took office, he has now changed the federal regulations that allowed it. This is in advance of Joe Biden’s promises to once again try to choke off gun manufacturers.
The banking industry is now prohibited from similar conduct in the future. They will not be allowed to act as their own “cancel culture,” choosing to strangle industries that the liberal press disfavors. Public pressure will not be allowed to dictate which companies can use banks and obtain financing.
Gun Manufacturers Can Breathe Easier
Otherwise, the effects on American business will be devastating. If a president simply does not like an entire industry, they can pressure the banking system to straight eliminate these businesses. The rule is especially timely given all the things that Joe Biden has said about how he intends to use executive power. Lacking broad majorities in both houses of Congress, he intends to operate on the outskirts of the law to broaden his own power. Now, he has one less way of trying to surreptitiously enact his own liberal agenda.