PROTECTING THE SECOND AMENDMENT IN FINANCIAL SERVICES ACT
WASHINGTON, DC – Rep. Alex X. Mooney introduced H.R. 3021, The Protecting the Second Amendment in Financial Services Act to expressly prohibit financial institutions and credit card companies from using a merchant category code that separately categorizes gun and ammunition transactions.
This legislation is endorsed by the National Rifle Association and Gun Owners of America.
“Leftist activists have been clear that they intend to use merchant category codes to further surveil the constitutional firearm purchases of law-abiding citizens,” said Rep. Alex X. Mooney. “The only rationale to implement a new merchant category code is to appease anti-Second Amendment activists. I am unwavering in my support of the Second Amendment, and I am proud to introduce this common-sense legislation to protect it.”
“GOA thanks Rep. Mooney for leading the fight to protect American gun owners from the anti-gun actions of the International Standards Organization. The U.S. government cannot sit idly by while a foreign entity pressures banks, payment card networks, and other American corporations to infringe on the Constitutional rights of the American people. This legislation empowers U.S. financial institutions to stand up to this foreign influence by categorically rejecting this anti-gun ‘merchant code.’” – Aidan Johnston, GOA’s Director of Federal Affairs
Background: Merchant category codes (MCCs) are four-digit codes that enable payment processors and banks to categorize, monitor, and collect data on various types of transactions. On September 9, 2022, the International Organization for Standardization (ISO) approved a Merchant Category Code (MCC) for firearm retailers. Amalgamated Bank, a left-wing U.S. bank, led the charge in pressuring the ISO to adopt the new MCC. The ISO rejected Amalgamated Bank’s initial July 2021 application for the new MCC but approved it on the second application for reasons that remain unclear.
Amalgamated Bank and progressive Members of Congress have been open that they intend to use this new MCC to track and report lawful firearm transactions to law enforcement under the guise of “suspicious activity”. In other words, this MCC is the Left’s attempt to create a backdoor gun registry to further curtail the Second Amendment rights of law-abiding Americans.
While American Express, Mastercard, Visa, and Discover have announced a temporary pause in its implementation of this new MCC, there has been no formal request to withdraw the MCC. Legislation is needed to ensure this is never implemented.