Should Banks Be in the Gun Control Business?

There is no easy way to determine whether someone is spending a lot on guns because they like guns or because they plan to commit an act of terror.

by Noah Shepardson

A new federal gun control bill calls for banks and credit card companies to provide transaction data to the feds on some firearms purchases.

The Gun Violence Prevention Through Financial Intelligence Act, introduced by Rep. Jennifer Wexton (D–Va.), would require the Financial Crimes Enforcement Network (FinCEN) to “request information from financial institutions for the purpose of developing an advisory about the identification and reporting of suspicious activity.” The bill’s aim is to identify a consistent purchasing pattern among people who buy firearms and firearm accessories in order to conduct “lone wolf acts of terror.”

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