Biden Admin Halts Trumps Rule on Fair Access to Financial Services

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According to Firearm Chronicles

One of the last rules adopted by the Trump administration was a provision from the Office of the Comptroller of the Currency called Fair Access to Financial Services. The rule was meant to ensure large financial institutions couldn’t deny any financial services to companies in disfavored sectors of the economy like the firearms industry, and was set to take effect on April 1st.

The financial discrimination against the firearms industry will be allowed to continue, however, now that the Biden administration has put the new rule on hold, which is the first step towards killing it completely. From Guns.com:

Republicans on Capitol Hill immediately called foul.

“There’s no reason for today’s action by career officials in the Office of the Comptroller of the Currency other than bending to political pressure from big banks and stalling or eliminating the rule will not stop the efforts of those of us who support it from continuing these efforts,” said U.S. Sen. Kevin Cramer R-N.D., who sits on the Senate Banking Committee. “The Biden Administration should use this opportunity to demonstrate leadership and not just be puppets for the large financial interests who back them.”

The National Shooting Sports Foundation, which had championed the rule change as a counter to the controversial Obama-era Operation Choke Point practices, likewise slammed the news.

“The first salvo in the gun control fight has begun and the Biden Administration has fired the first shot by improperly interfering in the affairs of the OCC which is an independent agency,” said NSSF’s Senior Vice President and Counsel Larry Keane.

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