Never underestimate the ability of California lawmakers to embrace the wildest ideas when it comes to eliminating gun rights. Other states are pushing back on “woke” banking discrimination. Not California. There’s an effort there to require it.
State Sen. Dave Min introduced SB 637, which requires that California’s public finances cease business with any banks or lenders that have business relationships with firearm manufacturers. The bill would affect every aspect of California’s finances, including municipal bonds, capital projects, and the state’s debt.
It would be easy to say this is California taking the opposing track to what Texas did with the Firearm Industry Nondiscrimination (FIND) Act. That’s the law that states if corporate banks hold discriminatory policies, they can’t compete for state or municipal contracts. Those corporate banks are free to discriminate if they choose but forfeit the ability to profit from Texas taxpayer-funded contracts. Similar legislation has been introduced in Congress by U.S. Rep. Jack Bergman (R-Mich.) and U.S. Sen. Steve Daines (R-Mont.). Sen. Kevin Cramer (R-N.D.) introduced the Fair Access to Banking Act, which would require banks to provide access to services, capital, and credit based on the objective risk assessment of individual customers rather than subjective broad-based decisions affecting whole categories or classes of customers. Several states are considering their own FIND Acts, including Iowa, Montana, Kentucky, and West Virginia. Florida Gov. Ron DeSantis recently announced he’s seeking similar legislation for his state.
The difference between these laws and California’s legislation is that California’s proposal requires corporations to discriminate for the sole reason that firearm manufacturers are in the business of making guns.
That’s nothing to sneeze at, given California’s economy is poised to be the world’s 4th largest at $3.4 trillion. According to the World Economic Forum, it is set to surpass Germany’s economy.
According to the OC Breeze, California Treasurer’s Office, the state manages approximately $3.1 trillion in banking transactions within a fiscal year, including selling bonds and overseeing the state’s debt and investment portfolios. California currently reports $63.3 billion in total General Obligation bonds outstanding.
Codifying Operation Choke Point
Sen. Min’s proposed legislation is a state-level Operation Choke Point, the illegal coercion by the Department of Justice (DOJ) and Federal Deposit Insurance Corporation (FDIC) to discriminate against firearm manufacturers and businesses. A U.S. House of Representatives Oversight and Government Reform investigation found that the FDIC included federally licensed firearms retailers and other companies in the firearms and ammunition industry – some of the most heavily regulated businesses in the country – on a list of risky businesses without any evidence or justification.
Sen. Min’s bill would codify that. He’s no stranger to antigun legislation. He authored the law that ended the sale of firearms and ammunition on state property, which ended gun shows on state fairgrounds.
The bill, though, might be facing legal headwinds. Specifically, it could run headlong into the Commerce Clause. That’s the part of the U.S. Constitution that gives Congress the sole power to regulate interstate commerce. Sen. Min’s bill would deny business to any corporate entity unless it adopts California’s mandate that those businesses refuse business to law abiding, credit-worthy firearm manufacturers. Given the size of California’s economy, this is a direct threat to firearm manufacturers, which comprise a Constitutionally-protected industry. If the government forces the industry out of existence by threat of economic might, it is unlawfully limiting the ability of the firearm industry – and the banks that provide financial services – from conducting interstate commerce. That’s the responsibility of Congress to regulate – not California.
This bill would also run afoul of the Second Amendment. The goal of this bill obviously is to drive the firearm industry out of existence, and with it the ability of law-abiding Americans to exercise their right to acquire firearms for lawful purposes including self-protection. It would shutter the industry that provides the tools law enforcement uses to protect America’s communities and the U.S. military to defend the homeland.
California Discrimination
This isn’t the first time California has wielded economic might to discriminate against the firearm industry. California Public Employees’ Retirement System, or CalPERS, is one of the largest public employee pension funds in the country. Entire industries have been on the CalPERS blacklist including tobacco and fossil fuels. Of course, gun control activists who have been having little luck in passing irrational legislation, are also targeting pension funds nationwide to urge divestment.
The problem is that fund managers owe a legal, fiduciary obligation to their investors – those people putting money into public retirement funds. Fund managers aren’t picking the best-performing portfolios, rather they are investing other people’s money to buy special interests – in this case, denying investment into firearm-related businesses at the behest of gun control.
Tucker Carlson of Fox News’ Tucker Carlson Tonight reported in 2020 that Yu Meng, who was the Chief Investment Officer at CalPERS, and while he was there “long engaged in shareholder activism to advance leftwing causes in this country like gun control and have been very aggressive about it.” At the same time, CalPERS invested Californians’ public employee retirement funds into companies that supply the Chinese military.
Meng resigned from CALPers in 2020, and the public fund was later sued by a former board member for alleging that CalPERS improperly held a closed-door meeting about Meng’s exit and has since refused to release records about it or of the fund’s assets.
Antigun Future
None of that seems to concern Sen. Min. In fact, he sees his radical antigun efforts as a springboard to higher office. U.S. Sen. Dianne Feinstein (D-Calif.) announced she would not seek re-election in 2024. The scramble to replace her began before her official announcement, with U.S. Rep. Katie Porter (D-Calif.) throwing her hat into the arena. State Sen. Min sees this as his opportunity to take his antigun agenda from California to Washington, D.C. Rep. Porter endorsed Sen. Kim to replace her at the U.S. House of Representatives.
Sen. Min’s legislation, and his political ambitions, show the clear threat to American rights when special interests use the levers of government to pick and choose which rights are favored and disfavored.
About The National Shooting Sports Foundation
NSSF is the trade association for the firearm industry. Its mission is to promote, protect and preserve hunting and shooting sports. Formed in 1961, NSSF has a membership of thousands of manufacturers, distributors, firearm retailers, shooting ranges, sportsmen’s organizations, and publishers nationwide. For more information, visit nssf.org
IMOA, no gun company should do any business with these clowns or any bank company that agrees to the bill. When they make it hard financially, no one countrywide should sell to them either. No guns, gun accessories, gun parts, scopes, ammunition etc. Infact, sue them for illegal free trade or commerce discrimination.
Yep. Refuse to sell to any one in a state that bans guns or magazines. This especially applies to all police and government agencies. No guns for you either.
Yes stop all assistance to the police in cali. no guns,amo etc see how they like having nothing!
And who would I sue?! The last time I went to make an on-line purchase for ammo from a ‘major’ supplier, Paypal denied the purchase. I had most of my CC accounts saved to Paypal through a Google link. I no long do. I will not make any more purchases while I’m still in Commiefornia until I Get Out and move to my new ranch home in AZ!
Sue both Google & Paypal. Infringing on your right.
Commiefornia is illegally attacking the civil rights the Constitution demands the state protects. Stop funding it, if a resident, refuse to pay taxes to the criminal org known as the state of Commiefornia. You have no obligation to it any longer.
Good luck with that if you have anything. Banks and brokers will cooperate if state claims your accounts. If state claims your house, police will evict you with however much force they feel like using. Heck I imagine they’ll seize your car and personal effects as well – again using whatever amount of force they deem necessary. Personally my home represents too much value for me to put it at risk, as do my bank accounts and my 401k. I am not capable of fighting off the entire LEO-force of any tiny town – forget an entire rather-large state. Better… Read more »
i fully agree, a statewide ban is the only way. no doubt the manufacturers will feel some pain for a while but once state and local LEOs find obtaining ammunition, mags, spare parts and replacement firearms all but impossible…. the wall of malfeasance will crumble.
And yet the gun industry will still sell arms and ammo to these totalitarian butt wipes while standing with their thumbs up their sphincters as your rights are denied. if you buy guns, the gun industry owes you a duty to stand up aggressively for 2A and they owe you a duty not to be arming the confiscators. Stop doing business with companies that sell guns and ammo to ca, ma, ny, ct, nj police. Hear that Glock, s&w, federal????????? STOP PROVIDING GUNS and AMMO TO STATES THAT RESTRICT RIGHTS AND ACCESS. Stop providing guns to the police in police… Read more »
I would not worry about California being able to enforce anymore laws at all. The state has a budget deficit of 25 billion dollars. The state of California had a surplus of 100 billion dollars last year.
The state is blaming it on the amount of people moving out and creating a shortage of taxes. Newsom said he has to revamp the states budget.
Yes, I heard they want to tax you even if you leave the state, imagine how that’s going to work out!
Cut off any and all agencies in the state – local, county, and state from acquiring firearms, ammo, parts, and warranty work on anything they own or want to buy. Once Newsom squeals about the situation – it will be put out nationally as an example to governments that want to “F around”. States buy very few firearms per year compared to private citizens – might be on the order of 250x the volume less.
The despicable hardships they inflict on others are always the very things they could least survive if done to themselves.
Capitalistic Liberalism
More like psychotic liberalism, hey, isn’t that a repetition within itself there??
I think you could leave out the “related to firearms in any manor” part and that statement would still hold true.
Simple solution. Do not sell firearms to any commiefornia government agency or law enforcement officer.
Jim Grant, Please post who wrote the article at the top. I really don’t care who posted it but knowing who wrote it is important.
It’s already a $10K fine for ANY financial institution to refuse to do business with anyone, even for not supplying an SSN, or at least it was in 1998 when I first read about it! These damn Libtards are so psychotic, it just boggles my mind! They preach equality and fairness on the one hand, but then they want to be able to totally discriminate against certain people whenever they want to on the other hand! Like free speech for everyone, except if you don’t agree with what is being said by the Libtards, then you are to be banned… Read more »