WASHINGTON – Ahead of today’s Senate Banking Hearing with the CEOs of America’s largest retail banks, U.S. Senator Kevin Cramer (R-ND) led his Senate Banking Republican colleagues in sending a letter to the Bank Policy Institute (BPI), urging the organization to resist political pressure to block legal transactions and insert financial institutions into controversial social issues.

Last week, Visa, Mastercard, and American Express announced they will implement a new merchant category code for gun and ammunition stores. This action follows the International Organization for Standardization’s controversial decision to establish the new merchant category code proposed by a bank whose mission is to advance left-wing causes.

“The creation of the new merchant category code was celebrated widely by liberal Democrats and gun-control advocates. They have made it clear this is just the beginning of their campaign to block legal purchases of firearms,” wrote the letter. “In the face of this coming political pressure, we expect BPI’s members to demonstrate a commitment to process all transactions for the purchase of legal goods and services, including firearms, and maintain the financial privacy of consumers.” 

The senators expressed concerns that these efforts will undermine the ability of lawful Americans to exercise their constitutional Second Amendment rights.

“Let us be clear: banks should not misuse their power to hinder the ability of law-abiding Americans to exercise a constitutional right by creating de-facto bans on legal firearm purchases. Addressing complex and contentious social and policy issues that involve balancing competing values is the job of democratically-elected leaders, not unelected bank executives. We urge BPI’s members to resist the political pressure to insert themselves into such issues, especially firearms. Instead, our nation’s largest financial institutions should focus on serving the needs of their customers without bias,” concluded the letter.

Senator Cramer is joined by Senate Banking Committee Ranking Member Pat Toomey (R-PA), and Senators Richard Shelby (R-AL), Mike Crapo (R-ID), Tim Scott (R-SC), Thom Tillis (R-NC), John Kennedy (R-LA), Bill Hagerty (R-TN), Cynthia Lummis (R-WY), and Steve Daines (R-MT).

Click here to read the letter.