Powderhorn Outfitters opened up in 1978 in Hyannis, Massachusetts. They not only sell guns and ammunition, but they sell archery and fishing supplies also. They are involved with 8 fishing and hunting clubs in the area. They also sell to police officers and entire police departments with discounted prices.
Since the time they first opened their doors, their financial history has been solid and spotless. They’ve done business with TD Bank for years, so when owner Mark Cohen filed for a line of credit, he didn’t expect any problems. Then he received a notice from the bank that denied his application. The denial wasn’t because of his credit or financial history. It was due to the fact that the Department of Justice had a program called Operation Choke Point that worked with the Federal Deposit Insurance Corporation to cut off funding for gun dealers.
Cohen commented about the denial, saying:
“Recently I applied for a line of credit and was informed I was declined.”
“I was told my finances were fine and history was spotless, however they could not approve me because I sell guns.”
Cohen began doing some research and discovered Operation Choke Point that lumps gun makers and dealers in the same category as porn companies, marijuana growers and sellers, online gambling companies payday lenders and online tobacco sales. They are all deemed to be high risk companies. If banks provide any kind of financing to these high risk companies, they face intense scrutiny from the federal agencies including the FDIC. Consequently, many banks are refusing to lend any money to these high risk companies.
“In lieu of taking away our guns, they are placing these labels on us in an effort to remove funding for gun manufacturing.”
Cohen isn’t the only one that has been denied bank financing. The owner of Top Gun Firearms Training & Supply in Miami received a letter from BankUnited N.A. that stated:
“This letter in no way reflects any derogatory reasons for such action on your behalf. But rather one of industry. Unfortunately your company’s line of business is not commensurate with the industries we work with.”
What a line of bull! Their actions are derogatory and a classic case of the liberal bullying tactics being carried out by the anti-gun Obama administration. Richard Riese, Senior Vice President with American Bankers Association recently wrote:
“We’re being threatened with a regulatory regime that attempts to foist on us the obligation to monitor all types of transactions. All of this is predicated on a notion that the banks are a choke point for all businesses.”
If the Obama administration can’t get rid of guns and ammunition via legislation, then they are hell bent on driving the firearm industry out of business by using threats against the banks that do business with them.
In 1808, President Thomas Jefferson wrote to Jacob J. Brown, saying:
“I learn with great concern that [one] portion of our frontier so interesting, so important, and so exposed, should be so entirely unprovided with common fire-arms. I did not suppose any part of the United States so destitute of what is considered as among the first necessaries of a farm-house.”
Two hundred years later, President Barack Obama is saying that no one should be allowed to bear arms and that they are not necessary to any house. One way or another, Obama is determine to strip the American people of their arms and means of self-defense and is using subversive tactics to accomplish it.
This is one of the main reasons that this midterm election is so important. If Republicans can take the Senate and maintain the House, then they can change these unconstitutional policies and restore many of the rights that Obama has stripped us of. Please help make this change possible and get out and vote and support your pro-gun, pro-Constitution candidates.