For a few years there, it seemed we were continuously reporting on some firearm-based business that was rather abruptly informed they’d lost their bank or some other financial service. There was no warning, no attempt at rectifying any issues, nothing. They were just cut off, sometimes with payments left to process but items in the mail.
While we’re not hearing as much about it these days, the threat still looms, and it should never happen. What’s more, we know that it happened because of government pressure via Operation Chokepoint, among other efforts.
Now, there’s a bill seeking to end this once and for all.
A U.S. senator from Oklahoma is targeting banks and other financial institutions that discriminate against those in the firearms industry and other groups not considered politically correct enough.
This legislation specifically penalizes banks and credit unions with total consolidated assets exceeding $10 billion, along with their subsidiaries, if they refuse to conduct business with any legally compliant, creditworthy individual. It also prohibits payment card networks from discriminating against any qualified person based on political or reputational factors.
The bill requires qualified banks to provide written justification for any denial of financial services to an individual. Additionally, the act imposes penalties on providers who fail to comply with the law by disqualifying institutions from accessing discount window lending programs, revoking their status as an insured depository institution or credit union, or imposing a civil penalty of up to $10,000 for each violation.
“Banks should not be able to pick and choose winners and losers in the marketplace based on politics,” Mullin said in a released statement. “This legislation ensures that financial institutions operate fairly and provide services based on risk, not ideology.”
No, banks shouldn’t be able to pick and choose winners, but there are a few things worth talking about with this bill.
First, it’s not the first time this has been attempted. A similar bill popped up back in 2018 when this was still happening almost every week. That bill didn’t go anywhere, unfortunately. […]
— Read More: bearingarms.com
At Last, a Company With Integrity in the Gold IRA Industry
For several years, I’ve been vetting out precious metals companies in search of the best. I believe in gold and silver but it’s hard to find integrity in the Gold IRA industry. The vast majority operate with shady tactics and gigantic spreads that take advantage of Americans who simply want to protect their life’s savings.
I’ve found a handful that I like and I’ve worked with some of them. By no means would I “unrecommend” them because, again, I vetted them out and found them to be above the fold. Unfortunately, it isn’t hard to be better than the rest when the rest are so darn awful.
After years of searching, I finally found a company that truly operates with integrity. Augusta Precious Metals has three important attributes that set them far above the competition:
- Non-Commissioned Sales Team: I cannot stress how important and unique this is. With just about every other company in the Gold IRA industry, the sales teams make commission from every account they open. This means they steer their clients toward the gold and silver products with the highest commission. With Augusta Precious Metals, the team is solely focused on putting the best gold and silver for their clients into their IRA. They get paid to serve the best interests of the Gold IRA client, NOT their own commission pay.
- Incredibly Low Fees: Most Americans would be shocked if they knew the spread other Gold IRA companies charge. Augusta charges just 5% versus up to 45% elsewhere.
- No Pressure, No Gimmicks: There’s an understanding among most in the Gold IRA industry that fear and pressure is the way to go. Augusta Precious Metals takes a sober approach when working with clients because they hold integrity in the highest possible regard. This is why they don’t offer gimmicks like “free” or “bonus” silver. It’s also why they do not apply pressure tactics to get quick sales. Their educational and transparent approach to doing business is exceedingly rare in the Gold IRA industry.
