Protecting the Second Amendment in Financial Services Act

This bill would stop credit card companies and payment networks from using a special merchant category code to single out stores that sell firearms or ammunition. In short, it tells banks and payment processors not to tag gun or ammo shops differently from other retailers when processing credit card purchases.

Key points

• Who is affected: Banks, credit card issuers, payment networks, and other companies that authorize or process card transactions.
• What changes: They may not use a code that separately identifies firearms or ammunition merchants when handling credit card transactions.
• Why it matters: It aims to prevent special tracking of purchases at gun and ammo stores through payment system codes.