MORRISTOWN, N.J. – Promising it would aid in “combatting” gun violence, Governor Phil Murphy stood in front of a misspelled sign on Tuesday and, flanked by supporters, announced a new executive order which will sever the business relationship between New Jersey and certain banks and gun retailers. The new initiative was first reported by The New York Times.
New Jersey spends about $70 million every year on firearms and purchases related to firearms. Going forward, the Murphy Administration will no longer purchases those items from any retailers who fail to help “prevent, detect and screen for the transfer of firearms to straw purchasers or firearm traffickers.”
What’s more, any financial institutions dealing with non-compliant gun manufacturers and retailers will lose New Jersey’s business, a potential $1 billion hit.
“Taxpayers are the top purchasers of firearms. The State should not be purchasing firearms, ammunition or equipment from vendors that place civilians and law enforcement in harm’s way by virtue of not adopting responsible practices related to firearms,” reads the executive order.
Click here to read EO-83.
The implications are potentially seismic. Some banks and credit card companies are already taking steps to sever ties with the gun industry, placing onerous restrictions on their business dealings, but many financial institutions (and many retirement accounts) are closely intertwined with gun manufacturers. Leftists like Murphy hope building financial pressure will squeeze and eventually crush the industry.
New Jersey was already one of America’s strictest gun control states even before today’s announcement.