Three Caribbean American legislators have joined New York City Mayor, Eric Adams, and other elected leaders in calling on three of the world’s largest credit card companies, to support a proposal to establish a merchant category code (MCC) for gun and ammunition stores to monitor and track sales.
New York State Senator Zellnor Myrie, whose grandmother hailed from Jamaica; New York City Public Advocate Jumaane Williams, the son of Grenadian immigrants; and Queen Borough President Donovan Richards, Jr., whose father is Jamaican-born, said they wholeheartedly support the initiative.
Williams said credit card companies already use merchant category codes for retailers from utilities to transportation to clothing, stating that “it’s past time they also used them to specifically mark gun stores as well.
“As trustees of the New York City Employees’ Retirement System, we have invested in the big three credit card companies. We have a fiscal and moral responsibility to protect New Yorkers’ safety and finances by urging these companies to exercise that same responsibility and implement category codes to help detect suspicious purchases at gun and ammunition stores.
“Every illegal gun was legal at some point, and the usage of these codes would be instrumental in monitoring and tracking those legal gun sales as well as future gun trafficking,” Williams added.
Myrie said gun violence is a public health and safety crisis that demands a full-force response from every sector, including financial services.
The representative for the 20th Senate District in Brooklyn said credit card companies have the power to track suspicious spending patterns and can use a designated MCC to help save lives.
“I applaud Comptroller Lander for leading this shareholder action to demand responsible leadership and a true public-private partnership to end gun violence.”
Richards said gun violence is a crisis that has been tearing apart too many families for far too long.
“We need to think creatively and act aggressively to address this scourge. The credit card companies have their role to play in this and must do their part to help combat gun violence and keep our families safe,” he added.
The Mayor said the creation of a new code would help financial institutions detect and report suspicious activity, such as unusually large purchases of firearms or ammunition, or purchases from multiple stores, which may be used for criminal purposes.
Credit card companies, such as American Express, MasterCard and Visa, use a four-digit merchant category code to classify businesses by the types of goods and services sold, Adams said, adding that merchant category codes are set by the International Organization on Standardization (ISO).
Adams said unique merchant category codes exist for grocery stores, sporting goods stores, bicycle shops and many other retailers, but not for gun and ammunition stores.
Proposals have been brought before the ISO to create a merchant category code for gun retailers, but American Express, MasterCard and Visa have not supported the notion.
The three pension funds own 667,200 thousand shares in American Express valued at about US$92.49 million; 1.1 million shares in MasterCard valued at about US$347.59 million; and US$1.85 million shares in Visa valued at about $363.86 million.
“When it comes to guns falling into the wrong hands, we must find upstream solutions before we’re faced with downstream consequences — because downstream consequences are lost lives,” said Mayor Adams.
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