A New Code for Gun Sales 9/12/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 12 September 2022

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

77% mass shootings in America were committed with guns bought legally, the majority with credit cards. Four years ago in columns for The New York Times, Andrew Ross Sorkin suggested that credit card companies have the power to help spot dangerous patterns in U.S. firearms sales by categorizing gun purchases the same way retailers categorize transactions at hair salons, and movie theaters. Earlier this year Amalgamated Bank, a union-owned U.S. bank driven by social responsibility, proposed that financial institutions use a new merchant code specifically for guns; now, CEO Priscilla Sims Brown discusses the proposal’s success and the decision from Mastercard and Visa to implement that code. Plus, President Biden is looking to curb U.S. chip shipments to China even further, and billionaire activist investor Dan Loeb has changed his mind about Disney–ESPN should stay. In this episode: Priscilla Sims Brown, @AmalgamatedBank Becky Quick @BeckyQuick Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Katie Kramer: @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:04.0	Hi, I'm C. NBC producer Katie Kramer, today on Squack Pod.
0:08.0	A major change for gun sales.
0:11.0	77% of the most deadly mass shootings in America.
0:15.7	How mass shooters purchase their guns and how to spot dangerous patterns.
0:19.8	Or bought legally and importantly with credit cards.
0:23.0	Credit card companies are ready to make a change
0:26.0	by tracking firearm sales at retailers.
0:28.8	President of Amalgamated Bank, Priscilla Sims Brown joins us,
0:32.4	she pushed for the shift.
0:34.0	Many of these big box, in fact, I think all of them have a separate room, separate area for
0:39.4	firearm sales, separate cash registers used for those sales. That can have a separate merchant code.
0:47.0	That big story today, plus U.S. chips going to China,
0:51.0	investor Dan Lobe's change of heart about Disney and who's looking forward to
0:56.1	the metaverse?
0:57.1	No.
0:58.1	You've had me believing it would be big and fat and sitting in a reclining chair and never leaving that chair.
1:03.2	People are going to intravenous, yeah.
1:05.4	It is Monday, September 12th, a chock full squawk pod begins right now.
1:10.6	Stand Becky by and three, two, one, fuel break.
1:14.8	Good morning, everybody.
1:15.8	Welcome to Squawk Box here on C.
	...

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