New York City Comptroller Brad Lander issued the following statement on the announcement by Amalgamated Bank that their application to the International Organization for Standardization (ISO) was approved to establish a merchant category code for gun and ammunition retailers:
“Stopping the scourge of gun violence will take action on the part of everyone, and I’m pleased that the ISO voted to advance a key step to prevent the next tragedy. American Express, Mastercard, Visa and other credit card companies now have a responsibility to implement the new merchant category code, so that financial institutions can do their part to flag suspicious activity and save lives.
“I am grateful to Amalgamated Bank, the broad coalition of advocates, elected officials and fellow investors who have advocated for years to make this a reality.”
Comptroller Lander and trustees of the New York City Employees’ Retirement System, Teachers’ Retirement System and Board of Education Retirement System filed shareholder resolutions at Mastercard and American Express requesting transparency around the companies’ decision-making relating to the creation of the merchant category code and sent a letter alongside the California State Teachers’ Retirement System (CalSTRS) to American Express, Mastercard and Visa.
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