Payment processor Visa Inc. said Saturday that it plans to start separately categorizing sales at gun shops, a major win for gun control advocates.
The pension funds and gun control advocates argue that creating a merchant category code for standalone firearm and ammunition stores could aid in the battle against gun violence.
Gun rights advocates argue that tracking sales at gun stores would unfairly target legal gun purchases, since merchant codes just track the type of merchant where the credit or debit card is used, not the actual items purchased. A sale of a gun safe, worth thousands of dollars and an item considered part of responsible gun ownership, could be seen as a just a large purchase at a gun shop.
Over the years, public pension funds have used their extensive investment portfolios to influence public policy and the market place.
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