👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

U.S. senator looks to shoot down Trump bid to ease small arms exports

Published 12/13/2019, 05:25 PM
Updated 12/13/2019, 05:31 PM
U.S. senator looks to shoot down Trump bid to ease small arms exports
SWBI
-
RGR
-

WASHINGTON (Reuters) - A senior U.S. senator said on Friday he would block President Donald Trump's efforts to overhaul the weapons exports regime to make it easier for gun makers to sell small arms to foreign buyers.

Senator Bob Menendez, the ranking Democrat on the Senate Foreign Relations Committee, said he was placing a "hold" on a notification last month related to the White House's effort to switch oversight of the export of small arms, including assault-style and sniper rifles, from the Department of State to the less rigorous jurisdiction of the Commerce Department

Menendez issued a hold on a related notice in February, setting the stage for a potential standoff over the issue.

"As you no doubt are aware, firearms and ammunition – especially those derived from military models and widely in-use by military and security services – are uniquely dangerous," Menendez wrote in a letter to Secretary of State Mike Pompeo.

A State Department spokesperson said the department does not comment on congressional correspondence, but said the department is still looking at policies and regulations to ensure that arms export "supports U.S. national security and foreign policy objectives, while also ensuring U.S. industries have an even playing field on which to compete."

The administration announced its overhaul of export policy last year. The move would generate business for gun makers such as American Outdoor Brands (O:AOBC) and Sturm Ruger & Company (N:RGR).

There is a long-standing precedent in which a handful of lawmakers, including the ranking member of the minority party on the Foreign Relations Committee, can object to and "hold" such a policy shift - or a weapons export deal.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.