Bill Overview
Title: Assault Weapon Financing Accountability Act
Description: This bill makes it a crime to offer or accept certain short-term loans for the purchase of specified semiautomatic assault weapons.
Sponsors: Rep. Malinowski, Tom [D-NJ-7]
Target Audience
Population: Individuals involved in the financing and purchasing of semiautomatic assault weapons
Estimated Size: 15000000
- The bill targets transactions involving semiautomatic assault weapons.
- Impacted individuals likely include those involved in the buying and selling of such weapons.
- Gun owners who wish to purchase semiautomatic assault weapons using short-term loans could be directly impacted.
- The financial sector, specifically institutions that offer loans for purchasing firearms, will also be impacted.
- The bill could indirectly affect firearm retailers who sell semiautomatic assault weapons.
Reasoning
- The target population consists of individuals who own or intend to purchase semiautomatic assault weapons and may rely on short-term loans for such purchases.
- Individuals not involved with semiautomatic assault weapons or who do not rely on short-term loans are less likely to be impacted by this policy.
- The budget constraints indicate a need to focus on communities or individuals more directly engaging in loan-based transactions for these weapons.
- The financial institutions involved in offering loans for weapon purchases are affected, potentially altering their services or eligibility criteria.
Simulated Interviews
Construction Worker (Texas)
Age: 35 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 12/20
Statement of Opinion:
- I'm concerned about being unable to finance a new semiautomatic rifle, which I intended to buy for sport shooting.
- I see the policy as an infringement on my ability to purchase weapons legally.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 7 |
| Year 2 | 6 | 7 |
| Year 3 | 5 | 7 |
| Year 5 | 5 | 8 |
| Year 10 | 6 | 8 |
| Year 20 | 7 | 9 |
Small Business Owner (Florida)
Age: 28 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 3.0 years
Commonness: 15/20
Statement of Opinion:
- This could hurt my business if financing options for buying these types of guns are limited.
- We may need to diversify our stock to compensate for any lost sales.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 6 |
| Year 2 | 5 | 6 |
| Year 3 | 6 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 8 | 8 |
| Year 20 | 9 | 9 |
Bank Loan Officer (California)
Age: 45 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 10.0 years
Commonness: 10/20
Statement of Opinion:
- I support this policy as it aligns with my views on gun control.
- It will streamline our loan services, reducing the risk associated with financing weapon purchases.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 9 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 9 | 9 |
Retired School Teacher (Montana)
Age: 52 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 14/20
Statement of Opinion:
- This policy won't affect me much since I don't own or plan to buy semiautomatic assault weapons.
- I think it's a step towards better safety measures.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 9 | 9 |
Student (New York)
Age: 30 | Gender: other
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 10/20
Statement of Opinion:
- Though this policy doesn't affect me directly, it represents progress in gun control, which I support.
- It's important to consider how such measures can impact gun violence rates.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 7 |
| Year 10 | 8 | 8 |
| Year 20 | 9 | 9 |
Financial Analyst (Michigan)
Age: 60 | Gender: male
Wellbeing Before Policy: 9
Duration of Impact: 5.0 years
Commonness: 11/20
Statement of Opinion:
- More regulation on financing for semiautomatic assault weapons could regulate the firearms market responsibly.
- It may, however, complicate financing options for buyers.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 9 |
| Year 2 | 8 | 9 |
| Year 3 | 8 | 9 |
| Year 5 | 8 | 9 |
| Year 10 | 8 | 9 |
| Year 20 | 9 | 9 |
Police Officer (Ohio)
Age: 40 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 13/20
Statement of Opinion:
- I believe in balancing regulation with rights; this policy leans towards improved safety.
- It might discourage irresponsible financial practices in weapon purchasing.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 8 |
| Year 10 | 9 | 9 |
| Year 20 | 9 | 9 |
Freelancer (Georgia)
Age: 27 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 12/20
Statement of Opinion:
- Although I rely on financing for larger purchases, this policy doesn't impact my interests.
- I am neutral, but understand how it affects specific buyers.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 8 | 8 |
| Year 20 | 9 | 9 |
Veteran (Arizona)
Age: 50 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 5.0 years
Commonness: 13/20
Statement of Opinion:
- This policy may limit choices and present financial hurdles.
- I worry about broader implications on other rights.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 8 |
| Year 2 | 7 | 8 |
| Year 3 | 7 | 8 |
| Year 5 | 7 | 9 |
| Year 10 | 7 | 9 |
| Year 20 | 8 | 9 |
Tech Entrepreneur (Illinois)
Age: 34 | Gender: other
Wellbeing Before Policy: 6
Duration of Impact: 3.0 years
Commonness: 11/20
Statement of Opinion:
- I am not directly impacted but understand the policy’s aim
- Businesses in the security and arms sector might see shifts.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Cost Estimates
Year 1: $20000000 (Low: $15000000, High: $30000000)
Year 2: $15000000 (Low: $10000000, High: $25000000)
Year 3: $10000000 (Low: $8000000, High: $20000000)
Year 5: $5000000 (Low: $4000000, High: $15000000)
Year 10: $3000000 (Low: $2000000, High: $10000000)
Year 100: $1000000 (Low: $500000, High: $5000000)
Key Considerations
- The scope of the law's impact on consumer financing options for firearms could be challenged legally.
- Public and political opinion on gun control could influence the ease of implementing and enforcing this policy.
- The overall impact on public safety is uncertain and would depend on various factors including compliance and enforcement efficacy.