Frank Riggs said the move is an “assault” on the 2nd Amendment. “The FDIC’s decision is outrageous,” said Riggs, “and is clearly an attempt by the Obama administration to target gun retailers and the firearms industry as a whole.”
The FDIC is a major federal banking regulatory agency. The effect of its decision has been to choke off the lines of credit and freeze the assets of companies like McMillan Group of Phoenix and American Spirit Arms of Scottsdale even though those companies have good credit histories and long-standing banking relationships. According to McMillan Group owner Kelly McMillan, “This is an attempt by the federal government to keep people from buying guns…(and) a covert way for them to control our right to manufacture guns…”
Riggs pointed out that the firearms and shooting trade industry is a vital part of Arizona’s economy and its western heritage. “The firearms industry is already heavily regulated,” Riggs said, “and as governor, I promise to fight with all my might any further attempts to regulate the firearms industry and the constitutional and legal rights of gun dealers and owners.” As a U.S. Congressman, Riggs earned an “A+” rating for his voting record on legislation of priority to the NRA.