NRA Losing Money Due to NY Lawsuit

Protestors against gun violence descended on the NRA headquarters in Fairfax, VA on Saturday.

Protestors against gun violence descended on the NRA headquarters in Fairfax, VA on Saturday.

MCNS Staff

The NRA is facing an impending financial crisis according to court documents in the organization’s suit against New York governor Andrew Cuomo and the state’s financial regulators.

The nation’s largest gun lobbying group claims that it is the victim of a “blacklisting campaign” that has caused “tens of millions of dollars in damage.”

National outlets have reported that the NRA has allegedly lost insurance coverage, which according to the group, makes it unable to  “maintain its physical premises, convene off-site meetings and events, operate educational programs … or hold rallies, conventions and assemblies.”

The NRA also claims that it has been restricted access from normal banking services which makes it “unable to exist as a not-for-profit or pursue its advocacy mission.”

One of the casualties of the NRA’s financial woes may be its media arm, NRA TV.

Much of the NRA’s trouble originated from the state of New York’s decision to outlaw the organization’s “Carry Guard” insurance which would cover gun owners who incur damage for using their firearms. New York regulators argued that the insurance would have encouraged wrongdoing among individuals who purchased the insurance.

The NRA alleges that the state of New York acted illegally by limiting the NRA’s access not only to the “Carry Guard” insurance but also to a wider range of financial services.

The NRA’s most frequent federal disclosure showed that it overspent by $46 million in 2016. Nonetheless, the lobby group remains vibrant as it receives nearly $128 million in revenue annually. Yet its advocacy activity, which centers on massive contributions to political candidates, requires it to generate large sums of money.

The actions by the state of New York may provide a critical stopgap to the NRA’s activities.

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