Slump in National Gun Sales Following Election of President Trump
In the months following the election of President Donald Trump, gun sales across the nation have declined and shares of publicly traded firearms companies have dropped.
During the presidential race between Trump and Hillary Clinton, guns and ammunition were being sold at a rapid rate and the FBI was processing a record number of background checks. Analysts attributed these trends to politics and fear amidst a presidential race that often focused on recent school shootings and terrorist attacks. Generally, gun sales spike when people are afraid for their personal safety. Additionally, gun sales are usually higher when a Democrat is president.
Since November 2016, starting just after President Trump’s election, FBI background checks have fallen for three straight months. Moreover, gun shops have noted a dip in sales – a stark contrast to the months leading up to the election, when certain items could not be stocked quickly enough to meet demand. In fact, on the day after the presidential election and the announcement that Donald Trump won, Sturm Ruger shares fell 14 percent and the price of Smith & Wesson, now known as American Outdoor Brands, fell 15 percent. Currently, shares of both companies remain down.
Regardless of the national market trends for firearm sales, the fact remains that there are many laws that control how to legally buy a gun in New Jersey. In fact, under New Jersey’s firearms laws, any person purchasing a handgun must have a permit to purchase a handgun and any person purchasing a long gun such as a shotgun or rifle must carry a valid firearms purchaser identification card. Specifically, N.J.S.A. 2C:58-3(a) states that “no person shall sell, give, transfer, assign, or otherwise dispose of, nor receive, purchase, or otherwise acquire a handgun unless the purchaser, assignee, donee, receiver, or holder is licensed as a dealer under this chapter or has first secured a permit to purchase a handgun…” Additionally, N.J.S.A. 2C:58-3(b) sets forth that “no person shall sell, give, transfer, assign, or otherwise dispose of, nor receive, purchase, or otherwise acquire [a rifle or shotgun] unless the purchaser, assignee, donee, receiver, or holder is licensed as a dealer under this chapter or possesses a valid firearms purchaser identification card, and first exhibits said card to the seller, donor, transferor, or assignor…” On top of those requirements, the Brady Handgun Violence Prevention Act of 1993 requires that firearms retailers conduct an instant background check with the National Instance Criminal Background Check System before completing a firearms sale.
The bottom line is that legally buying a gun in New Jersey can be a complicated process with hang-ups on applications for firearms identification purchaser cards or handgun purchase permits. If you have any questions about legally purchasing a firearm in New Jersey and need assistance with the application process, the firearm lawyers at the Tormey Law Firm are ready to help.