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Fire Sale Loophole Closing Act

12/29/2022, 1:03 PM

Congressional Summary of S 4812

Fire Sale Loophole Closing Act

This bill imposes restrictions on the transfer of business inventory firearms by a firearms importer, manufacturer, or dealer whose license is revoked or denied.

An individual who violates the restrictions is subject to criminal penalties—a fine, prison term of up to one year (or five years if the violation was willful), or both.

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Current Status of Bill S 4812

Bill S 4812 is currently in the status of Bill Introduced since September 8, 2022. Bill S 4812 was introduced during Congress 117 and was introduced to the Senate on September 8, 2022.  Bill S 4812's most recent activity was Read twice and referred to the Committee on the Judiciary. as of September 8, 2022

Bipartisan Support of Bill S 4812

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 4812

Primary Policy Focus

Crime and Law Enforcement

Alternate Title(s) of Bill S 4812

Fire Sale Loophole Closing Act
Fire Sale Loophole Closing Act
A bill to amend chapter 44 of title 18, United States Code, to restrict the ability of a person whose Federal license to import, manufacture, or deal in firearms has been revoked, whose application to renew such a license has been denied, or who has received a license revocation or renewal denial notice, to transfer business inventory firearms, and for other purposes.

Comments

Sponsors and Cosponsors of S 4812

Cory A. Booker
Cory A. Booker
New JerseyDemocrat

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