US House panel finds gun makers made over $1 billion in assault rifle sales
July 28, 2022, 8:25 am

US House panel finds gun makers made over $1 billion in assault rifle sales

Handgun/Pixabay

Five major gun manufacturers combined to make more than $1 billion in revenue from assault rifle sales in the past decade, the US House of Representatives Committee on Oversight and Reform said Wednesday (July 27), the Anadolu Agency reported.

Following a devastating school shooting in Texas and a mass shooting that targeted Black people in New York earlier this year, the panel sent letters to the heads of Daniel Defense, Smith & Wesson Brands, Sturm, Ruger & Company, Sig Sauer and Bushmaster Firearms Industries in May asking for information on their marketing and sale of AR-15-style assault rifles.

The gunmen in the Uvalde, Texas and Buffalo, New York shootings used AR-15 assault rifles to carry out their grisly rampages.

In addition to making more than $1 billion in the past 10 years, the panel found that Daniel Defense’s revenue from assault rifle sales tripled to more than $120 million in 2021, compared to 2019, and Ruger’s gross earnings nearly tripled during that period.

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It also determined that gun manufacturers "employ a variety of financing tactics and manipulative marketing campaigns to sell AR-15-style rifles to civilians, including young people," and also do not track when their products have been illegally modified.

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The committee said in a statement, each of the companies acknowledged that they do not have any systems or processes in place to gather safety data on their products and "were unable" to produce any internal information on the "dangers caused by selling their military-style weapons to civilians."

Chairwoman Carolyn Maloney said the companies are "selling the weapon of choice for mass murderers who terrorize young children at school, hunt down worshippers at churches and synagogues, and slaughter families on the Fourth of July."

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"The business practices of these gun manufacturers are deeply disturbing, exploitative, and reckless," she said. "I hope my Committee’s findings and hearing serve as a call to action ahead of this week’s historic House vote to ban assault weapons and end the outrageous liability shield enjoyed by gun manufacturers."

Source: aa

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
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Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
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Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.