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Did The Congress, in writing these terms into the law intend to lay the law abiding gun owners of this country open to what I politely describe as "bureaucratic abuse without limit", or where they simply not paying attention to what they were doing?
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A little of both. Just as we saw in January, there was a rush to
do something in 1968. As part of that, Congress delegated the authority of approving or denying imports of certain weapons to the DOJ. The paper I linked in post #57 of this thread is the report on the 1989 decision to ban the importation of many guns, and it gives some detail as to how they define "sporting purposes."
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Can someone who understand how the presidential/executive powers work explain how the president has the authority to selectively ban imports without using executive orders?
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He doesn't have to. The ATF has that authority on their own. All the President has to do is make the suggestion.