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National Rifle Association files for bankruptcy

Yahoo Finance Video
Updated

Yahoo Finance's Seana Smith joined Yahoo Finance Live to discuss the breaking news that the NRAS has filed for bankruptcy.

Video Transcript

SEANA SMITH: A couple of minutes ago, the NRA filing for bankruptcy. This is part of a larger restructuring effort, the NRA saying that it is going to restructure as a Texas nonprofit. They're doing this to exit from what they describe as a quote "a corrupt political and regulatory environment in New York," and New York State is where it is currently registered.