The Battle of the Arm Brace

Every so often, some very strange and exotic-seeming financial instrument goes bust in a categorical fashion, and people ask: “Why does this thing even exist in the first place?” The answer is almost always regulation, if you drill down far enough. This isn’t to say that regulation is categorically bad or that we shouldn’t regulate finance, only that regulations produce reactions. Credit-default swaps, for example, are a way of providing default insurance on bonds and other debt obligations in a way that avoids some regulatory hassles.

As it is in structured finance, so it is in firearms. The “bump stock” used by the Las Vegas killer is one of many inventions meant to get around the restrictions on fully automatic firearms, which as a practical matter amount to a general prohibition. The firearm the Boulder shooter used is described as an AR-type pistol with an arm brace. These exist mainly as a way to get around federal restrictions on “short-barreled rifles,” which you can buy only if you satisfy a cumbrous qualification process and comply with extensive regulations.

There isn’t really any good reason to restrict short-barreled rifles: Shorter barrels usually result in less power and inferior accuracy — they generally are less deadly than their full-sized counterparts. Shorter rifles are easier to conceal, but not as easy as a handgun.

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