Former Fed Chairman Paul Volcker is the author of this plan, and in a letter to the editor in last week's Wall Street Journal, former Treasury secretaries W. Michael Blumenthal, Nicholas Brady, Paul O'Neill, George Shultz and John Snow lent their support.

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Paul Helmke, president of the Brady Campaign to Prevent Gun Violence, a gun-control group, said lawmakers should consider expanding the definition of mental illness when it comes to barring individuals from buying guns, and possibly require purchasers to submit references.

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