Bank of America and CitiGroup: No Lending to Gun Manufacturers
Bank of America, Citigroup, and Amalgamated Bank have moved to refuse loans to gun manufacturers of “military-style” weapons. This is a dangerous affront not just to the Constitution, but to law abiding Americans. It’s also a dangerous precedent to set for all Americans.
USA Today reported,
“Bank of America will stop lending to business clients that manufacture military-style weapons for civilian use, becoming the latest U.S. financial institution to break ties with gunmakers following the mass shooting massacre at a Florida high school…
…Citigroup announced new gun-related restrictions on its business partners in March, requiring them to bar firearm sales to customers under age 21, as well as those who have not passed a background check.
The New York-based bank said it is also barring clients from selling high-capacity ammunition magazines and so-called bump stocks that enable more rapid firing.
Amalgamated Bank announced similar restrictions last week, saying it would not invest any of its own assets “in companies that manufacture or distribute firearms, weaponry or ammunition.” The bank also said it would work with industry peers to seek “responsible practices” from gun manufacturers and distributors.”
This is a form of corporate extortion. When a BOA official was asked whether they would also demand that business partners who sell guns not do so, their spokewoman said that would “get into issues of the Second Amendment.”
Newsflash, lady, this is already a big Second Amendment issue.
“News accounts describe these as victories for gun control — and they are — but they’re not victories for America. Even if you hate guns and you hate gun owners, even if you want to repeal the Second Amendment entirely, you should not be celebrating this development…It used to be that political activists lobbied lawmakers in Congress when they wanted something changed. … Now, they lobby big companies. And the lobbying is done in secret. There’s no transparency at all. You might not even know it’s happening, and yet it can affect your life immensely, as much as any federal law.” Tucker Carlson
The American Federation of Teachers threatened to cut ties with Wells Fargo if they didn’t dump the NRA. The NRA has many more members than the AFT, and so far Wells Fargo has not played the extortion game. But the future looks ominous if this trend to blackmail corporations continues.