They are correct about the importance of lending institutions staying above the fray. They also are wrong to believe that banks were dragged into the public policy arena. They marched into battle to the beat of the “woke” band cheering.
Ending the blatant discrimination against a Constitutionally-protected industry, such as the firearm industry, is a matter of ensuring that ivory-tower, unaccountable corporate boardroom executives do not dictate which rights Americans choose to exercise. These corporate entities have made a conscious decision to stop American firearm manufacturing and the Second Amendment.
They plan to enforce gun control via a corporate fiat. Americans won't be able to exercise their Second Amendment rights if they eliminate the firearms industry that makes them.
News editors and banks must be truthful. Banks can end this fight immediately. They just need to stop requesting gun control from businesses that go beyond the scope of federal and state laws. Banks cannot dictate public policy, particularly when it comes down to Constitutional rights.
Bank of America declared that they would no longer do business with firearm manufacturers making Modern Sporting Rifles, or AR-15-style rifles. This vilified the rifle as a “military-style firearm” for civilians. Anne Finucane , the former vice chairman of Bank of America, made this announcement on Bloomberg TV. This is something Bloomberg editors missed. They missed it again when their own reporters less than one year ago.
Citigroup also implemented discriminatory firearm policy more than a decade back. The banking giant increased their discrimination in 2018, when they refused to do business with anyone who didn't agree to age-based guns bans. This would deny Second Amendment rights for adults under 21 or to those who sell standard-capacity magazines. Federal law permits adults over 18 to buy rifles and shotguns.
This was reported by Bloomberg news in 2018. They also reported Citigroup attested to Texas Attorney General that they don't have discriminatory policies against firearms despite the fact their discriminatory policies remain posted online. Bloomberg's editors made another mistake.
Jamie Dimon, JPMorgan Chase CEO, testified before Congress that the bank giant doesn't work with any company manufacturing AR-15-style rifles. He called them “military-style weapons intended for civilian use” and criticized JPMorgan Chase for not working with such businesses. This was enough to convince Jeff Landry, the Republican Attorney General of Louisiana, and John Schroeder, the Republican Treasurer of Louisiana, to prohibit JPMorgan Chase's participation in state bonds. “I am not selling our 2nd Amendment rights for corporate America,” stated Treasurer Schroder. At their January meeting, Attorney General Landry told his fellow Republican attorneys general that the Second Amendment was not up for sale.
Wells Fargo was once an outsider to the “woke” banking community. Two months after Wells Fargo received a ” failing grade” by gun control radicals Guns Down America in May, Charles Scharf , CEO of the bank, reported that the bank's relationship was “declining.” He also stated that the bank would no longer participate in mortgage or credit line commitments. Wells Fargo ended banking relationships with many major firearm manufacturers after they refused to stop making Modern Sporting Rifles.
Bloomberg news reported about the “failing grades”. The editors also skipped this.
The gun industry is not fighting on its own. Corporate banks demanded that political leaders heed their warnings. Texas passed the Firearm Industry Nondiscrimination Act (FIND Act), which states that these corporate banks cannot profit from Texas tax dollars or use those profits for efforts to deny Second Amendment rights to Texans.
Similar legislation is currently in progress in eight other states. The legislation was also introduced to Congress by Rep. Jack Bergman, R-MI as H.R. 6970. This is in addition to Fair Access to Banking Act (S. 563/H.R. 563/H.R. These bills would ensure that credit and banking decisions are made based on objective, individual creditworthiness, and impartial risk-based standards. The bill would prevent multilateral financial institutions with assets exceeding $10 billion from being able to access taxpayer-subsidized programs such as the Federal Reserve Discount Window Lending Programs, Federal Deposit Insurance Company and Automated Clearing House Network. However, it will also deny banking services to federally regulated businesses.
Texas law, and none of these bills, tell banks that they have to do business with the firearms industry. If they wish, corporate banks can have discriminatory policies. The FIND Acts, however, would allow states and the Federal government the same freedom of choice with whom they do business, particularly when it means that funding banks bent on destroying Second Amendment rights. The Fair Access to Banking Act tells these corporate banks that they can't access taxpayer-funded insurance, while also destroying taxpayers Constitutional rights.
Banks should evaluate their business decisions on the basis of creditworthiness and not “woke” political agendas. This is not the fight that the firearm industry won, but a thrust on the industry by banks who chose winners and losers based upon activist political agendas.