Recently, the banking industry has been imposing policies against legal firearms related businesses. To combat this discrimination, Louisiana Senator John Kennedy (R) proposed legislation that would prohibit the federal government from granting contracts to banks that “discriminate against lawful businesses based solely on social policy considerations.”
In March, Citigroup issued a press release entitled “Announcing Our U.S. Commercial Firearms Policy”. They claimed that because the government hasn’t acted to “adopt common-sense measures”, they will now take matters into their own hands.
“Under this new policy, we will require new retail sector clients or partners to adhere to these best practices: (1) they don’t sell firearms to someone who hasn’t passed a background check, (2) they restrict the sale of firearms for individuals under 21 years of age, and (3) they don’t sell bump stocks or high-capacity magazines. This policy will apply across the firm, including to small business, commercial and institutional clients, as well as credit card partners, whether co-brand or private label. It doesn’t impact the ability of consumers to use their Citi cards at merchants of their choice.”
Citi also acknowledged that they had customers that manufacture firearms and they would be initiating “due diligence conversations” to understand the products being manufactured, the markets the products were being sold to, and the sales practices the retailers followed.
We don’t know about you, but that sounds rather discriminatory against gun sellers and manufactures.
Other banks have since followed up with similar policies, such as the one implemented by Bank of America.
The bill, named No Red and Blue Banks, was released shortly before another bombshell involving the banking industry was dropped. Court documents from a four-year-old lawsuit by payday lenders revealed e-mails on how the Obama administration planned out the now obsolete Operation Choke Point. This campaign was led by the FDIC to pressure banks into terminating their relationships with industries the administration found less favorable.
Kennedy spoke before the Senate Banking Committee, stating: “Targeting firearms owners and business owners is not only an affront to responsible gun owners across this country; it’s a threat to the sanctity of our Constitution and the Second Amendment.”
He also warned that this was just the start of “red banks and blue banks,” making it much more difficult for businesses to function.
Kennedy also announced that he had petitioned the General Services Administration to cancel the federal government’s $700 billion contract with Citigroup.
The No Red and Blue Banks Act may be considered when the upper chamber returns in mid-November, after the election.
Facebook recently unpublished our Girls Just Wanna Have Guns’ page. Stay connected with us by becoming an GJWHG’s Insider here!