Will Banks Be Blocked From Gun Policies?

New bank legislation aims to curb moves from such institutions as Citigroup and Bank of America when it comes to lending practices focused on those in the gun industry.

The “No Red and Blue Banks Act,” filed earlier this month as S.3539, would bar the General Services Administration from awarding contracts to banks that avoid doing business with companies engaged in lawful commerce based on social policy decisions. The proposal, according to sponsor U.S. Sen. John Kennedy, R-La, is needed to reign in what the lawmaker contends are policies infringing on the Second Amendment rights of businesses.

“Citigroup and Bank of America’s copy of the U.S. Constitution doesn’t include the Second Amendment, and they’re trying to force that version down the American people’s throats. These banks would be dead broke if it weren’t for the American taxpayers bailing them out,” said Kennedy in a statement. “We don’t need red banks. We don’t need blue banks. We need financially stable banks. Citigroup and Bank of America need to stop playing politics and focus on their balance sheets.”

In March, Citi clarified that firearms dealers wanting to partner with them must ban sales of bump stocks and “high-capacity magazines’ as well as place age restrictions on gun sales and refuse to complete transactions until buyers pass background checks. Financial giant BofA followed up in April, saying the company will end financing for manufacturers of “military-style” rifles for civilian buyers, later backing up their position by signaling they would sever their relationship with Remington once the iconic gun maker emerged from bankruptcy restructuring.

The stand on guns brought fast repercussions from Congress against the lenders with House Republicans attempting to blackball Citi from a $700 million GSA contract while GOP leaders on the Senate Banking Committee– to include Kennedy– blasted BofA. Last week, Fifth Third Bank said they will also move to cut ties with the gun industry. Kennedy’s bill has been referred to the Senate Committee on Homeland Security and Governmental Affairs.

source: guns.com

  • marcus J

    This is welcome legislation , It is fair and reasonable , But and this is a huge BUT !! Bank of America and Citibank have already dug their own graves , Actual True Patriotic Americans have a long memory and will not forget who stabbed us in the back

  • Patrick Feeney

    Bank of America and Citigroup are trying to violate the Second Amendment. “The Right of the People to Keep and Bear Arms Shall not be Infringed” I gave up a pieced of my life and some body parts defending America”. To he people running Bank of America and Citigroup: UP YOURS!

  • Terry Butts

    In simple terms the Banks demand discrimination against people lawfully allowed to own guns in order to be able to use their services.

    Did they forget courts have already ruled in the past that financial service providers did not have a legal right to CONTROL or micromanage their customers businesses? much less demand they DISCRIMINATE against law abiding citizens by imposing the banks political agenda/beliefs on their customers?

    Discrimination against any LAWFUL business that has complied with the constitutional laws of this nation is ILLEGAL already it is no different than saying they can only use the banks services if they serve only WHITES because the BANK blames people of other races for crime. (they did in fact make such race based demands decades ago)

    The BANKS policy makers blaming an INANIMATE object for crimes committed by PEOPLE are abusing their power to threaten or even BANKRUPT LEGAL businesses that sell them unless they COMPLY with failed to pass unconstitutional gun legislation in effect IMPOSING the GUN CONTROL they failed to get congress to pass by threatening the very existence of LAWFUL BUSINESSES if they do not SELF IMPOSE those restrictions as well as BLOCKING LEGAL sales if the customer uses that bank to pay for their home defense or food harvesting products.

    In effect the banks are trying to LEGISLATE from the POCKETBOOK by illegally freezing or denying the use of financial services after the fact if the lawful businesses do not violate the rights of their customers to impose the banks demands as if they were law.

    Remember many of these businesses being threatened by these financial institutions already have loans with them the banks are now using that fact to retroactively force compliance with the banks POLITICAL policies.