Bank of America will no longer do business with gun companies that manufacture AR-15s and similar assault weapons
Steyn's take: Big corporations vs second amendment
The biggest threat to the second amendment isn't Congress. It's big corporations.
Last month, Citigroup demanded that all its business partners restrict gun sales. Now, in New York, state Comptroller Thomas DiNapoli sent a letter to Visa, Wells Fargo, Bank of America, and six other financial companies saying they should explore the possibility of blocking credit card users from buying guns, ammo, or accessories. #Tucker
Will banks be the final nail in the Second Amendment coffin?
Thomas Jefferson opposed the idea of letting a centralized bank control America because he knew that having one entity in control of finance and commerce presented a danger to liberty and freedom—a belief he once expressed in a letter to John Taylor of Caroline.
As Washington DC continues to pile trillions of dollars of new debt on the heads of our children and our children’s children, it’s easy to see that Jefferson was right. But there’s another, less obvious way that banks are threatening liberty in America, specifically regarding the Second Amendment.
A Bank of America executive announced yesterday that the bank will no longer do business with manufacturers of scary looking weapons—so-called “military-style” rifles—that are legally available to the public.
It was just a few weeks ago that Citibank released a list of requirements to gun retailers in order for them to do business with the bank, including restricting firearm sales for those under 21 and banning “high-capacity” magazines. And in early March, VISA was petitioned to refuse processing credit card transactions for gun purchases. Fortunately, VISA refused the petition instead.
Though we don’t have an official “National Bank,” the Federal Reserve—the central bank of the US—is a defacto version of one, and every bank in America must play by their rules. How long will it be before we hear the Fed Chairman announce a new set of banking regulations like those we’ve seen from Bank of America and Citibank, particularly now that using the banks to deny gun rights is gaining in popularity with anti-gun zealots?
Bankers, Businesses, Not Democrats, Are The Ones Gun Rights Advocates Should Fear
Even after the February 14 murders at Marjory Stoneman Douglas High School in Parkland, Florida, gun control advocates have made little headway in Congress or in most state legislatures.
Those lack of results, however, may not be as important as the seismic moves that have been taking place as business and financial interests have taken steps that may do more harm in the long run to the gun industry than anything that might have had a chance to slip through Congress.
The latest example was Bank of America’s decision to stop providing loans to companies that make assault weapons for the civilian market.
The decision followed a recent one by CitiGroup, the fourth largest bank in this country, to require that retail chains that receive funding not sell bump stocks or sell guns to anyone under 21.
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.
2nd Largest US Bank Declares War on Gun Owners