Skip to content

Banks Taking On Gun Industry

April 22, 2018

The most interesting business story today.

Major banks are cutting off business with the gun industry, roiling Republicans who want to respect the financial decisions of private institutions while still showing their unyielding support of the Second Amendment.

As Citigroup began to grapple with the controversy, a top official at Bank of America made a surprise announcement that her bank would also respond to the epidemic of gun violence. In an April 10 television interview, BofA Vice Chairman Anne Finucane said the bank will stop lending to the manufacturers of military-style firearms for civilian use. The bank has said next to nothing about the policy since.

Some Republicans, enraged at moves by Citigroup and Bank of America to distance themselves from some retailers and gun manufacturers, have called on government agencies to cancel contracts with the banks and defer deregulation proposals that would benefit them. But other Republicans want to keep their hands off, saying lenders are free to decide who they do business with.

It’s a conundrum that puts the free-market principles at odds with gun rights, and Republicans across the board are genuinely split over how to react to moves by some of the biggest financial institutions in the country.

Comments are closed.

%d bloggers like this: