Financial institution Citigroup takes a step back from supporting privatized firearm regulation efforts
In a surprising turn of events, Citigroup has announced a change in its policy towards the firearms industry. The bank, along with several others like Bank of America, J.P. Morgan Chase, and Wells Fargo, has been accused of financially impacting the firearms industry through discriminatory practices over the last few decades.
The shift in Citigroup's stance can be partially attributed to the election of President Donald Trump, who is a strong advocate for the Second Amendment. The bank has now reversed its policy of discriminating against gun manufacturers, stores with federal firearms licenses (FFL), and other firearms-related businesses.
However, the press release from Citigroup does not contain a formal apology for any past discrimination against law-abiding firearms businesses. The statement also does not provide specific details on how the bank plans to support or work with the firearms industry in the future.
The move by Citigroup comes amidst growing support for the firearms industry in the financial sector. The Firearm Industry Nondiscrimination (FIND) Act, aimed at protecting the industry from financial discrimination, has been passed in 11 states so far. Notable FIND Acts have been enacted in Texas and Oklahoma, with Oklahoma's signed by Governor Kevin Stitt. The federal FIND Act has been introduced in the U.S. Congress, with bills such as H.R. 45 by Rep. Jack Bergman and S. 137 by Sen. Steve Daines.
The firearms industry is heavily regulated by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) and various state agencies. It's worth noting that the Citigroup policy change does not address the manufacturing of firearms.
The passage of FIND Act legislation in various states and its introduction in Congress indicates a growing recognition of the importance of the firearms industry in the financial sector. However, the move has sparked debate, with some arguing that it could potentially lead to increased access to firearms and potentially contribute to gun violence.
The Citigroup press release also suggests a need for more measures to prevent gun violence. It's unclear why the press release uses language commonly employed by anti-gun organizations and politicians, emphasizing so-called gun violence rather than all violent crime.
The firearms industry's "best practices" are overseen by regulatory bodies, not just self-imposed by retailers. It's also interesting to note that since the implementation of Citigroup's U.S. Commercial Firearms Policy in 2018, 11 states have passed Firearm Industry Nondiscrimination (FIND) Act legislation.
However, it's uncertain why the press release states that "many retailers have been following these best practices." This statement raises questions about the extent to which the policy change by Citigroup is a response to industry-wide practices rather than a shift in the bank's stance towards the firearms industry.
The NRA-ILA has lobbied for years to end these practices, and the Obama-Biden administration initiated an effort to prevent the firearms industry from accessing the financial-services industry. In 2021, Texas barred Citigroup from underwriting billions in state bonds due to its discriminatory practices.
As the debate on financial discrimination against the firearms industry continues, it remains to be seen how Citigroup's policy change will impact the industry and the broader discourse on gun control in the United States.
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