Citigroup is setting restrictions on the sale of firearms by its business customers, making it the first Wall Street bank to take a stance in the divisive nationwide gun control debate.
The new policy, announced Thursday, prohibits the sale of firearms to customers who have not passed a background check or who are younger than 21. It also bars the sale of bump stocks and high-capacity magazines. It would apply to clients who offer credit cards backed by Citigroup or borrow money, use banking services or raise capital through the company.
…Citigroup’s gun policy has “been a while coming,” its chief executive, Michael L. Corbat, told The New York Times Thursday. Mr. Corbat, who called himself “an avid outdoorsman and responsible gun owner,” acknowledged that “some will find our policy too strict while others will find it too lenient.”
“We don’t pretend that these answers are perfect, but as we looked at the things we thought we could influence, we felt that, working with our clients, we could make a difference,” he said. “Banks serve a societal purpose — we believe our investors want us to do this and be responsible corporate citizens” [Tiffany Hsu, “Citigroup Sets Restrictions on Gun Sales by Business Partners,” New York Times, 2018.02.22].
Hmm… I wonder if these responsible corporate citizens will apply their societal purpose to the political sphere as well as the economic sphere. Will they threaten to relocate their credit card HQ unless the South Dakota Legislature stops pushing laws to deregulate concealed pistols? Will they pull their PAC money from the Republicans (e.g., Marty Jackley, $2,500 + $1,000; $2,500 to SD House GOP PAC and SD Senate Republican Campaign Committee while only $500 to SD Dems’ Majority Project) who bow to the extremist gun-selling agenda of the NRA?
Citigroup’s decision to withdraw from financing partners who push their gun business too far makes me wonder: had they taken this position 40 years ago, would Bill Janklow have been as eager to rip up our usury laws and welcome their socially conscious economic heft to our conservative state?
Citigroup has listened to the drumbeats of millions of young folks and their parents who want sensible gun laws in this country. Citigroup has listened to this and know that by taking a stand, they put a voice out for their many employees and the children of those employees as well. Right here in South Dakota, there is a fairly large presence of Citigroup. This is not some far off liberal outfit that Russian lovers speak of, these folks are right here, your neighbors. There company has taken a stance for sanity consider them to do business with. Many of them are hunters and have a love for the sport. This is not about taking your guns, this is about the sanity of putting the military hardware of high capacity magazines, bump stocks, background checks to see if you are sane and yes, gun sales under 21.
Citigroup is also a huge business that has a whole lot of sway in banking and more importantly, lending circles. As a business, those millions that they have now reached out to in support with teeth, are potential loyal customers. In short, Citigroup realizes what politicians will soon realize, gun laws need to be strengthened or you will not gain loyal customers and you will loose the vote.
Let’s see if Citigroup is wrong today as the marches will go on against the wild west crap show of DiSanto/NOem around the country. So far, there have been some national sporting goods stores that have shelved the military weaponry. When will the others follow, knowing that there is a huge financial banking and lending institution that has now joined them? Who knows, but Citigroup did the right thing here.
Of note is that with all the military weaponry out there, all the guns and all the death we have this:
“In 2016, more than 101 million Americans – a staggering 40 percent of the U.S.
population – participated in some form of fishing, hunting or other wildlife-associated
recreation such as birdwatching or outdoor photography. And in doing so, we spent an
estimated $156.3 billion on equipment, travel, licenses and fees. These expenditures
represent 1 percent of the nation’s Gross Domestic Product – creating and supporting
thousands of jobs and communities across the nation.
More than 35.8 million Americans went fishing in 2016, while 11.5 million hunted and
86 million watched wildlife. This means that 14 percent of Americans 16 years of age
or older fished, 5 percent hunted and 35 percent participated in wildlife watching.”
https://wsfrprograms.fws.gov/subpages/nationalsurvey/nat_survey2016.pdf
We still have responsible hunters that will be able to continue to do so. What will be missing is the danger of military weaponry for killing and maiming people. That will be eliminated by the lending practices of what should be hoped of as a tsunami of efforts to help contain gun violence, by these war machines.
Veterans for Gun Reform just released this ad while hundreds of thousands are in the streets today. https://www.youtube.com/watch?v=v4k5t5LcexY Citigroup joins with veterans for sensible gun laws and the banning of military assault weapons.
This is very good news.
I watched lots of video of marchers and listened to students speak, often of their siblings or classmates who were gunned down, or the terror of being in a shooting in their school or neighborhood. Alums of Columbine, 19 years ago, also spoke of their ongoing nightmares and fears.
I found tears running down my cheeks more than once. We have so miserably failed our children and I am completely humbled by the strength, determination, courage and love I witnessed in those children today. I am so deeply grateful for those wonderful young people. I believe in them and I will do whatever they ask.
My generation saved our lives by bringing an earlier end to Vietnam than the chickenhawks wanted. Now these students, even younger, are going to save each other, and the rest of us by default.
We should all be fall-down-on-our-knees grateful.
The times, they are a changing. https://www.cnn.com/2018/03/24/us/march-for-our-lives-latest/index.html
From all around the country Ms Debbo, we have had enough. Time for a change. The people in the street demand it and will continue to do so. As one sign says, “You know $#it is bad when Idaho protests” carried by a protester in Idaho.
It was beautiful Jerry, just beautiful.
How does this protect kids in schools that don’t have armed people there?
You eliminate the danger of military weaponry with sensible gun laws. Sorry you missed the article above. Here is the title “Citigroup won’t finance bump stocks, high capacity magazines and gun sales under 21”. There, now check it out.
Right on, Jerry. Citi’s action means fewer idiots with unnecessary lethal firepower.
More armed people mean more injury and death.
I wonder why they are not stopping their indirect contributions via city group to planned parenthood? They kill more future children than guns do.
This action by Citigroup does not have any infringement on the 2nd Amendment whatsoever. By taking these military battlefield weapons out of the hands of the idiots and the crazy, it will make us all that much safer. As someone who has hunted in the past, I see no reason for military weaponry to hunt anything. There is no need for any more of an ammo clip than 5 rounds. Simple as that. We already have plugs in place for waterfowl hunting that is dictated by the Federal government. That system works very well. Citigroup is doing what we all want done, putting a voice to end the mass slaughter that military weaponry does as that is why it was invented in the first place.
I look for more lending institutions to be doing the same until Congress acts to make us all safer.
False language, Sam. Abortion is not the same as killing children. Killing children is murder, and we put people in prison for life for murder.
Jerry is right that Citi isn’t infringing on the Second Amendment. They have as much right to not finance the sale of dangerous weapons as I have not to finance violent speech.
Remington files for bankruptcy http://www.bbc.com/news/world-us-canada-43540708
“After it emerged a Remington rifle was used in the 2012 Sandy Hook elementary school shooting, victims’ family members filed a lawsuit against the gunmaker.” And so it begins, the message is clear, no more military weaponry and accessories. Pretty simple message. Hunters can keep hunting, but killers will not be able to purchase weapons of mass destruction or possess them. Sounds good to me. Thanks Citigroup for not financing this.
Now that is is becoming bad business to sell guns, will it finally become bad politics to support absolute Second Amendment freedoms? When the money runs away, the politicians will follow.
Just crunching some numbers: Remington holdings are between $500M and $1B. Black Panther just passed $1.1B world-wide box office.
Maybe the lesson here is that it is smarter to invest in inclusive, aspirational movies than weapons of death.