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Since the shooting at Marjory Stoneman Douglas High School in Parkland, Florida on Valentine’s Day, a number of companies have been trying to distance themselves from gun companies. Among those some of the nation’s leading banking or financial institutions, including Citigroup and Bank of America.

Earlier this week, Sen. Mike Crapo (R-ID), Chair of the Senate Banking Committee confronted the CEOs of Citigroup and Bank of America for their discriminatory actions they took against firearm companies. He accused them of using their market power to influence social policy and reminded them that they also receive support and regulations from the federal government.

(The Hill) – The chairman of the Senate Banking Committee is pressing Bank of America and Citigroup for details on their plans to implement new policies restricting business with firearms manufacturers.

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Sen. Mike Crapo (R-Idaho) on Tuesday sent letters to Bank of America CEO Brian Moynihan and Citigroup CEO Michael Corbat on Tuesday expressing concern with their decisions to limit their ties to gunmakers.

“It is deeply concerning to me when large national banks … which receive significant forms of government support and benefit use their market power to manage social policy by withholding access to credit to customers and companies they disfavor,” Crapo wrote.

Citigroup announced in March that it will start requiring clients to place some restrictions on gun sales, including banning the sale of firearms to anyone under the age of 21. The bank will also require retail clients to only sell guns to individuals who have passed a background check and ban businesses that sell bump stocks or high-capacity magazines…

A number of congressional Republicans have expressed concern about what banks like these have been doing and the way they are treating firearm companies. Sen. John Kennedy (R-LA) is looking into ways the Federal Reserve could take action against banks who abuse their position by pushing their political views and violating the Second Amendment rights of firearm companies.




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