Citigroup published a press release declaring that it is reversing its policy of discriminating against gun manufacturers, stores with federal firearms licenses (FFL) and other firearms-related businesses.
Citigroup’s press release states:
We also will no longer have a specific policy as it relates to firearms. Our U.S. Commercial Firearms Policy was implemented in 2018 and pertained to sale of firearms by our retail clients and partners. The policy was intended to promote the adoption of best sales practices as prudent risk management and didn’t address the manufacturing of firearms. Many retailers have been following these best practices, and we hope communities and lawmakers will continue to seek out ways to prevent the tragic consequences of gun violence.
As you can see, this is not even a lawyer’s apology for discriminating against law-abiding businesses. The firearms industry is arguably the most-regulated sector in America. Its “best practices,” as Citigroup put it, are overseen by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) and many state agencies. It is unclear whythis release says that “many retailers have been following these best practices.”
This press release then seems to lean toward the need for more gun control by saying, Citigroup “hope[s] communities and lawmakers will continue to seek out ways to prevent the tragic consequences of gun violence.” While not an outright call for more laws restricting gun rights, this is the type of language—emphasizing so-called gun violence rather than all violent crime—commonly used by anti-gun organizations and politicians.
The Obama-Biden administration began this effort to bar the firearms industry from the financial-services industry. In the years since, NRA-ILA has lobbied to end these practices.
That said, the new direction voters gave America with the election of President Donald Trump’s (R) pro-Second Amendment administration is clearly part of the reason behind this “change of heart” from Citigroup.
This has long been a critical issue, as discriminatory practices from many corporate banks, including Citigroup, Bank of America, J.P. Morgan Chase and Wells Fargo, have financially impacted the firearms industry over the last few decades. As this was being written, it remained to be seen if Citigroup will effectively allow the firearm industry to access its financial services.
In 2021, Texas barred Citigroup from competing to underwrite billions in state bonds because of its discriminatory practices. Since then, 11 states have passed Firearm Industry Nondiscrimination (FIND) Act legislation to state and local governments from working with financial companies that attempt to bar the firearms industry from the banking and other services, according to the National Shooting Sports Foundation. Also, FIND Act legislation has been introduced in the U.S. Congress.
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