Gun Control Advocates Want Banks to Refuse Service to Gun Companies

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Anti-gun activists and politicians are doing everything they can to effectively disarm the public.

Already this year, extreme and unconstitutional gun control measures have been proposed at the state and federal levels. There has been a lot of pushback, thankfully: a growing number of counties (and even some states) have declared themselves Second Amendment sanctuaries and are refusing to enforce gun-control laws that infringe on the Constitutional right to keep and bear arms. Sheriffs in Washington, Colorado, and New Mexico have publicly stated they will refuse to enforce new gun control legislation – and some are even willing to be jailed for their defiance.

Two extreme gun control bills have already passed the House this year and are awaiting Senate votes (they are unlikely to pass there, experts say).

Gun-grabbers are working on another target: banks.

Gun control advocates “are seeking to use access to financial services as a means to punish and suppress lawful firearm-related commerce,” writes the NRA in Pro-Gun Senators Introduce Bill to Prohibit Discrimination in Financial Services:

First came Operation Choke Point, a supposed “anti-fraud” effort during the Obama administration that morphed into a campaign by federal regulators to intimidate banks and payment processers into refusing business with politically disfavored clients, including firearm-related businesses. That program was officially repudiated by the Trump Administration, but for some businesses, the damage had already been done.

Anti-gunners next turned directly to the financial service providers themselves, extorting them with “social justice” condemnation for “financing” mass shootings and insisting they drop their firearm industry clients or impose gun control-like conditions on doing business with them. Several national banks did just that.

Activist institutional investors in publicly-traded gun companies also tried to embarrass those companies with proxy actions designed to portray the businesses in a negative light. To date, those efforts have been largely unsuccessful. (source)

Gun control advocates are trying to intimidate banks into refusing service to gun companies.

Now, anti-gun members of Congress are attempting to use Choke Point-like tactics in an effort to intimidate banks and marginalize law-abiding businesses in the firearm sector:

Rep. Carolyn Maloney (D-NY) went so far as to berate the president and CEO of Wells Fargo Bank during a public oversight hearing for refusing to buckle to the pressure of the anti-gun lobby’s demands.

“How bad does the mass shooting epidemic have to get before you will adopt common sense gun safety policies like other banks have done?” Maloney demanded to know.

To his credit, the Wells Fargo executive stood firm, replying, “We just don’t believe that it is a good idea to encourage banks to enforce legislation that doesn’t exist.” (source)

At stake for gun owners is whether the industries that provide firearms, ammunition, and related accessories will be able to participate in the economy at all if these tyrants get their way.

Some members of Congress are already deploying extreme measures.

Alexandria Ocasio-Cortez (D-NY), like Maloney, sits on the House Financial Services Committee, which is involved in banking oversight.

Ocasio-Cortez already seems quite at home in her new position and just fine with doing whatever it takes (ethical or not) to push her agenda. She recently told Politico, “There’s more than one way to skin a cat, and not everything has to be done through legislation explicitly. We can also use the tools that we have here to pressure change in other ways as well.”

That includes the implicit threat of telling regulated entities they are now on the Official Naughty List for not toeing the political line and unleashing activist hordes to bombard their social media feeds with defamatory accusations or to perhaps take more drastic action in the real world. (source)

Two Senators have introduced a bill to stop banks from denying services to the gun industry.

On March 14, pro-gun Senators Kevin Cramer (R-ND) and John Kennedy (R-LA) introduced S. 821 the Freedom Financing Act, a bill to ensure large financial institutions cannot deny service to certain constitutionally-protected industries that are fully compliant with all laws and statutes.

The Act would restrict banks’ access to loans from the Federal Reserve’s discount window if they refused to serve legal firearms businesses for reasons outside of “traditional” underwriting. In addition, the bill would also restrict payment card networks from declining to serve the industry because of political or reputational concerns.

A press release posted on Cramer’s website states:

A small number of banks controlling most of the financial sector could effectively illegalize legal commerce by refusing to finance certain industries or process certain transactions,” said Senator Cramer. “Look no further than pro-Second Amendment industries where such discrimination has already occurred. Big banks should not be the arbiters of constitutionality.”

“It’s not a bank’s job to create policy. They need to leave the policymaking to Congress,” said Senator Kennedy. “Banks should not be able to discriminate against lawful customers on the basis of social policy.  The banks should keep in mind that these lawful customers are the same hard-working taxpayers who bailed them out during the recession.  This legislation will ban big banks from refusing to do business with customers that may not share the same political values as the bank.  This kind of power move is an unfair assertion of dominance by the big banks, which is why it should be illegal.”

“American taxpayers need to be reassured their tax dollars that subsidize insurance and bailout policies for banking institutions aren’t weaponized in an attempt to eradicate a lawful industry because it has fallen out of favor with boardroom bureaucrats,” said Lawrence G. Keane, Senior Vice President and General Counsel for the National Shooting Sports Foundation. “Senator Cramer’s leadership in confronting this issue guarantees social policies are debated and created by the elected officials Americans vote to represent their interests, not by faceless corporate boards representing the interest of the few. We applaud Senator Cramer for his clear vision in correcting this abuse of American trust and taxpayer dollars.” (source)

Others are speaking up to protect gun rights.

Cramer and Kennedy are not alone in their efforts.

Senator Mike Crapo (R-ID), the chairman of the Senate Banking Committee, recently warned the banking industry that it should not attempt to restrict legal gun sales by denying financial services to members of the gun industry. He sent letters to eight bank CEOs reminding them that they should continue to provide credit and services to customers and companies that comply with federal and state law, and should not seek to replace legislators and policymakers:

“Banks serve customers who are geographically and politically diverse, and it is wrong to use essential banking services as a way to choke off such services to lawful, creditworthy businesses,” wrote Crapo. “Large banks, which receive significant forms of government support and benefits, should continue to provide credit and services to customers and companies that comply with federal and state law and should not seek to replace legislators and policymakers. Business lending decisions should be based on creditworthiness, rather than politics or political pressure.” (source)

In the last year, several banks have attempted to restrict what kinds of guns can be sold to the public and who they can be sold to by applying financial pressure, reports The Washington Free Beacon:

Bank of America announced last year it would deny services to companies that produce “military-style firearms.” Around the same time, JP Morgan Chase said it would limit its business with gun companies. Citibank went further by declaring  it would not do business with any company that sells what they called “high capacity” magazines or that sells firearms to adults between the age of 18 and 21.

Wells Fargo has faced similar pressure from gun-control groups over the same period of time but has thus far bucked the trend and refused to deny business to gun companies. (source)

For the most part, gun-grabbers are being stopped from achieving their tyrannical agenda thanks to the division of political power in DC.

However, they remain determined to keep trying to impose their unconstitutional (and arguably unethical and immoral) ideas upon the rest of us at every turn.

As the NRA warns:

It is important to keep in mind that the national banks targeted by this legislation owe their very existence in large part to government and taxpayer largesse. Among other things, they benefit from public bailouts and federally-subsidized loan programs, as well as from infrastructure financed or subsidized by the government.

Private businesses generally enjoy broad discretion in setting their own policies and objectives, as is appropriate in our free market system. But exclusionary politics in the financial services industries hearken back to some of the most shameful episodes in American history. They are rightfully condemned, and have long been rightfully prohibited in other contexts. (source)

What do you think?

What do you think about gun control advocates pressuring banks to refuse service to gun companies? Do you think they will eventually get their way? Will more banks cave to the pressure? Please share your thoughts in the comments.

About the Author

Dagny Taggart is the pseudonym of an experienced journalist who needs to maintain anonymity to keep her job in the public eye. Dagny is non-partisan and aims to expose the half-truths, misrepresentations, and blatant lies of the MSM.

Dagny Taggart

Dagny Taggart

Dagny Taggart is the pseudonym of an experienced journalist who needs to maintain anonymity to keep her job in the public eye. Dagny is non-partisan and aims to expose the half-truths, misrepresentations, and blatant lies of the MSM.

Leave a Reply

  • The difference between socialism and communism is that communists use AK-47’s! There is a communist revolution happening in our country right now. Please don’t let it happen.

  • Why don’t YOU and all the other pro-gun sites start admonishing all to refuse to defend the anti-gunners? They can “reason” with the Invaders. THEY can go fill the Front Lines of the wars.
    If we are not “good enough” to own a SEMI-auto at Home we sure as hell will NOT carry a FULL-auto in their wars.

  • The powers that be dont realise that this could be a great thing. Force gun buyers to use cash, sure then there is ZERO paper trail for the deranged leftists in certain positions of power to know who has what guns. If you buy a gun on debit or credit you can be danm sode that information is logged and saved away. As Americans you dont ha e to register the weapon so buying g it in cash ensures complete anonymity. Makes the subject of a secret stockpile even easier. We are screwed in canada and 75% of our guns have to be registered so buying in cash has no benefit to us up here.

  • Yet another among a large number of very good reasons to cease doing business with the large, for profit banks, especially the ones that are part of the Federal Reserve system, and use small, privately owned banks or your local credit unions.

  • “military style” weapons? The first “military style” weapon is described in the Old Testament: Davis selected 3 flat stones, of which he used one in his leather “slingshot” to subdue Goliath. Where upon David used Goliath’s own sword to behead Goliath.
    So, are we to stop “making” rocks? How about slingshots and swords?
    What about newer military style weapons? ie: microwave crowd dispersal devices, voice-to-skull devices using microwave transmitters, bio-weapons of every sort?
    Have “we” forgotten that our Organic Laws ARE STILL in force?

    • Some actually have refused to sell certain items to certain jurisdictions.
      Those items would be what is not allowed to be sold to civilians.

  • What do these companies have in common?
    Northrop-Grumman, Lockheed-Martin, Raytheon, Boeing, United Technologies and General Dynamics

    A) They are the nation’s biggest defense contractors

    B) They have all built weapons of war used by the U.S. military around the world against numerous smaller and weaker nations over the past several decades

    C) The banks mentioned in this article — including Bank America and Wells Fargo — all own millions of shares in these companies

    D) All of the above

    If you answered “D”, well then DING DING DING!!!!… what do we have for them Johnny?

    So in other words, it’s OK for these banks to make blood money from these endless stupid foreign wars. THOSE “weapons of war” are perfectly acceptable.

    But American citizens minding their own damned business? Who only want to protect their homes and their families? Well that’s “different” ya see. After all, we have serious “gun violence” here in America…. we have to Do Something!!! So all the fat cat corporate POS stomp around and bellow their fake outrage like they’re imitating Foghorn Leghorn, “Why I NEVAHH!!”

    These virtue signaling banks are telling us that its A-OK for them to help our government drop tons of bombs on yet another nation full of brown people that we’ve never even heard of. But American citizens wanting to buy or sell guns to protect themselves, well that’s just intolerable.

    What a pack of soul less hypocrites.

  • Aren’t virtually all banks under federal control?
    Seems to me they are breaking several federal laws.
    BTW: They aren’t only doing this to gun dealers. It seems that if they don’t like your politics, they will cut you off.
    Check Project Veritas. They have a few videos.

  • Lets stop funding to all auto companies since cars are used to kill people. (Car bombings, idiots deliberately running down pedestrians, texting while driving, etc.)
    And let’s not forget cutlery companies since knives are used so often in murders. Don’t forget duct tape (suffocation), hosiery (strangulation), chainsaws (cutting up bodies), prescription drugs (overdoses), and water, since even drinking too much of that can kill you.
    Or we could just forget all the accoutrements of civilization and go back to living in caves using stone tools. No, wait, stone tools were used to kill other people, so we can’t do that.
    In fact, why don’t we just outlaw pregnancy so eventually there won’t be any more of those pesky people to commit crimes.

    • I read an article a few days ago, where on average 11 teenagers die each month from texting and driving.

  • Would you have a list of banks that have policies against gun makers and/or amunition or other products related?

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