A U.S. gun lobby is fighting back against banks that have set lending restrictions on gun makers.
Citigroup and Bank of America issued new restrictions on gun retailers, and Bank of America said they would no longer lend money to companies that manufacture military style weapons for civilians.
As being reported by reuters.com
WASHINGTON (Reuters) - The U.S. gun lobby is taking aim at “gun-hating” banks after Citigroup Inc and Bank of America said they would no longer provide certain banking services to gun-makers, according to industry lobbyists.
The attack by Gun Owners of America and the National Rifle Association (NRA) could imperil de-regulatory gains the banks had hoped to win from Republican lawmakers and regulators, many of whom are staunch defenders of the Second-Amendment right to bear arms, according to industry sources.
In March, Citigroup put restrictions on new retail business clients which sell guns to require their customers to pass background checks, following February’s Florida high school shooting that killed 17 people. Weeks later, Bank of America said it would no longer lend to companies that make military-style firearms for civilians.
Gun-control activists and Democrats praised the policy, urging other financial firms to follow suit. But gun owners and manufactures say it encroaches on Americans’ constitutional rights and they are fighting back.
Gun Owners of America (GOA), a Washington-based lobby group, has asked lawmakers to add a provision to a draft law rewriting bank rules that it says would prevent “gun-hating banks” from “discriminating” against firearms makers.
The gun lobbyists feel that the banks have a lot more to lose than to gain. The banks might be trying to please certain customers, but they are still discriminating against certain groups and businesses with these new rules and requirements. What happens when the gun owners and supporters of the second amendment start discriminating against the financial institutions?
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