Citigroup has decided to throw their corporate weight around in the gun control issue. Just how much weight can they throw? Wikipedia says this about them:
Citigroup ranks 4th on the list of largest banks in the United States by assets and is one of the Big Four banks in the United States, alongside JPMorgan Chase, Bank of America, and Wells Fargo. In 2016, Citigroup ranked 29th in size on the Fortune 500 list. Citigroup has over 200 million customer accounts and does business in more than 160 countries.
If you have anything to do with gun sales, you had better read up on their new rules if you want ot use their services. You can readily see how this will impact many small gun shops. This falls right in with the liberal narrative on gun control. It will be interesting to see what this measure will do to the business of such a large corporation. Do you think that they are within their rights to do this? Is this something that they should involve themselves in? I guess that they need to make their own moral statement.
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Citi group, the fourth-largest bank in the United States, has announced it will no longer do business with clients that do not meet a host of progressive gun control requirements, none of which are mandated by federal law.
In a blog post, Citi group announced:
Under this new policy, we will require new retail sector clients or partners to adhere to these best practices: (1) they don’t sell firearms to someone who hasn’t passed a background check, (2) they restrict the sale of firearms for individuals under 21 years of age, and (3) they don’t sell bump stocks or high-capacity magazines. This policy will apply across the firm, including to small business, commercial and institutional clients, as well as credit card partners, whether co-brand or private label. It doesn’t impact the ability of consumers to use their Citi cards at merchants of their choice.
Bans on bump stocks and high-capacity magazines have been a key demand of progressive gun control advocates. But whereas the usual method of activism has been to lobby representatives for change via the democratic process, Citi group is now imposing the change unilaterally — without asking their clients or customers.
Citi promised to “respect the decision” of clients that chose not to follow their guidelines, and “work with them to transition their business away from Citi.”
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