Bill Aims to Prevent Financial Institutions from Engaging in Gun Policy
The “No Red and Blue Banks Act” aims to prevent banks from discriminating against the gun industry.
The recently filed “No Red and Blue Banks Act” aims to prevent financial institutions from discriminating against those in the gun industry.
Sen. John Kennedy of Louisiana sponsored S.3539, known as the No Red and Blue Banks Act, to prevent banks and other financial institutions, such as Bank of America and Citigroup, from implementing policies and lending protocols that target those in the firearm industry, which would infringe on the Second Amendment rights of businesses.
The bill would prevent the General Services Administration (GSA), from awarding government contracts to those institutions that refuse to do business with companies engaged in lawful commerce based on social policy decisions.
“Citigroup and Bank of America’s copy of the U.S. Constitution doesn’t include the Second Amendment, and they’re trying to force that version down the American people’s throats. These banks would be dead broke if it weren’t for the American taxpayers bailing them out,” said Kennedy in a statement posted by guns.com. “We don’t need red banks. We don’t need blue banks. We need financially stable banks. Citigroup and Bank of America need to stop playing politics and focus on their balance sheets.”
This bill is likely a result of Citigroup stating that FFL holders who wanted to employ their banking services must stop the sale of bump stocks, nebulously defined “high-capacity magazines”, place additional age restrictions on gun sales and agree to not complete transactions until consumers pass backgrounds checks in March of this year, guns.com reports.
Bank of America was right behind them, implementing a policy forbidding manufacturers of “military-style” rifles for civilian buyers to obtain financing from them. They doubled down, informing the public they will discontinue their relationship with Remington as soon as Big Green had completed its bankruptcy restructuring. Just last week, Fifth Third Bank joined the fray; stating they will no longer work with the gun industry.
House Republicans expressed their displeasure with Citi by attempting to exclude them from a $700 million GSA contract. Kennedy, and other GOP leaders on the Senate Banking Committee, spoke out against Bank of America’s policies. Guns.com reports the No Red and Blue Banks Act has been referred to the Senate Committee on Homeland Security and Governmental Affairs.