Citigroup, Bank of America Criticized by Senator on Firearms Ban

Citigroup, Bank of America Criticized by Senator on Firearms Ban

A key Republican lawmaker known as out Citigroup Inc. and Bank of America Corp. for his or her determination to limit enterprise with the firearms business.

Senate Banking Committee Chairman Mike Crapo, whose committee writes banking legal guidelines and oversees Wall Street’s regulators, wrote to the chief govt officers of each banks final week. He criticized the corporations for utilizing their measurement and attain to affect social coverage and demanded to understand how they acquire details about customers who purchase weapons.

“We should all be concerned if banks like yours seek to replace legislators and policy makers and attempt to manage social policy by limiting access to credit,” Crapo, from Idaho, wrote in a letter to Citigroup CEO Mike Corbat. Banks “should not deny financial services to customers they disfavor.”

In March, Citigroup introduced restrictions on gun-selling retailers amongst its prospects. Bank of America mentioned earlier this month it will cease lending to corporations that make assault-style weapons used for non-military functions. The availability of firearms has been a renewed focus of protests because the Feb. 14 mass capturing at a Parkland, Florida highschool left 17 lifeless.

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