Not to be outdone by their competitors in the financial services space, Citigroup jumped on the bandwagon of leftwing gun control measures pioneered by states like New York, California, and Illinois, measures that do nothing to control crime but rather merely infringe on the rights of law-abiding citizens.[1]
“Today, our CEO announced Citi is instituting a new U.S. Commercial Firearms Policy. It is not centered on an ideological mission to rid the world of firearms. That is not what we seek. There are millions of Americans who use firearms for recreational and other legitimate purposes, and we respect their Constitutional right to do so. But we want to do our part as a company to prevent firearms from getting into the wrong hands. So our new policy centers around current firearms sales best practices that will guide those we do business with as a firm. 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.”
The state of Texas noted this policy and concluded that Citigroup’s policies were discriminatory and violated state law.[2]
“It has been determined that Citigroup has a policy that discriminates against a firearm entity or firearm trade association Leslie Brock, assistant attorney general chief of the public finance division, wrote in the letter … the determination means that Citi group’s so-called standing letter, a document that had thus far allowed the bank to underwrite debt in one of the nation’s largest public bond markets, has been rejected, according to a Jan. 18 letter distributed to lawyers and viewed by Bloomberg.”
Citigroup’s policies do nothing to control crime but only serve to curry favor with Citigroup’s woke friends in New York and infringe on the rights of law-abiding citizens.
[1] https://www.citigroup.com/global/news/perspective/2018/announcing-our-us-commercial-firearms-policy
[2] https://www.bloomberg.com/news/articles/2023-01-19/citi-runs-afoul-of-texas-gun-law-ag-says-halting-muni-business