{"id":107604,"date":"2019-03-28T15:18:07","date_gmt":"2019-03-28T19:18:07","guid":{"rendered":"https:\/\/www.gunsamerica.com\/digest\/?p=107604"},"modified":"2019-03-28T15:18:07","modified_gmt":"2023-08-30T19:43:11","slug":"legislation-big-banks-defunding-gun-makers-sellers","status":"publish","type":"post","link":"https:\/\/gunsamerica.com\/digest\/legislation-big-banks-defunding-gun-makers-sellers\/","title":{"rendered":"Legislation Would Stop Big Banks from Defunding Gun Makers, Sellers"},"content":{"rendered":"<div id=\"attachment_91559\" style=\"width: 410px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.gunsamerica.com\/digest\/wp-content\/uploads\/2018\/05\/Porter_Ranch_Bank_of_America.jpg\" target=\"_blank\" class=\"clickTracking\" campaign=\"legislation-big-banks-defunding-gun-makers-sellers\" title=\"Legislation Would Stop Big Banks from Defunding Gun Makers, Sellers\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-91559\" title=\"Legislation Would Stop Big Banks from Defunding Gun Makers, Sellers\" class=\"wp-image-91559 size-medium\" src=\"https:\/\/www.gunsamerica.com\/digest\/wp-content\/uploads\/2018\/05\/Porter_Ranch_Bank_of_America-400x248.jpg\" alt=\"Legislation Would Stop Big Banks from Defunding Gun Makers, Sellers\" width=\"400\" height=\"248\" srcset=\"https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2018\/05\/Porter_Ranch_Bank_of_America-400x248.jpg 400w, https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2018\/05\/Porter_Ranch_Bank_of_America-150x93.jpg 150w, https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2018\/05\/Porter_Ranch_Bank_of_America-768x477.jpg 768w, https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2018\/05\/Porter_Ranch_Bank_of_America.jpg 1000w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><\/a><p id=\"caption-attachment-91559\" class=\"wp-caption-text\">A Bank of America branch in Los Angeles.\u00a0 (<em>Photo: Wikipedia<\/em>)<\/p><\/div>\n<p>Two senators have introduced legislation to fight back against big banks that discriminate against the firearms and ammunition industry.<\/p>\n<p>U.S. Sens. Kevin Cramer (R-ND) and John Kennedy (R-LA) unveiled the <a href=\"https:\/\/www.congress.gov\/bill\/116th-congress\/senate-bill\/821\/text\" target=\"_blank\" class=\"clickTracking\" campaign=\"legislation-big-banks-defunding-gun-makers-sellers\" title=\"Legislation Would Stop Big Banks from Defunding Gun Makers, Sellers\">Freedom Financing Act, S. 821<\/a>, last Friday, which would ban financial institutions from denying services to constitutionally-protected industries.<\/p>\n<p>\u201cIt\u2019s not a bank\u2019s job to create policy. They need to leave the policymaking to Congress,\u201d said Sen. Kennedy in a <a href=\"https:\/\/www.kennedy.senate.gov\/public\/press-releases?ID=2A399151-393F-43BC-9DB8-53BAB310E6DA\" target=\"_blank\" class=\"clickTracking\" campaign=\"legislation-big-banks-defunding-gun-makers-sellers\" title=\"Legislation Would Stop Big Banks from Defunding Gun Makers, Sellers\">statement<\/a>. \u201cBanks should not be able to discriminate against lawful customers on the basis of social policy. The banks should keep in mind that these lawful customers are the same hard-working taxpayers who bailed them out during the recession.\u201d<\/p>\n<p>\u201cThis legislation will ban big banks from refusing to do business with customers that may not share the same political values as the bank,\u201d Sen. Kennedy continued. \u201cThis kind of power move is an unfair assertion of dominance by the big banks, which is why it should be illegal.\u201d<\/p>\n<p>Last year Bank of America, Citigroup and JPMorgan Chase <a href=\"https:\/\/www.gunsamerica.com\/citigroups-anti-gun-policies-template\/\" target=\"_blank\" class=\"clickTracking\" campaign=\"legislation-big-banks-defunding-gun-makers-sellers\" title=\"Legislation Would Stop Big Banks from Defunding Gun Makers, Sellers\">announced that they would cut off financing<\/a> to manufacturers and retailers of modern sporting rifles. The move to defund AR makers and sellers was praised by Everytown for Gun Safety, the gun-control organization funded by former New York City mayor Michael Bloomberg.<\/p>\n<h2>SEE ALSO:\u00a0<a href=\"https:\/\/www.gunsamerica.com\/louisiana-halts-600-million-deal-banks-gun-control\/\" target=\"_blank\" class=\"clickTracking\" campaign=\"legislation-big-banks-defunding-gun-makers-sellers\" title=\"Legislation Would Stop Big Banks from Defunding Gun Makers, Sellers\">Louisiana Halts $600 Million Deal with Banks over Corporate Gun Control<\/a><\/h2>\n<p>Speaking specifically about BOA, Everytown president John Feinblatt <a href=\"https:\/\/everytown.org\/press\/everytown-applauds-bank-of-america-for-changing-its-lending-policies-for-gun-manufacturer-clients\/\" target=\"_blank\" class=\"clickTracking\" campaign=\"legislation-big-banks-defunding-gun-makers-sellers\" title=\"Legislation Would Stop Big Banks from Defunding Gun Makers, Sellers\">said<\/a>, \u201cWhen the second-largest bank in the U.S. takes concrete steps to prevent gun violence, it sends a clear message to the entire industry: It\u2019s time for every financial institution to do their part. We applaud Bank of America for walking the walk on gun safety.\u201d<\/p>\n<p>The Freedom Financing Act only applies to big banks or those with assets in excess of $10 billion.<\/p>\n<p>\u201cA small number of banks controlling most of the financial sector could effectively illegalize legal commerce by refusing to finance certain industries or process certain transactions,\u201d said Sen.Cramer. \u201cLook no further than pro-Second Amendment industries where such discrimination has already occurred. Big banks should not be the arbiters of constitutionality.\u201d<\/p>\n<p>The National Shooting Sports Foundation, the firearms industry trade association, sees S. 821 as a needed safeguard to protect the Second Amendment.<\/p>\n<p>\u201cAmerican taxpayers need to be reassured their tax dollars that subsidize insurance and bailout policies for banking institutions aren\u2019t weaponized in an attempt to eradicate a lawful industry because it has fallen out of favor with boardroom executives,\u201d <a href=\"https:\/\/www.nssf.org\/nssf-applauds-introduction-of-freedom-financing-act\/\" target=\"_blank\" class=\"clickTracking\" campaign=\"legislation-big-banks-defunding-gun-makers-sellers\" title=\"Legislation Would Stop Big Banks from Defunding Gun Makers, Sellers\">said<\/a> Lawrence G. Keane, Senior Vice President and General Counsel for the NSSF.<\/p>\n<p>The bill has been referred to the Senate Banking Committee.\u00a0 Stay tuned for updates.<\/p>\n<h2 style=\"text-align: center\">***<a href=\"https:\/\/gunsamerica.com\/\" campaign=\"BuySellGA_Register\" target=\"_blank\" class=\"clickTracking\">Buy and Sell on GunsAmerica!<\/a>***<\/h2>\n","protected":false},"excerpt":{"rendered":"<p>\u201cIt\u2019s not a bank\u2019s job to create policy. They need to leave the policymaking to Congress,\u201d said Sen. Kennedy in a statement. \u201cBanks should not be able to discriminate against lawful customers on the basis of social policy. The banks should keep in mind that these lawful customers are the same hard-working taxpayers who bailed them out during the recession.\u201d<\/p>\n","protected":false},"author":34,"featured_media":91559,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_specdata_upc":"","_specdata_placement":"","footnotes":""},"categories":[244,7,25,216,240],"tags":[132,607,122],"featured":[],"hunt365":[],"class_list":{"0":"post-107604","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-2nd-amendment-r2kba","8":"category-gunsamerica-authors","9":"category-current-events","10":"category-s-h-blannelberry","11":"category-this-week","12":"tag-buzz","13":"tag-news","14":"tag-r2kba"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Legislation Would Stop Big Banks from Defunding Gun Makers, Sellers<\/title>\n<meta name=\"description\" content=\"New legislation known as the Freedom Financing Act would stop big banks from defunding the firearms and ammunition industry.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gunsamerica.com\/digest\/legislation-big-banks-defunding-gun-makers-sellers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Legislation Would Stop Big Banks from Defunding Gun Makers, Sellers\" \/>\n<meta property=\"og:description\" content=\"\u201cIt\u2019s not a bank\u2019s job to create policy. They need to leave the policymaking to Congress,\u201d said Sen. Kennedy in a statement. \u201cBanks should not be able to discriminate against lawful customers on the basis of social policy. The banks should keep in mind that these lawful customers are the same hard-working taxpayers who bailed them out during the recession.\u201d\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gunsamerica.com\/digest\/legislation-big-banks-defunding-gun-makers-sellers\/\" \/>\n<meta property=\"og:site_name\" content=\"Gun Reviews and News | GunsAmerica.com\/Digest\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/gunsamerica\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-28T19:18:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-30T19:43:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2018\/05\/Porter_Ranch_Bank_of_America.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"621\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"S.H. 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