FIRST ON FOX — A conservative group is calling out the largest and most influential institutions on Wall Street for allegedly discriminating against the firearms industry and, in their view, working to "undermine America's constitutional right to keep and bear arms.
In the report, titled "Debanked by the Banks," the group points to policies adopted by large financial institutions that have cut off firearms-related groups from access to capital and lines of credit. AAF cites how Bank of America, for example, in 2018 announced that it would stop lending money to gun manufacturers that make certain "military-inspired" rifles for civilian use, like the AR-15, which have been used in multiple mass shootings, according to the New York Times.
That same year, Citigroup announced a U.S. Commercial Firearms Policy that required senior partners and clients to adhere to best practices, including that they don't sell firearms to someone who hasn't passed a background check; restrict the sale of firearms for individuals under 21 years of age who have not completed a firearms safety training course; and don't sell bump stocks or high-capacity magazines. "We respect the Second Amendment.
Gun control advocacy groups have put pressure on American banks to cut business ties with the firearms industry. In 2019, Guns Down America launched a campaign called "Is Your Bank Loaded," which assigned a letter grade to big banks based on their relationships with gun owners groups like the National Rifle Association and financial ties to firearms manufacturers or retailers.
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