Citigroup Drops Controversial Gun Policy
- Citigroup has reversed its 2018 policy that restricted retail business clients from selling firearms to individuals who have not passed background checks.
- The initial 2018 policy also included restrictions on selling high-capacity magazines, bump stocks, and firearms to those under 21.
- Citigroup will update its employee Code of Conduct and Global Financial Access Policy to explicitly state that it does not discriminate based on political affiliation, mirroring its stance...
Citigroup Reverses Firearms Policy Amid fair Access Debate
Citigroup has reversed its 2018 policy that restricted retail business clients from selling firearms to individuals who have not passed background checks. The bank announced the change in a statement, citing concerns about fair access to financial services.
The initial 2018 policy also included restrictions on selling high-capacity magazines, bump stocks, and firearms to those under 21. However, citigroup stated that recent executive orders and federal legislation prompted a reevaluation. The bank emphasized its commitment to balancing fair access with appropriate risk management.
Citigroup will update its employee Code of Conduct and Global Financial Access Policy to explicitly state that it does not discriminate based on political affiliation, mirroring its stance on race and religion.
The policy reversal comes after President Donald Trump called for banks to end discrimination against conservative causes. He specifically addressed Bank of America and JPMorgan Chase, urging them to open their services to conservatives.
March For Our Lives criticized Citigroup’s decision, calling it a “shameful decision” and a deadly abandonment of gun safety policy. Conversely,the Firearms Industry Trade Association expressed “guarded optimism,” awaiting confirmation of a substantive policy shift. The National Rifle Association also welcomed the change.
“I hope you start opening your bank to conservatives because many conservatives complain that the banks are not allowing them to do business within the bank,and that included a place called Bank of America,” Trump said.
What’s next
The Senate is considering the fair Access to Banking Act, which aims to prevent financial institutions from denying services to constitutionally protected industries.