Another Day, Another Hearing with Anti-Gun Democrats Grandstanding on Firearms

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By NRA-ILA

On Wednesday, the House Financial Services Committee held a hearing it called, “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis.” If you are wondering what that could possibly have to do with the Second Amendment, let us remind you that Nancy Pelosi (D-Calif.) is the Speaker of the House.

As we have reported before (herehere, and here), the anti-gun extremists that are now running the Democrat Party in control of the House of Representatives are using every opportunity they can to attack the rights of law-abiding gun owners. Wednesday was no exception.

The title of the hearing should have indicated it was intended to look at the nation’s largest banks and their practices after having been assisted with taxpayer dollars in 2008 during the Great Recession and the subprime mortgage crisis. And there was some of that, with the banks indicating they had taken the necessary steps to ensure they don’t find themselves faced with a similar crisis.

But there was so much more.

Every Democrat who spoke seemed to have an axe to grind with the bankers, and most had little to do with what happened a decade ago. Some complained about fossil fuels and the climate (because banks often invest in, or loan money to, companies involved in fossil fuels), while others talked about bank employee salaries or executive compensation. There was even discussion about crushing student debt, even though banks have not been involved in student loans since 2010.

Then, of course, there was the topic of guns.

Representative Carolyn Maloney (D-NY) was the first to talk about banking and firearms. Last month, during another Financial Services Committee hearing, she went after Wells Fargo for not cutting all financial ties with members of the firearm industry.

This week, Maloney raised the specter of recent mass murders, then praised Citigroup CEO Michael Corbat and Bank of America (BoA) CEO Brian Moynihan. Those banks chose to cave in to anti-gun extremists and establish policies that sought to force their customers in the firearm industry to change their practices, or lose access to financial services.

Citigroup’s policy required its customers that sell or manufacture firearms to not sell any firearms to anyone under 21, even though federal law, and most states, allows for federal firearms license holders to sell rifles and shotguns to anyone who is 18 years old, and not otherwise prohibited from possessing a firearm. The banking giant also stated it would not do business with companies that sell standard capacity magazines.

BoA established that it would no longer lend money to firearms manufacturers that produce certain configurations of commonly-owned semi-automatic firearms for civilian use.

After praising these banks, Maloney then turned her attention to James Dimon, the CEO of J.P. Morgan Chase, complaining that the bank continued to loan money to manufacturers of semi-automatic firearms, and lamenting over the decision to take partial ownership of Remington Arms. To Dimon’s credit, he stood by his company’s decisions, pointing out that the firearms industry is carefully regulated, and subject to numerous state and federal laws. He indicated his company would continue to do business with those involved with firearms as long as they remain lawful.

Representative Madeleine Dean (D-Penn.) used a portion of her time to also praise those banks that had capitulated to the anti-gun mob, thanking those who had “chosen to reduce, if not eliminate, lending” to the firearm industry. She then asked the banks that had not capitulated to do so, and reduce loans and investments until gun manufacturers bend to the will of the anti-gun movement.

There were some, however, that chose to speak out against the movement to use banks and their lending practices to attack the Second Amendment. 

Representative Bill Posey (R-Fla.) asked the banking representatives if there were certain lawful businesses with which they would not offer their services. Citigroup’s Mr. Corbat said there were none, although we already know of his bank’s efforts to force retailers to change their lawful practices to comport with anti-gun ideals.

BoA’s Moynihan claimed the bank’s policy was made at the request of “teammates,” which we presume is his term for employees. He made clear that his bank would not do business with gun manufacturers that would not “modify their practices” to satisfy not federal or state laws, but BoA’s arbitrary determination as to what firearms are appropriate. And what they deem as appropriate would appear to be guided by employees. 

One presumes BoA employees would like substantial salary increases, but we doubt the bank would be as receptive to such demands.

Representative Posey said he appreciated J.P. Morgan Chase’s Mr. Dimon for previously stating his bank would continue to loan money to gun manufacturers, then asked Goldman Sachs COO David Solomon if his company would not do business with certain lawful businesses. He stated they would not do business with companies that manufacture many semi-automatic firearms and standard-capacity magazines.

Faced with the same question, Bank of New York Mellon CEO Charles Scharf said there was not any specific industry that his bank finds objectionable, although he did indicate there are certain individual companies his bank finds objectionable without offering any details as to what that might mean.

Morgan Stanley CEO James Gorman stated his company has “restricted our activities for those having retail sales of automatic and semi-automatic weapons.”

When Posey asked State Street Bank CEO Ronald O’Hanley if there are any investors with whom his bank would not do business because certain political groups find them objectionable, he said there were not.

Also speaking in defense of lawful manufacturers, Representative Sean Duffy (R-Wisc.) pointed out to BoA’s CEO that his company’s policy on guns is likely not supported by a great many of the customers his bank serves. Duffy stated that the policies may play well in places like California, but reminded Moynihan that the name of his bank is the Bank of America, not the Bank of New York or California.

Going further into the discussion, it was pointed out that BoA does business with movie studios and video game companies. Both industries have their detractors, yet Mr. Moynihan could not point out to Representative Duffy any policies that BoA has established in an attempt to regulate those products.

That’s not to say there should be bank policies that seek to change lawful practices within the movie or video game industries, just as banks should not try to change the lawful practices of gun manufacturers.

This hearing exposed, yet again, the efforts of anti-gun extremists to use any means necessary to try to drive gun manufacturers out of business. We would hope that banks would see this for what it is; an attempt to circumvent the legislative process. We would also hope that banks will realize that, if successful, zealots holding extreme views on every imagined political issue will be emboldened to use the same tactics.

Banks should stick to being banks, and continue doing business with customers involved with legal enterprises, regardless of whether some enterprises fall out of favor with a small fraction of Americans who hold extreme political views.

One other thing the hearing exposed, however, is that those with extreme political views are guiding the Democrat Party leadership. We can expect firearms and NRA to continue to be brought up in House hearings ad nauseum, regardless of whether there is any sort of nexus between the hearing and the Second Amendment.

 

This article originally appeared at nraila.org and is reprinted here with permission. 

comments

  1. avatar GS650G says:

    Too bad they don’t view the invasion on the border the same way.

    1. avatar Rusty Chains says:

      They will if Trump drops several thousand illegals in sanctuary cities like her home town!

    2. avatar Paul says:

      If the government won’t permit a baker to refuse to bake a cake for a gay that he disagrees with then the government shouldn’t permit a bank to refuse service to a company it disagrees with either.

  2. avatar rc says:

    That was a very useful hearing. Now I know which financial institutions to avoid like the plague.

    1. avatar Green Mtn. Boy says:

      This was my Key takeaway from the hearing and just this afternoons mail had a cc offering from Bank of Amerika,into the shitcan it went.

      On a somewhat related topic,I have a hope that after SCOTUS decision in the NYSRPA v. NYC,many former institutions are going to be forced into looking at the 2 nd. as a right in a new light that would include the vermin that infest statehouse and capitals.

      1. avatar Longhaired Redneck says:

        While “into the shitcan” certainly has an appeal, we could take a tip from the leftist playbook here. Back in the early 1970’s, famous Yippie Abbie Hoffman wrote a book called ‘Steal This Book’. He was, of course, encouraging people to shoplift – so long as he got his money! Anyway, one of his recommended methods to “stick it to the man’ was really something we can use in this case. When you receive these mass mailings from banks or other organizations of dubious character, look for the postage guaranteed return envelope. If there is one, attach it to a brick, rock, or other heavy object. Once securely attached, simply drop it into a mailbox. The bank or other anti-rights entity would then be presumably required to pay the return postage. This is theoretical of course. I read it in a book. A really long time ago. Honest.

        1. Another option is to request information from those type of people. Tell them to put you on their mailing list, and to send you any bumper sticker, etc. that they may have. Why ??? Because it costs MONEY for them to mail it to you. Every cent that we can take out of their accounts is that much less they have to spend on their agenda. And naturally, you shit-can whatever garbage they send you.

  3. avatar Geoff "I'm getting too old for this shit" PR says:

    ‘Otherising’, I see.

    Guns are the new Black, I suppose. They are doing their best to discriminate against gun businesses and owners.

    I smell the need for a declared ‘protected class’…

  4. avatar former water walker says:

    Soooo…we boycott EVERY major bank? I guess that only leaves credit union types. Got it😄

    1. avatar GS650G says:

      I only bank with credit unions. Been a member of one for 34 years.

    2. avatar Phil in TX says:

      I use my local bank. It keeps my money working in the local economy and they don’t do this kind of discriminatory crap.

      Phil in TX

  5. avatar Jbw says:

    Llbean picked Citibank for their credit cards, I cut up my old card and will not use the Citibank card or purchase anything at llbean. They just shit on lots of hunters with the change

    1. avatar Green Mtn. Boy says:

      Haven’t bought a thing or been thru their doors since,never bothered with their card.

    2. avatar Victoria Illinois says:

      They, LLBean got in trouble a few years ago because some of the Bean family said they were conservative (or liked Trump). The “family” had to issue a statement that it was only one person in the family. Translation: “We only have one crazy rightwinger in our family”. Same thing happened to the Cubs owners. One of them said they were Republican and shtf. A family spokesman had to apologize to Chicago.

      1. avatar Dennis Sumner says:

        Anyone but me remember when Bean was an actual outdoor store, instead of haute couture yuppies?

        1. avatar Rusty Chains says:

          Yep, my dad had a hard bound catalog from Abercrombie & Fitch from early in the last century, shotguns, rifles, fishing and camping gear. Shame what happened to them, but to be expected, I guess.

        2. avatar GridSquare says:

          Looks like the exact same thing that is happening with Dick’s, Academy, and field and stream.

        3. avatar Green Mtn. Boy says:

          Yup,when I speak of going to their store I’m speaking of the main store in Maine,followed by a quick walk over to their scratch and dent building for some really good deals on return items.

          One could score some killer deals on scopes/optics,gun cleaning products,cases what have you,example bought five four once bottles of Ezzox that retailed for close to 9.00 for 3.00 per can,because they had dents on the can.

          When the culture changed at Beans,it’s a disease that spreads like cancer and they went Anti,had to virtue signal to the world after Newtown. They prohibited anyone under 21 from purchasing firearms,that was what separated me as a customer of theirs.

    3. avatar No one of consequence says:

      Kinda funny, isn’t it, that the libs will on the one hand appropriate the cultural signs and symbols of some group (e.g. outdoorsy types), and then turn around and excoriate that same group for daring to have different opinions.

  6. avatar First National Crap of America says:

    “Representative Madeleine Dean (D-Penn.) used a portion of her time to also praise those banks that had capitulated to the anti-gun mob, thanking those who had “chosen to reduce, if not eliminate, lending” to the firearm industry. ”
    OK legally, so far.

    “She then asked the banks that had not capitulated to do so, and reduce loans and investments until gun manufacturers bend to the will of the anti-gun movement.”

    Isn’t this against government regs of some sort? seems I recall a case quite a while ago with this same concept. Different product, tho. It may have been abortion. There were also many cases where a bank was forced (by Government “request” to not do business with “Negros”.

    1. avatar Green Mtn. Boy says:

      Petty Tyrants out themselves in many interesting ways.

    2. avatar barnbwt says:

      The practice is called ‘red-lining’ and it is very, very, very illegal. Combination of anti-trust abuse, insider trader market manipulation, and good old American bigotry.

      Not that it’ll happen under Trump (I wish), but it’s pretty clear that US gun owners are gonna need some Brown v Board of education level “fuck you and knock it off or else” court & executive intervention. A true Little Rock 9 type event, where Natl Guard is called up to oversee the legal sale of assault weapons or machine guns in a San Francisco gun store, over the cries of an angry mob and resistant governor. Ironically, the Natl Guard would do so with guns, once more. We’ll probably have to also endure gun store bombings & shit by insane leftists before we can get that sort of respect, though.

  7. avatar Dennis Sumner says:

    God! How tiresome.

  8. avatar Slips says:

    Just like the communist when they took over
    Russia, China and a few others. Leaving the people with nothing to fight back.

  9. avatar Timothy Toroian says:

    Anti-American females and chicken shit banks. Hell of a combo. How about stopping the supply of money to bars and taverns? Drunk drivers still kill a lot of people. Or does she like to imbibe?

  10. avatar Jack Linkul says:

    How Do you think these politicans who are anti 2nd amendment rights even got their right to complain to the bankers in the first place.? Right our Military might and all the fine gun manufactures.. end of story anti’s

  11. avatar Victoria Illinois says:

    Here’s an idea: Cut the electricity to those banks because maybe the electricity company thinks those banks are supporting the wrong social justice policies. Maybe the life/health insurance companies will drop policies of the board members that are on the wrong side of politics. Etc…etc…etc…

  12. avatar GridSquare says:

    I like that picture. Fractured dome, covered in gloom, almost makes me think about how war… never changes…

  13. avatar barnbwt says:

    Clearly the socialists now believe they completely own/control the banking system, and want to see what all they can do with their new toy, which is why you see all these public-policy-via-financial-market-manipulation ploys on display. What you see, is the exact mechanism by which socialists destroy any successful economy; diverting it into unprofitable arrangements that seek to achieve policy goals by destroying commerce. The literal, exact opposite of what socialist technocrats always claim to strive for (market efficiency) when lusting for power.

    The sad part is, given the makeup of the people who run these financial institutions…the socialists may be right about where they stand with the banks.

    1. avatar Jim Bullock says:

      Operation Chokepoint, 2.0.

      These bank guys are terrified of getting a “Dear Colleague” letter. Once yr business depends on a charter n ongoing permission, you work for them. It’s a protection scheme: a kind of extortion racket.

      Worse, they took bail outs n now it’s piper paying time. For the rest of time.

      All this has happened before…

      When the big three auto companies went in front of congress for a bail out, Waxman, AIR, asked the CEOs if they’d give up their salaries. He went (more) nuts when Mullaly from Ford said: “I think I’m good.”

      Waxy there raged his tiny self with “How dare you ask for money…”

      Mullaly’s reply was priceless, literally: “We’re not asking for money.”

      The congresscritters stunned reaction was: Why are you here? (Why else would you be, but to grovel for patronave?) “Our colleagues asked us to be here. And we do business with a lot of people who will be hurt if they go under…”

      What strings are on those financial bail-outs? Bank guys are still learning.

      A bank that served its customers could answer very differently. Interestingly, several regional and many smaller banks were driven out of business by the post-collapse reg scheme. Some were just fine all through the kerfuffle. Avoid poison loans, keep utility banking n speculation separate, don’t believe valuations in bubbles.

      Perhaps there’s some subtlety that I don’t get, but when “mark to market” of yr assets will collapse yr bank, I think you screwed up more than once.

      Take the “help” and they own you. Besides, control of money, finance, n commerce is one if Alinsky’s 8 levers to take a market economy socialist. Health care is another. And arms, of course.

      (His 12 rules is the handbook for the PR program, which BTW never names outright what all this manipulation is *for* other than “power.” Power to do what with?)

  14. avatar NORDNEG says:

    Democrats make me sick, I don’t care what they say,,, every thing that comes out of their mouth’s is anti American,,, I can’t wait for the new revolt or civil war, what ever you want to call it.. I’m ready, are you???

    1. avatar Yah says:

      I’d take a swing at a few guerrilla whacks at the other side if it comes to that.

  15. avatar Ollie says:

    Democrats will turn the USA into another Venezuela.
    Better stock up on toilet paper. Once the democrats get control, the demise of The Phone Book means that folks will have to use their bare hand to wipe their arse.

    1. avatar GridSquare says:

      I’m sure they’ll outright ban toilet paper because of climate change.

      1. avatar barnbwt says:

        Wasn’t it Streisand that became a living Seinfeld joke a while back, claiming to use a single square of TP for her boiler-tight asshole each day? I can’t remember which annoying female leftist Hollywood scold it was…but it was one of those harpies.

        1. She could have reduced that one square to zero…………..What she would have needed to do is…..use her finger to “wipe” with, and then hit that finger really, really hard on the toilet. She sticks her finger in her mouth to quell the pain; no toilet paper needed.

    2. avatar KenW says:

      Just buy something at CVS. The receipt should be enough for a few dumps.

  16. avatar Stump Jumper says:

    Funny how the Dems r so against guns. The “Secret Service” that protects them all have FULL AUTO UZI, or of the like, under their jackets. 9/11 killed 3000 innocent people, did they outlaw airplanes? Tim McVay used a U Haul to blow up the old in Oklahoma City, did they out law U Haul or fertilizer or diesel fuel? WTF when r we as a people gonna stand up and tell them “ENOUGH” where does it end? We have to put our foot down and fight them. This is our 2nd Amendment Right. We just roll over n let them kick us. Then we roll the other way n let them kick us again. I’m fed up with this FUCKIN Dumbacrat Bull Shit. They all need a reality check. And as for going after the banks, leave them alone. I’m for sure gonna cut up my cards of these banks that no longer deal with gun manufacturing companies. And this shit of an “Assault” weapon….give me a fuckin break. There is no such thing, it’s a made up term by I think Dan Quale. If I punch someone in the mouth, I will get arrested for ASSAULT & Battery. So our own hands, even the DUMBACRATS, are considered “Assault” weapons. Unless the term is another BS deal. Just a way for the Dem party to rule us like a fuckin dictatorship. It’s about time to put them all on a plane n send them deep into Mexico or Somalia, with no weapons of course, and see how they make out. Fuck the democrats.

    1. avatar Anymouse says:

      Actually, ammonium nitrate is somewhat regulated now. Try getting a truckload of it without proof that you have a legitimate use for it.

      1. avatar Toni says:

        also the damage done to the building in Oklahoma could not have been done by a fertilizer and diesel bomb outside the building. Yes that would have caused some serious damage but not cut through structural beams etc as was the case in a number of places. that would have taken placed charges of certain types used in demolition of steel buildings and bridges etc not just ammonium nitrate which is useful for breaking up earth (in mining), concrete and blowing stumps in agricultural use

  17. avatar Throwaway Username says:

    I was employed by Bank of America and recently ended that employment back in March. There was literally ZERO feedback or push from teammates asking for this.

    The bank has an internal message board called The Water Cooler. Zero posts on that and the story that BofA announced that it was ending legal business with legitimate companies after Parkland was announced on the main Flagscape page which NO ONE is even capable of publishing feedback other than submitting feedback heard from others.

    What’s funny is that their security training brings up the fact about conceal carrying and saying it’s against bank policy (literally part of annual security training that rolled out shortly after the murder of the Suntrust employees). But then on the very next page it says “in an active shooter situation, you must either Run, Hide, or Fight”

    /eyeroll

  18. avatar uncommon_sense says:

    Every Democrat who spoke seemed to have an axe to grind with the bankers, and most had little to do with what happened a decade ago. Some complained about fossil fuels and the climate (because banks often invest in, or loan money to, companies involved in fossil fuels), while others talked about bank employee salaries or executive compensation.

    Democrats are coming for the banks. And yet the top echelon executives at those banks will almost exclusively vote for Democrats, literally voting for their own demise.

    I used to roll my eyes when people would say that Progressives are mental ill. Now I understand and agree.

    1. avatar Green Mtn. Boy says:

      “I used to roll my eyes when people would say that Progressives are mental ill. Now I understand and agree.”

      It is like a disease that spreads like wildfire through the brain dead,no questioning just acceptance.

  19. avatar Thixotropic says:

    I have had numerous discussions with Supervisors with B of A on this and they assure me that B of A policy is to do business with every legal entity.

    They lie, but I like the card benefits.

    So…

    I buy ALL of the firearms, accessories, and ammunition with the card and pay my bill every month.

    I still call the CS Department every quarter or so and tell them what I think about their Anti-Second Amendment policies.

    Hard to find a Bank of any appreciable size that supports the Constitution. Banking is almost as corrupt as the DOJ and I trust these douchebags about as much.

  20. avatar Michael says:

    Mice get together, decide their survival depends on hearing the cat before it eats them. Only one problem… who bells the cat? -30-

  21. avatar SG says:

    I like to screw with the credit card companies. Collect several different cc offers and remove anything that’s got your information on it. Then use the company’s prepaid envelope to mail city bank’s crap to visa, visa to m/c, m/c to discover. They paid to send me their junk mail-now they paid to return it.

  22. avatar Joseph says:

    It’s none of the fucking government’s business who banks to business with as long as they are not violating any laws, which they are not. This governments is out of control.

  23. avatar Chris T in KY says:

    Bit coin!! ya that’s it! that’s the ticket! No not really.

  24. avatar Chiefton says:

    It is not the bank’s job to regulate the whim of every politician. They are in the business of supporting the economy of the country through responsible lending. To ask the banks to do your job (congress’s job) shows how inept they really are. To use the banks to regulate commerce through blackmail is nothing more than blackmail and should be criminally prosecuted.

  25. avatar John in Ohio says:

    Black Pilled: “Dark Times Ahead”

  26. avatar Robert Messmer says:

    I wish someone would have asked the anti-gun bankers if they did business with pot dealers in those states where pot is legal? Because if the answer is yes then they could have been told, your bank uses FDIC and marijuana is ILLEGAL according to the Federal Government. Since you are breaking federal law, why shouldn’t the government revoke your FDIC license?

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