AP Photo/Mark Lennihan, File
Right now, one of the biggest threats to our Second Amendment rights doesn’t come from Congress, but from the financial industry. Banks are cutting ties with gun stores and manufacturers unless they comply with certain insane rules that have no basis in reality but lets the CEO of the bank get invited to certain parties.
To make matters worse, pretty much everyone needs banking of some type. It’s how the world operates these days.
So how, as gun rights supporters, can we navigate the waters of the activist financial industry?
Luckily one group is helping with that, though I don’t it meant to help us.
The group Guns Down America, which advocates for fewer guns,has released a consumer scorecard ranking the nation’s 15 largest banks by how much money they lend to the gun industry and how much money they donate to pro-NRA politicians.
Six banks in the Guns Down America survey got an F grade — which could mean they are really bad or really good depending on which side of the gun-control issue you are on.
The lowest rated bank was North Carolina-based BB&T, which the organization said helped arrange nearly $150 million in loans to gun companies over a four-year period. BB&T operates branches in 15 states and Washington D.C. It doesn’t have any branches in Arizona.
It was closely followed by Wells Fargo, which the organization noted has been called “The NRA’s bank.” The company has extended nearly half a billion dollars in credit to gun makers since 2012.
Others on the F list were TD Bank, US Bank, PNC Bank and Chase Bank.
As anti-gun groups continue to try and put pressure on various businesses to cut ties with the gun industry, it’s imperative that we do the opposite where possible. If these F-list companies were to see a surge in new business following the rankings, more than they might lose because of it, how do you think that would impact their decisions on the gun industry moving forward?
Oddly enough, the most anti-gun bank out there is Citigroup which only scored a B.
It seems virtue signaling only gets you so far in this day and age. Sucks to be Citigroup. After all, while it had the highest grade, it’s clear that anti-gunners aren’t satisfied with the bank’s efforts.
In other words, it’s not enough. It’ll never be enough. It’ll always be looked at with distaste and disdain from that sect.
Meanwhile, we can see plenty of other places to reach out for financial services that seem to respect the Second Amendment. If not that, then at least recognize that politics should stay out of business as much as possible.
Now, I do need to point out that some of these banks may not have ties to the gun industry for other reasons. It’s possible that they don’t have ties to the gun industry because the gun industry isn’t reaching out. That would limit investments and give the illusion that they’re taking a stance when the reality is something different.
Still, backing banks that back us is the smart way to proceed when you don’t know the inner workings them. Back them and let them know why you’re supporting them.