Gun grabbers are willing to go to any length necessary to limit our rights. Usually this includes attempting legislation that would limit style or function of firearms, or capacity of magazines. They’ve even thrown around the idea of limiting or restricting ammunition to accomplish their goal. Our strength and numbers have been able to fend off a lot of this legislation. Within the last year or so however, there has been talk of banks being attacked for doing business with the firearms industry. This could actually prove to be very bad for the gun industry.
Any business needs a few things to be successful. One of the main things needed is capitol. Money is necessary to run or start any business. Be it for startup costs, facilities, permits, insurance, payroll, or inventory, capitol is something you can’t operate without. In the absence of personal savings or investors, banks provide the capitol necessary for these businesses to operate in the form of loans or other financial support. If financial support subsides, these businesses will also.
According to an article by the New York Times, an organization named “Guns Down America” was started as an advocacy group to focus on financial support of the gun industry. Their priority is to focus on the finance industry. They have developed a grading system to grade 15 major banks on their performance dealing with businesses in the firearm industry. Many banks failed, with the highest getting a B ranking. While this is just one organization, it could expand to be more worrisome to the Second Amendment community.
Banks have already begun responding. It isn’t clear whether it was because of the pressure from this organization or decisions from their directors, but it made national news last year when Citibank made the decision to only deal with manufacturers who agree with “certain restrictions” on firearms. Bank of America has since made claims that it would sever ties with gun manufacturers that make “military style” weapons for the civilian market. If this is any indication on how things are moving, we’ll find it more and more difficult to find financial institutions to do business with. With money being the driver of any industry it could put serious constraint on the Second Amendment without actually restricting anything.
What can gun owners do about this? Only support financial institutions that aren’t biased on who they offer loans to. I personally had a Citigroup credit card and cancelled it after I found out what they were doing. After the Parkland, FL shooting, Dicks made the decision to stop selling “assault weapons” in their stores including Field and Stream. Gun owners have made them financially feel the results of their bad decision. We can do this same thing with the banks that fail to equally support all businesses. If things keep trending this direction, I could see it coming to transactions being denied depending on what’s being purchased. We don’t want banks to have this kind of control over our lives and that starts with the control they’re beginning to have over the industry.