Major institutions across the U.S. are taking a stand in the debate over gun control…
(Ben Swann, Truth in Media) Many gun control advocates believe this is a great move by American corporations. But what does it mean when corporations are punishing customers for behavior that is not illegal? Could these businesses become moral police?
…In response to the latest mass shooting event in Parkland, Florida, major corporations and banks are now instituting their own gun control policies. Let’s first look at how banks are getting involved.
Bank of America announced just 10 days after the parkland shooting that it would begin conversations with its customers who manufacture guns to, “examine what we can do to help end the tragedy of mass shootings.”
Then in mid-March Citigroup revealed it would institute its own restrictions on gun manufacturer clients. The bank has since banned its business customers from selling guns to anyone under 21, and from selling high-capacity magazines and bump stocks altogether.
And now, Bank of America will no longer lend to gun manufacturers, including current loan customers Vista Outdoors and Remington.
While banks are private institutions, there are questions here about why banks would not lend to companies that are not doing anything illegal, but that the bank’s executives simply don’t agree with.
According to Bank of America’s annual shareholder meeting in April, a shareholder named Justin Danhof, the director of the free enterprise project, asked CEO Brian Moynihan how much business the bank was sending away, noting that Warren Buffett said he wouldn’t make a similar move in his business…