Wells Fargo Stems the Tide: Not a Bank’s Job to Set U.S. Gun Policy
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Wells Fargo Stems the Tide: Not a Bank’s Job to Set U.S. Gun Policy

Wells Fargo stemmed the tide of the push for new financial restrictions on gun makers and sellers by stressing that it is not a bank’s job to set U.S. gun policy.

Wells Fargo believes firearm policy is a debate for Congress instead.

According to Reuters, Wells Fargo CEO John Shrewsberry said, “The best way to make progress on these issues is through the political and legislative process. In the meantime, Wells Fargo is engaging our customers that legally manufacture firearms and other stakeholders on what we can do together to promote better gun safety in our communities.”

Wells Fargo’s refusal to place new regulations or stipulations on legal firearm manufacturers represents a break with Citigroup and Bank of America. On March 23, 2018, Breitbart News reported that Citibank now requires customers who own gun stores to stop selling long guns to anyone under the age of 21 and to quit selling “high-capacity” magazines as well.

They also ask gun stores to refuse to sell any gun until an extended background check comes back conclusive, even though federal law recognizes that a federal firearms license holder can legally sell a gun if a check lasts three days and no incriminating evidence against the would-be buyer is found.

Last week, Bank of America made clear they will no longer loan money to manufacturers that make “military-style firearms.”

On March 9, 2018, Breitbart News reported that Visa refused to cut ties with semi-automatic rifle makers. In a statement conveying sentiment similar to Wells Fargo’s, Visa said it was not their job to “[set] restrictions on the sale of lawful goods and services.”

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2 Comments

2 Comments

  1. Barbara L Welch

    April 16, 2018 at 4:08 pm

    Democrats believe they are the RULERS of the USA and the sooner WE THE PEOPLE understand that they will continue their harrassment of WE THE PEOPLE. A bank setting or making laws when did this become legal??? oh right B of A is run by democrats they did not know they did not do this I used B of A for all of the 7 years I lived in california and even when I settled in Texas they gave me another loan to start up a new business. I have always respected them but now they have idots and fools at the helm and should be avoided by anyone with good sense they are not the only bank in town

  2. Vic G

    April 17, 2018 at 2:54 am

    Wells Fargo believes firearm policy is a debate for Congress instead”. Of course, and I absolutely agree. A policy, a law and compliance is for Congress, not for banks, or any enterprise for that matter, such as Visa the same. They all have conflicting loyalties and have to keep out of it. it’s a matter for Congress to write, decides and pass laws, not banks or a business. “He who must comply with the law, cannot make the law”. They can’t be involved in the process, because the laws are for banks and others to comply with. Many laws are not properly enforced as it is. Congress is the one to ensure laws are made, correctly applied and compliance maintained. Law enforcement follows on.

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