Last month, banks, insurance companies, and other financial institutions across the state of New York who had relationships with the National Rifle Association (NRA) and gun manufacturing companies received an eerie letter from the State’s Department of Financial Services. The letter was sent on behalf of New York governor, Andrew Cuomo, to ‘urge’ these select companies to ‘consider reputational risk and promote corporate responsibility’ by severing ties with businesses and associations that promote the Second Amendment or manufacture firearms. This letter marks a new push against the Second Amendment, a financial push.
This unprecedented request from the Governor comes shortly after CitiGroup and Bank of America ended relationships with gun stores and other organizations who are in favor of the Second Amendment and allowing citizens under the age of 21 to purchase a firearm in the wake of Parkland. These banks have halted all financial assistance, including credit card transactions, banking, loans, and the like. Citi Group and Bank of America are two of the largest banks in the nation.
The decisions have been largely ignored by the media, but it is a new tactic that could have dire consequences for the Second Amendment. As it currently stands, our right to own and bear firearms is here to stay. As a progressive who is vehemently against this right, what course of action could be used to short-circuit the Second Amendment?
The first option is going through Congress to repeal an amendment which is nearly impossible– especially with the current makeup of the House and Senate. In the absence of legislative change, social change, movements, and protests are one option. In fact, New York’s Department of Financial Services Superintendent, Maria Vullo said, “Corporations are demonstrating that business can lead the way and bring about the kind of positive social change needed…”
This leads to the next and newer option: to choke off the banking services of the gun industry– and with it the inflow of investment capital.
If companies are restricted from receiving basic banking services, then investors will likely not choose to take the risk of investing in such a company. Without loans, credit card services, and investors, growing a company– which is already a difficult task– becomes even more arduous, weapons become more expensive and they naturally leave the market.
If more of the nation’s leading banks decide to stop giving loans to select companies or to halt certain credit card transactions, an entire industry upon with our Second Amendment is contingent is effectively put out business.
The views expressed in this article are the opinion of the author and do not necessarily reflect those of Lone Conservative staff.