Citigroup announced Thursday that the company will be implementing restrictions on client firearm sales, making it the first major U.S. bank to impose gun control measures. Citigroup Chief Executive Officer Mike Corbat, sent an email memo to employees citing the new policy measures that will apply to, “small business, commercial and institutional clients, as well as credit card partners.”
According to an internal memo, the “U.S. Commercial Firearms Policy” will require that firearms will not be sold to anyone under age 21, anyone who has not passed a background check, or seeks to purchase bump stocks or “high-capacity magazines.”
Furthermore, current and future business clients of Citigroup will be screened to ensure their businesses adhere to the new policy.
The memo states:
“Dear Colleagues,
Over the last several weeks, I have had many conversations with clients, colleagues and friends who hold a range of opinions on the regulation of firearms in the U.S. It is clear to me that most people believe there are areas of agreement and practical changes we can make to find common ground.
Citi is ready to do our part to help our country move in that direction. Today, I am proud to announce a new U.S. Commercial Firearms Policy that promotes the adoption of current best practices regarding the sale of firearms. The policy was designed to respect the rights of responsible gun owners while helping to keep firearms out of the wrong hands.
The policy will apply across the firm, including small business, commercial and institutional clients, as well as credit card partners, whether co-brand or private label. Under the policy, we will require new retail sector clients or partners to adhere to these current best practices: (1) they don’t sell firearms to someone who hasn’t passed a background check, (2) they restrict the sale of firearms for individuals under 21 years of age, and (3) they don’t sell bump stocks or high-capacity magazines.
It is clear out current clients care about these issues as well, and we believe we can make meaningful progress together. We have already begun to engage with them in the hope that they will adopt these best practices over the coming months. If they opt not to, we will respect their decision and work with them to transition their business away from Citi.
We have few relationships with companies that manufacture firearms. For those that do, we well be initiating due diligence conversations to better understand the products they make, what markets and retailers they sell to, and the sales practices of those retailers to ensure adherence with the best practices outlines above. We will apply the same due diligence screening to potential clients going forward.
We know that out efforts cannot lead to real change unless we work with others. To that end, we are initiating a dialogue within the financial services industry and with other stakeholders to understand whether there are additional technology solutions or voluntary standards that can be enacted. We know a solution may not come quickly, but we are committed to the conversation.
As an avid outdoorsman and responsible gun owner, I know that some will find our policy too strict while others will find it too lenient. We don’t have the perfect solution to supporting our Constitution while keeping our children and grandchildren safe. Best practices are going to continue to change, and we understand the imitations of our efforts. But we shouldn’t let that stop us from doing our part.
Mike”
Corbat says the new restrictions are a great compromise for both Second Amendment advocates and those protesting for stricter gun control measures. However, how does this fair as a business impeding on the U.S. Constitution and the rights of citizens?
Will weak national leadership led to the formation of a corporatocracy above the federal presidential constitutional republic?
