Citigroup plans on regulating firearms through controlling sales to persons under the age of 21, bump stocks, and “high-capacity magazines” according to an internal memo that was sent to Firearm Rack by an anonymous source.
The memo was penned by CEO of Citigroup, Mike Corbat detailing their new U.S. Commercial Firearms Policy details several guidelines that firearm retailers MUST follow if they would like to do business with Citigroup. If they decline to adhere to the new policies, Citi will “work with them to transition their business away from Citi.”
In my opinion, this new policy that Citi has distributed will undoubtedly change commerce surrounding firearms even if the retailer does not use Citigroup’s services. How many smaller banking institutions will follow the lead of the Keep in mind that Citi is regulating entirely legal products for a political end goal of forcing the firearms industry to adopt gun control measures that have been voted on by no one, bypassing all public comment.
Does Citi have the right to regulate their services? Sure. Being a private company they have the right to do business where they like and turn away retailers that they do not wish to do business with.
But just because they can, should they?
One of the more chilling statements in Mike’s memo is where he states “Citi is ready to do our part to help our country move in that direction.” When referring to changes in U.S. firearms laws. When an entity is so large that they are dictating policies that affect rights that Americans are guaranteed, there is something wrong with the system in my humble opinion.
How should we respond to Citigroup? Email Mike Corbat (mikecorbat@imcnam.ssmb.com) and tell him how you feel about the new policy in the MOST RESPECTFUL WAY POSSIBLE. Do not curse, do not threaten, and do not troll him. We have to be respectful or risk being labeled crazy gun people.
I reached out to Citigroup for comment and have not received a response at this time.
If you care to read the memo, it is posted below:
From: MikeCorbat <mikecorbat@imcnam.ssmb.com>
Date: Thursday, March 22, 2018 at 10:01 AM
Subject: Announcing Our U.S. Commercial Firearms PolicyMessage From
Mike CorbatDear 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.
This policy will apply across the firm, including to 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 our 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 will 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 outlined above. We will apply the same due diligence screening to potential clients going forward.
We know that our 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 limitations of our efforts. But we shouldn’t let that stop us from doing our part.
– Mike
Mission & Value Proposition<http://www.
citigroup.net/mission>
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