According to Firearm Chronicles
U.S. Senators are warning big banks not to use the recent pandemic recovery funds as a bludgeon against industries they find out of fashion. In other words, don’t use taxpayer funds as a weapon to score political points at the next corporate cocktail party.
U.S. Sen. Kevin Cramer (R-N.D.), along with 18 additional senators, authored a letter to Secretary of the Treasury Steve Mnuchin and Jerome Powell, Chairman of the Federal Reserve, warning them not just that this could happen, but they fully expect it to happen. That’s because they have seen it happen before. “A small but vocal minority has weaponized federally-backed banks against politically-disfavored businesses that operate in good faith and compliance with the law, by denying them financial services based on political reasons that have nothing to do with creditworthiness,” wrote the 19 senators who signed the letter.
Disfavored Industries
The senators didn’t pull punches. They listed the worst offenders, including Citibank, Bank of America, JP Morgan Chase among others. Each of these banks has taken discriminatory stances against the firearms industry, denying financial services unless manufacturers and retailers adopt their views on gun control.
It isn’t just the firearm industry that’s been victimized by the corporate virtue signalers. These banking institutions, along with credit card processors and financial service providers, also targeted the oil and gas industry, coal, private corrections and other politically disfavored industries.