Financial services are the lifeblood of any major business enterprise, and the firearms industry is no exception. In recent years, anti-gunners conspired to strangle the constitutionally protected sector through a myriad of schemes, including cutting off critical banking services.
Now, the federal government has found that these institutions “made inappropriate distinctions” between lawful segments of the economy.
Firms stand accused of denying financial services to 2A-related businesses
The Office of the Comptroller of the Currency (OCC) released its conclusion that major financial firms systematically denied services to Second Amendment-related businesses.
And it’s a who’s who of Wall Street players.
The OCC named JPMorgan Chase, Bank of America, BMO Bank, Capital One, Wells Fargo, U.S. Bank, PNC Bank, and TD Bank. Each stands accused of illegally denying services for blatant political reasons.
NSSF sharply rebukes Wall Street CEO for denial of wrongdoing
One influential leader, JPMorgan Chase CEO Jamie Dimon, recently denied that his firm rejects interactions with the weapons industry. On Fox News “Sunday Morning Futures,” he flatly dismissed accusations of impropriety.
“People have to grow up here, OK, and stop making up things and stuff like that,” Dimon said. “I can’t talk about an individual account. We do not…debank people for religious or political affiliations.”
Enter the National Shooting Sports Foundation (NSSF), the industry trade association, which is undoubtedly qualified to comment on Dimon’s claim.
The NSSF noted that Dimon testified under oath before Congress in 2021 that JPMorgan Chase indeed refused to conduct business with certain manufacturers. In his words, “We do not finance the manufacture of military-style weapons for civilian use.”
Of course, that’s just anti-gun lingo for popular semi-automatic sporting rifles.
In 2023, JPMorgan Chase was busted for preventing gunmakers and retailers from utilizing Intuit’s QuickBooks software through financial pressure.
The NSSF is correct. Wall Street giants may be succumbing to Washington’s edict that debanking practices end, but they cannot deny very recent infringements on Second Amendment rights.
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