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Senate Banking Chair Chastises BOA, Citibank

Citibank Senate Banking Chair Chastises BOA

 U.S. Sen. Mike Crapo (R-Idaho), chairman of the Senate Banking Committee took to task two major banks for recent policy changes eliminating financial services to firearms manufacturers that produce AR-15s. Crapo sent letters to both Bank of America and Citibank, questioning their use of market power to withhold credit to customers and companies they disfavor, especially after receiving significant forms of government support and benefits. Crapo also questioned the banks’ collection of personally-identifiable information and how that might be used to enforce their new policies.
Earlier in the week, Federal Reserve Vice Chairman for Supervision Randal Quarles testified that it wasn’t the Fed’s place to take a position on firearms and that lending institutions shouldn’t use personal judgments in lending decisions. NSSF has pointed out that it's wrong to mischaracterize modern sporting rifles as military weapons.

Gun Business Bias Arises in Congressional Hearing

During a U.S. House of Representatives Judiciary Committee hearing entitled, “Filtering Practices of Social Media Practices,” Rep. Andy Biggs (R-Ariz.) referred to the case of Facebook denying a firearms retailer from advertising U.S. flags for sale as “conservative bias.” Congressman Biggs explained the case (Watch 1:43:40 - 1:44:43) of the Keffer family, owners of The Sportsman’s Shop in Pennsylvania, who discovered that Facebook ads for American flags were removed. They were told by Facebook representatives that anything linking sales to firearms was forbidden. Shortly later, they discovered all their Facebook advertising had been removed.
NSSF worked with both the Senate and the House of Representatives to ensure instances of social media entities curbing the lawful commerce of firearms were included in the questions to the panel. Representatives from Facebook, Google, and Twitter were invited to testify, but chose not to appear. Chairman Bob Goodlatte (R-Va.) said he “will take whatever steps necessary to obtain answers directly.”

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