Financial institution Citigroup alters firearms policy under duress from Trump administration's pressure on major banking sector.
Revised Article:
Here's the lowdown on Citigroup's latest move, stirring up quite a buzz: After initially imposing restrictions on its clients selling firearms back in 2018 - making it the first major bank on Wall Street to do so - they've had a change of heart.
On Tuesday, they announced the lifting of those firearm-related restrictions, stating, "We're no longer maintaining a specific policy regarding firearms." This decision comes amidst accusations from the Trump administration that Wall Street is somehow biased against conservatives, a claim that's been a hot topic since more than a dozen state auditors accused Bank of America of "political de-banking" last year.
In 2018, Citigroup made it clear they'd cut banking services to businesses selling firearms to underage buyers, those failing background checks, or those dealing in bump stocks or high-capacity magazines. But this time around, they're following "regulatory developments, recent Executive Orders, and federal legislation."
Now, let's dive into some juicy details. In 2018, they missus-ed out on a ruckus with President Trump himself at the World Economic Forum, who scolded Brian Moynihan, Bank of America's CEO, for not catering to conservatives. Trump also took a swipe at Jamie Dimon,head honcho at JPMorgan Chase.
And here's the cherry on top: Citigroup isn't shy about their stance on discrimination. They've updated their employee Code of Conduct and their external Global Financial Access Policy to ensure everyone—regardless of political affiliation or other traits like race and religion—gets a fair shake.
As for the internet's grapevine, it seems Citigroup dropped some restrictions related to firearms recently, likely due to a shift in the political winds. But whether they actually rolled back their restrictions in 2021 or not, hasn't been confirmed. Either way, it's clear that Citigroup's willing to play politics - and not just when it comes to firearms.
- The decision by Citigroup to lift firearm-related restrictions in 2021, following "regulatory developments, recent Executive Orders, and federal legislation," has raised questions about their political stance, particularly in the realm of finance and business.
- Amidst accusations from the Trump administration that Wall Street is biased against conservatives, Citigroup's move could be interpreted as an attempt to appeal to a broader political spectrum, given their explicit stance against discrimination in their employee Code of Conduct and Global Financial Access Policy.
- The political implications of Citigroup's decision extend beyond the firearm industry, as it falls under the umbrella of general-news, encompassing the ongoing debate about the intersection of finance, business, and politics, as well as the broader issue of crime-and-justice, given the relevance of firearms to these domains.
