Citigroup announced Tuesday that it is ending its policy restricting banking services for firearm manufacturers, sellers, and resellers. The policy, which had been in place for seven years, limited the types of services the bank would provide to companies in the gun industry. The restrictions were initially implemented following the Sandy Hook Elementary School shooting in 2012.
The bank stated that the decision to lift the restrictions was made after a review of its business practices and a consideration of its commitment to serving a diverse range of clients. Citigroup will now offer a full suite of banking services to firearm-related businesses, including loans, credit, and investment banking services.
This change is expected to draw mixed reactions. Gun rights advocates are likely to applaud the decision, viewing it as a step towards fair treatment for the firearm industry. Conversely, gun control groups may criticize Citigroup for prioritizing profits over public safety and potentially enabling the proliferation of firearms.
Citigroup Ends Restrictions on Banking Services for Gun Industry
Citigroup has reversed its seven-year-old policy that limited banking services to firearm manufacturers, sellers, and resellers. The bank announced the change on Tuesday, removing restrictions put in place after the Sandy Hook Elementary School shooting. This decision allows Citigroup to provide a wider range of financial services to companies in the gun industry. The move is expected to be welcomed by gun rights advocates and criticized by gun control groups.
Source: Read the original article at NBC