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U.S. gun lobby goes after 'gun-hating' banks, Reuters says.

The U.S. gun lobby is targeting "gun-hating" banks after Citigroup (C) and Bank of America (BAC) announced that they would no longer provide certain services to gun manufacturers, Reuters reports, citing industry lobbyists. The efforts by Gun Owners of America and the National Rifle Association could create danger for de-regulatory gains the lenders had hoped to receive from Republican lawmakers and regulators, many of whom are staunch defenders of the Second Amendment, the report says, citing industry sources. GOA has asked lawmakers to add a provision to a draft law rewriting bank rules that states it would prevent "gun-hating banks" from "discriminating" against gun makers, the report says. Publicly traded companies in the gun space include Smith & Wesson parent American Outdoor Brands Corporation (AOBC) and Sturm Ruger & Company (RGR). [Reference Link]:[https://www.reuters.com/article/us-usa-guns-banks/u-s-gun-lobby-takes-aim-at-gun-hating-banks-citi-bofa-idUSKCN1IJ260]

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Publication:The Fly
Date:May 18, 2018
Words:139
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