Wells Fargo Bucks The Trend: Will Not Implement Anti-Gun Policy

"We do not believe that the American public wants banks to decide"

Last week, Bank of America joined the ranks of Citigroup and other prominent businesses in the crusade against the Second Amendment by announcing that it would no longer lend money to manufacturers of "military-style" firearms — a euphemism for guns that look scary.

Wells Fargo & Co., however, has decided to buck that trend by leaving gun legislation and regulation where it belongs: with the U.S. government.

According to Reuters, Wells Fargo Chief Financial Officer John Shrewsberry told reporters that the bank is “not currently setting [gun] policy in our extension of credit." Any change in gun policy, Shrewsberry said, should come at the hands of lawmakers, not financial institutions.

“The best way to make progress on these issues is through the political and legislative process,” he said. “In the meantime, Wells Fargo is engaging our customers that legally manufacture firearms and other stakeholders on what we can do together to promote better gun safety in our communities.”

Wells Fargo spokesman Alan Elias reiterated Shrewsberry's announcement to CNN Money. "As our CEO has publicly stated, we do not believe that the American public wants banks to decide which legal products consumers can and cannot buy," the spokesman said. "We believe this issue requires a legislative solution that allows the public to voice their concerns."

Elias stated that Wells Fargo ensures that their customers in the gun industry comply with state and federal law.

As protests, spearheaded by victims of the Parkland shooting, have mounted across the country, various financial institutions have felt pressure to put a strain on the gun industry. Just last week, Anne Finucane, a vice chairman at Bank of America, said the organization had “intense conversations over the last few months” with gun-manufacturers regarding their new policy.

“We have just a handful of manufacturers. They know what our intentions are,” Finucane told Bloomberg. “It’s our intention not to finance these military-style firearms for civilian use.”

Meanwhile, Bank of America supports a slew of pro-abortion groups, including Planned Parenthood and the Center for Reproductive Rights.


What's Your Reaction?