Remember Operation Choke Point, the Obama-era policy (renewed by Biden) to “unbank” disfavored people and industries (like firearms) despite the lack of any law to do so? Citibank just announced that they’re ending their own anti-gun policy.
Financial services company Citi is walking back its political de-banking policy and its requirement for retail clients to restrict gun sales, making it the latest large corporation to distance itself from progressive corporate governance.
Citi announced the changes Tuesday after examining its corporate policies in light of shifts to the regulatory climate and President Trump’s executive orders.
“We will update our employee Code of Conduct and our customer-facing Global Financial Access Policy to clearly state that we do not discriminate on the basis of political affiliation in the same way we are clear that we do not discriminate on the basis of other traits such as race and religion,” the banking company said in a statement.
“We also will no longer have a specific policy as it relates to firearms. Our U.S. Commercial Firearms Policy was implemented in 2018 and pertained to sale of firearms by our retail clients and partners. The policy was intended to promote the adoption of best sales practices as prudent risk management and didn’t address the manufacturing of firearms.”
So Citi will no longer discriminate against businesses that operate to enable a protected constitutional right. Imagine that.
Citi’s rescinded policies are both part of the environmental, social, and governance (ESG) movement in corporate America that seeks to use corporations as vehicles for progressive goals. The ESG and diversity, equity, and inclusion movements in corporate America have been in retreat since Trump returned to office and signed executive orders to aggressively combat DEI and illegal racial discrimination. Walmart, McDonald’s, Target, Verizon, Meta, and numerous other corporations have scaled back DEI commitments since Trump resoundingly won the 2024 presidential election.
“Scaling back” isn’t enough. ESG is illegal, racist poison that destroys shareholder value. ESG and DEI need to be completely purged from corporate America. Actually, all America, but publicly-held companies have a fiduciary duty to do so.
Conservatives have raised the alarm about financial companies “de-banking” right-wing clients and denying them access to services because of political orientation. The practice has mostly impacted right-wing extremists—
[[citation needed]] Here NRO is making an assertion unsupported by the evidence, unless they have access to a secret list of the unbanked that we don’t. Also, given their own case of TDS, I don’t trust today’s NRO to define “right-wing extremists.” And remember that the late David Horowitz was among Operation Choke Points unbanking targets.
—but it has spilled out into industries disfavored by the left and other conservative institutions.
“Spilled out into”? Operation Choke Point targeted Obama’s enemies from the git-go.
Republican lawmakers have also raised the alarm about cases of de-banking involving gun dealerships and religiously affiliated institutions.
The cryptocurrency industry has been particularly critical of what crypto proponents believed to be targeted and weaponized de-banking practices. But the crypto industry has also been associated with fraud, money laundering, and other illicit schemes involving criminal networks that banks look to clamp down on.
President Donald Trump called out Bank of America and JP Morgan for de-banking in January at the World Economic Forum, reigniting the debate about de-banking at the start of his second term. Both financial titans disputed Trump’s allegations and said they were proud to serve clients of all political affiliations.
In March, the Trump organization sued Capital One for alleged de-banking four years ago because of their political views, an allegation the company disputed.
Denying basic services to Americans based on their political views is deeply un-american. The idea needs to be thrown on the ash heap of history along with the rest of the ESG, DEI and social justice garbage.
Tags: Bank of America, banking, Capital One, Citibank, Donald Trump, Environmental Social Governance (ESG), Guns, JP Morgan, Obama Scandals, Operation Choke Point, Social Justice Warriors
FDIC was the banks’ hammer to enforce Operation Choke Point. The lying FDIC Office of Inspector General claimed the FDIC’s involvement in Operation Choke Point was limited in their audit AUD-15-008: ‘FDIC’s Role in Operation Choke Point and Supervisory Approach to Institutions that Conducted Business with Merchants Associated with High-Risk Activities’.
The FDIC is run by the big banks and their managers, especially now that two Board memberships are vacant. The only honest man on the FDIC board is Russell Vought, an ex officio member through his directorship of the Office of Management and Budget (OMB).
Operation Choke Point will not die until President Trump fills the two vacant positions on the FDIC board with persons free of bank influence. Then the FDIC can be removed from the baleful influence of the left wing bank executives it supposedly supervises. DOGE style firings are in order at FDIC.
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