Wells Fargo bucked corporate gun control by issuing $40 million in credit to Sturm, Ruger, & Co.
Bloomberg reports that the $40 million is on top of $431 million Wells Fargo has issued to gun manufacturers since the December 14, 2012, Sandy Hook attack. This means Wells Fargo is not only bucking the corporate gun control trend in 2018 but has also withstood the firearm divestiture campaign that launched following Sandy Hook.
On April 15, 2018, Breitbart News reported that Wells Fargo stemmed the tide of the push for new financial restrictions on gun makers and sellers by stressing that it is not a bank’s job to set U.S. gun policy. Reuters quoted Wells Fargo chief financial officer John Shrewsberry saying, “The best way to make progress on these issues is through the political and legislative process. 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’s refusal to place new restrictions on gun manufacturers came shortly after Citigroup and Bank of America caved to the gun control push. On March 23, 2018, Breitbart News reported that Citibank issued new requirements whereby customers who own gun stores must stop selling long guns to anyone under the age of 21 and to quit selling “high-capacity” magazines as well. And Bank of America made clear they will no longer loan money to manufacturers that make “military-style firearms.”
Ruger has not said how will they will use the $40 million line of credit, whether for acquisition or manufacturing.
AWR Hawkins is an award-winning Second Amendment columnist for Breitbart News, the host of the Breitbart podcast Bullets with AWR Hawkins, and the writer/curator of Down Range with AWR Hawkins, a weekly newsletter focused on all things Second Amendment, also for Breitbart News. He is the political analyst for Armed American Radio. Follow him on Twitter: @AWRHawkins. Reach him directly at email@example.com. Sign up to get Down Range at breitbart.com/downrange.