Citibank announced this week that it plans to force its retail clients in the gun industry to adhere to new restrictions on firearm sales.
According to a statement issued by the bank Thursday, it no longer wishes to do business with retailers in the gun business unless they are willing to agree not to sell bump stocks, high-capacity magazines and refuse to make firearm sales to anyone under the age of 21.
“We have waited for our grief to turn into action and see our nation adopt common-sense measure that would help prevent firearms form getting into the wrong hands. That action has sadly never come and as the weeks pass after the most recent mass shooting, it appears we are stuck in the same cycle of tragedy and inaction,” the company’s statement read.
According to Citibank, the financial services company also wants to initiate conversations with its clients in the firearm industry “to better understand what products they make, what markets and retailers they sell to and what sales practices those retailers follow to ensure adherence to the best practices outlined above.”
“We know that the actions we are talking today will invite passion on both sides. We don’t have the perfect solution but we have come to the conclusion that we must do our part to keep guns out of the hands of those who wish to do harm. And we hope our actions help that vital goal,” the company said.
In an interview with The New York Times, Citibank CEO Michael Corbat, who describes himself as “an avid outdoorsman and responsible gun owner,” said the banks decision comes from a desire to be a good corporate citizen.
“We don’t pretend that these answers are perfect, but as we looked at the things we thought we could influence, we felt that, working with our clients, we could make a difference,” he told the newspaper. “Banks serve a societal purpose — we believe our investors want us to do this and be responsible corporate citizens.”
The bank currently does not have the technology to actively monitor whether its customers are complying with the policy changes at the retail level– but according to the Time’s report, Citibank executives are looking into technology to monitor payment processing more closely.
Citibank’s move represents the latest in a wave of corporate activism aimed at limiting U.S. 2nd Amendment rights in the wake of the tragic high school shooting in Parkland, Fla., in February.