Roast 'em, Crapo!
A key Republican lawmaker called out Citigroup Inc. and Bank of America Corp. for their decision to restrict business with the firearms industry.
Senate Banking Committee Chairman Mike Crapo, whose committee writes banking laws and oversees Wall Street’s regulators, wrote to the chief executive officers of both banks last week. He criticized the firms for using their size and reach to influence social policy and demanded to know how they collect information about consumers who buy guns.
“We should all be concerned if banks like yours seek to replace legislators and policy makers and attempt to manage social policy by limiting access to credit,” Crapo, from Idaho, wrote in a letter to Citigroup CEO Mike Corbat. Banks “should not deny financial services to customers they disfavor.”
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