That was fast.
Not one full day after NSSF – the Firearm Industry Trade Association – spotlighted a major financial institution continuing its policy of discriminating against a lawful and highly regulated firearm industry business, the bank has changed its tune.
The discrimination was laid bare in a short, direct email from a J.P. Morgan Wealth Management advisor to Brandon Maddox, Founder and CEO of Silencer Central – a firearm suppressor company – denying services when Maddox inquired if the banking giant works with companies in the firearm industry. One day later, a very senior executive from J.P. Morgan Wealth Management reached back out to Silencer Central to explain that they do, in fact, want to do business, according to emails shared with NSSF.
NSSF is proud to fight for our members and the immediate tack by J.P. Morgan Wealth Management is a welcomed, albeit early, sign that the banking behemoth got the message.
Quick Reaction
As a matter of transparency, Maddox serves on NSSF’s Board of Governors. NSSF spotlighted the unfortunate initial email exchange between Maddox and a J.P. Morgan Wealth Management advisor yesterday. Today they replied to Maddox again, singing a different tune.
“JPMorganChase does, in fact, bank companies in the firearms industry. I would love the opportunity to talk to you about how our firm might support your business,” a new email relayed to Maddox.
The new response from J.P. Morgan Wealth Management is good news. There is no reason not to do business with a company involved in the firearm industry. After all, the firearm industry makes it possible for law-abiding Americans freely and fully exercising their Constitutionally-protected Second Amendment rights.
President Trump signed the Guaranteeing Fair Banking for All Americans Executive Order in early August, directing banking institutions to knock off their policies of “debanking” politically disfavored entities, like the firearm industry.
President Trump’s order, in part, gave banks 180 days to cease “unacceptable practices to restrict law-abiding individuals’ and businesses’ access to financial services on the basis of political or religious beliefs or lawful business activities.” NSSF applauded President Trump’s Executive Order ending “woke” banking discrimination at the time. Now, more than a full month later, it is implausible to believe that a corporate bank the size of J.P. Morgan Chase would respond to Maddox with a categorical denial because it was simply unaware of the order. That’s what compliance departments do; they ensure their companies are in compliance with applicable laws and regulations that govern the conduct of their industry.
Watching Closely
To be crystal clear, the 180-degree course change by J.P. Morgan Wealth Management is welcomed. But the firearm industry follows the mantra of former President Ronald Reagan when he often stated, “Trust, but verify.”
In a separate, earlier positive sign, Citigroup – another of the major American banking institutions – reversed its previous policy of discriminating against members of the firearm and ammunition industry and once again opened banking services to the firearm industry manufacturing, wholesale and retailer segment. That was two months ago and NSSF applauded Citigroup for their correct move.
“NSSF is grateful that Citigroup’s leadership recognized that no one wants to promote safe and responsible firearm ownership more than those of us within the firearm industry,” NSSF’s Larry Keane said in a press release at the time. “We are encouraged by the decision by Citigroup to resume providing financial services to members of our industry and the opportunity to work together to promote real solutions for safer communities, while respecting the rights of law-abiding citizens. This has been a hard-fought battle to ensure the firearm industry has access to the financial services necessary to compete in today’s market.”
More Work Ahead
The moves by Citigroup and J.P. Morgan Wealth Management are positive ones. But they shouldn’t have been necessary in the first place.
NSSF will continue to advocate for federal legislation to prohibit financial discrimination from creeping up as a result of a future antigun administration returning to power in Washington, D.C.
Trust, but verify. The firearm industry thanks J.P. Morgan Wealth Management for their quick corrective action in reaching out to Silencer Central. But we will be watching to ensure those conversations are meaningful and that no banking services are denied to the industry that provides Americans with the means of exercising their Second Amendment rights.
— Matt Manda
