Bank pressures Ruger to take steps to reduce gun violence

[Bang]

The court forced a cake baker to bake a cake. Perhaps the same court will force a bank to finance a gun-related entity.

[armabill]

Sounds like a bank audit is needed.

[kobsw]

1

[coppery]

Pressure? Sounds more like extortion.
That's still a criminal offense, right?
Or is that only for us minions.

Straight up extortion.

[tl_3237]

So here is Amalgamated's policy:

April 4, 2018
Topics:
corporate and social responsibility, progressive finance, banking industry, values-based banking
Amalgamated Bank Adopts Additional Policies to Promote Gun Safety

Endorses Gun Safety Code of Conduct released today by Everytown for Gun Safety

NEW YORK – Amalgamated Bank, America’s socially responsible bank, today announced that it will implement first of its kind policy changes to encourage gun manufacturers and distributors to act with corporate and social responsibility.

Everytown for Gun Safety recently released a call to action for financial institutions outlining steps they should take to promote responsible practices from gun manufacturers and distributors. Amalgamated is proud to have been in conversation with Everytown who have developed these codes of conduct, and to become the first bank to endorse and adopt Everytown’s principles.

Keith Mestrich, CEO of Amalgamated Bank, commented: “Amalgamated Bank has always believed that banks and financial institutions have important roles to play in contributing to society in a responsible way – and we’ve acted accordingly. In the wake of Parkland, and other tragic mass shootings, we believe that the financial industry must take action. Collectively, banks and lenders have the power to promote responsible business practices from gun manufacturers and distributors, and ultimately contribute to a safer society for all. Amalgamated will do whatever we can to achieve that goal and we hope other banks and financial institutions will agree and act.”

Amalgamated has been at the vanguard among its banking peers in establishing responsible policies with respect to gun manufacturers and distributors. Amalgamated Bank’s current lending policy already prohibits lending to firearms, weaponry or ammunitions manufacturers or distributors. The bank also currently offers, and will continue to offer, investment products to institutional and individual clients that do not include weapons manufacturers.

Amalgamated will make the following enhancements to its policies and procedures, in alignment with Everytown’s recommended measures:

Amalgamated will implement new procedures to ensure that all commercial clients (existing and new) adhere to the Everytown’s Gun Safety Codes of Conduct. That makes Amalgamated the first financial organization to institute these groundbreaking policies.
Amalgamated has committed that it will not invest any of the Bank’s own assets in companies that manufacture or distribute firearms, weaponry or ammunition.
Amalgamated pledges to work with industry peers to explore collective avenues to push for responsible practices from gun manufacturers and distributors.

Mestrich continued, “Amalgamated Bank is proud to have had discussions with Everytown about guidelines for financial institutions. We fully endorse the measures Everytown has recommended and have already taken steps to implement each of these in our own business practices.”

Everytown’s Code of Conduct can be found here.



About Amalgamated Bank

For nearly a century, Amalgamated Bank has served as America’s socially responsible bank, supporting forward-thinking organizations, companies, and individuals across the country. We are an advocate for those working to make the world more just, compassionate and sustainable. Our extensive experience, financial knowledge and community of like-minded customers offer a unique set of financial tools to customers. Amalgamated is the country’s largest B Corp® bank and a proud member of the Global Alliance for Banking on Values. We don’t just have a mission. We are on a mission: to support those who support others, to invest in progressive and impactful causes and to advocate true financial opportunity for all.

Contact
Kaye Verville, The Levinson Group
Kaye@MollyLevinson.com (link sends e-mail)
207-807-2835

https://www.amalgamatedbank.com/news...ote-gun-safety

Some of the conditions for manufacturers under Everytown’s Code of Conduct:

Reduce Lethality of Shootings
For example:
• Commit to cease manufacturing for retail sale
o semi-automatic firearms that can accept High Capacity Magazines
o semi-automatic rifles that are capable of firing centerfire ammunition
o High Capacity Magazines

Reduce Gun Trafficking & Help Law Enforcement Solve Crimes
For example:
• Commit to equipping/manufacturing all handguns and semi-automatic rifles with
o microstamping or similar ballistics technology that can assist law
enforcement in efforts to trace crime guns
o tamper-proof serial numbers / serial number identifiers that are visible only
with the aid of an infrared detector or other device
o tracking sensors to allow the authorized user to find the location of a firearm,
like the “find my phone” feature on many smartphones
• Coordinate with federal law enforcement to track and compare dealer performance,
and identify dealers with high rates of crime guns or poor audit records
• Discontinue or suspend sales to Dealers/Distributors that sell a disproportionate
number of firearms that are traced to crime scenes within three years after sale

[2Late45]

From what I've seen on a couple of Ruger forums, the bank holds some 7,500 shares of stock. This is a pittance of the some 15 million shares of common stock out there. Hoping that Ruger tells them to go pound salt.

[john9001]

First release MS13 gang members from jail, second call for disarming citizens to reduce gun violence.

Sounds like we are being set up.

[gghbi]

I looked at the everytown list and fully half of what they suggest is already pretty much standard practice. I don't know any FFL that would sell a gun to someone who is intoxicated, appears unstable, or is an apparent straw purchaser. Background checks are standard at every FFL, even at gun shows.

Much of what everytown is suggesting is not currently legal or is pie in the sky ideas which are not practical. And their desire to halt sales of standard capacity mags and centerfire semi-auto rifles are just not realistic and pretty worthless when it comes to reducing the 'lethality of shootings'.

We need to point out to these businesses that it is not good business practice to try to enforce arbitrary restrictions, and we can hope they are made painfully aware of this when they do and lose business generally. (my turn for bit of wishful thinking)

[buckengr]

Nuts!

[cephas]

Many of us remember Mr. Rugers stance on limiting magazine capacity in the late 80's. Hard to tell the full effect of that but it still leaves a sour taste with some.
Ruger has worked hard since then to establish its reputation.
Look for them to hit back in some way.