In Chicago the gun trade is cash and carry.
Chicago Mayor Rahm Emanuel (D) wants to use city contracts to punish banks that will not restrict and/or regulate clients involved in the firearms industry.
Emanuel’s ordinance is co-sponsored by Alderman Edward Burke (14th).
The Chicago Sun-Times reported that Emanuel introduced the ordinance by saying, “When it comes to fighting for stronger, smarter gun laws Chicago is putting our money where our mouth is. The private sector has a role to play in supporting public safety. Chicago should give our business to companies who share our values and want to be part of the solution to gun violence, not profit from it.”
The ordinance would require financial institutions to file affidavits “verifying that their customers ban the sale of bump stocks and high-capacity magazines.” Moreover, banks would have to assure the city of Chicago that their customers in the firearms industry “ban the sale of firearms to customers under the age of 21 and those who fail to pass background checks.”
The Chicago Tribune reports that Emanuel’s proposed requirements mirror those put forth by Citibank on March 22.