As major banks like Citigroup, Bank of America, and JPMorgan Chase cave to anti-2nd Amendment radicals, Wells Fargo appears to be taking a very different tack.
On Friday, Wells Fargo Chief Financial Officer John Shrewsberry affirmed that the government, not banks, should set policy on 2nd Amendment issues.
During a call with reporters, Shrewsberry said:
The best way to make progress on these issues is through the political and legislative process. In the meantime, Wells Fargo is engaging our customers that legally manufacture firearms and other stakeholders on what we can do together to promote better gun safety in our communities.
Wells Fargo’s decision to continue doing business with firearm manufacturers stands in stark difference to other major banks that have announced major restrictions or other plans stop lending to the industry in recent weeks.
Interestingly, Wells Fargo’s record on the issues, especially the 2nd Amendment, has been anything but neutral historically. The bank has donated to organizations that advocate for restrictions on concealed carry and “stand your ground laws” including John Podesta’s Center for American Progress, the National Urban League, and the YWCA, a member of the leftist Coalition to Stop Gun Violence.
Yet, the announcement comes in the midst of an effort to rebuild Wells Fargo’s brand reputation with consumers. In 2016, former CEO John Stumpf stepped down in the wake of a major scandal involving the fraudulent creation of millions of accounts without customers’ knowledge. Wells Fargo also announced Friday it faces $1 billion in fines from regulators because of unfair fees charged to mortgage borrowers and forcing customers to buy car insurance they didn’t need.
Wells Fargo has faced criticism in the past few years for its corporate culture that apparently led to many of these misdeeds. Furthermore, like many of its rivals in the banking industry, Wells Fargo has regularly supported the left’s agenda across the board. Banking giants like Wells Fargo, Bank of America, and others receive the very lowest scores in 2ndVote’s database.
However, as these banks and many other corporations cave to the left’s pressure and misinformation campaign to demonize guns and gun owners, Wells Fargo may be finding that championing leftist policy positions does little to help a corporation in times of crisis. In other words, there are no tangible benefits to virtue signaling.
Just a few years ago, Kroger rebuffed the Bloomberg-backed Shannon Watts and Moms Demand Action by refusing to cave to organization’s “corporate responsibility” pressure campaign had already felled retailers and restaurants such as Target and Starbucks. Kroger simply affirmed its policy to follow state and local laws on firearm possession and effectively ended the Moms Demand efforts to target more corporations.
Wells Fargo may very well be grasping at straws to rebuild its corporate brand. However, just like Kroger, simply staying neutral, and not caving to the left’s demands, may be a key development in quelling the left’s current effort to use banks and other businesses to punish enemies in the gun industry.
Do you think Wells Fargo made the right move by affirming it will continue doing business with law-abiding business? Remember, positive reinforcement for good behavior is a great way to encourage a corporation to come back to neutral on all the issues. Let Wells Fargo leadership know by using the contact buttons below.Send Wells Fargo an Email! Reach Out to Wells Fargo on Facebook!