Chicago Ordinance Introduced Requiring Financial Institutions That Do Business with the City Adopt a Safe Guns Policy

Bump Stocks
Chicago’s proposed “Safe Guns Policy” requires, among other things, that financial institutions file an affidavit with the City verifying that their business clients ban the sale of bump stocks and high-capacity magazines. (Bump Stock Source: MGN/Slide Fire)

Ordinance Follows City of Chicago’s Efforts to Enact Common-Sense Gun Safety Reforms, and Citigroup’s Announcement to Implement Strict Requirements on Gun Sales

CHICAGO—(ENEWSPF)—March 30, 2018

By: Rosemary Piser

Mayor Rahm Emanuel and Chairman Edward M. Burke introduced an ordinance that would make financial institutions ineligible to do business with the City of Chicago unless their business customers adopt restrictions on the sale of firearms, called a “Safe Guns Policy”. This ordinance will follow efforts from the Mayor and the City Council to enact numerous common-sense gun safety reforms, including:

  • State licensing of gun stores,
  • Banning bump stocks, and
  • Raising the eligible age to purchase guns to 21.

At the announcement, Mayor Emanuel said, “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 “Safe Guns Policy” requires that financial institutions file an affidavit with the City verifying that their business clients ban the sale of bump stocks and high-capacity magazines along with banning the sale of firearms to persons under the age of 21 and individuals who do not pass a background check. In Chicago, no financial institution would be eligible to do business as a City depository, underwrite municipal bond issues, or engage in a myriad of other financial transactions unless they file such an affidavit. Under the proposed ordinance, financial institutions that fail to comply with the ordinance may not be able to do business with the City.

This Chicago measure follows the announcement by Citigroup that it will require some of its clients and customers to prohibit the sale of bump stocks and high capacity magazines as well as the sale of firearms to individuals who have not passed a background check or who are younger than 21 years of age.

Alderman Burke said, “If Citigroup can adopt this policy, then all banks that wish to business with the City of Chicago should follow suit. Given the Chicago City Council’s long and extensive history of taking stands on issues or moral principle by leveraging the procurement process, I believe that my colleagues can feel comfortable approving this measure.”

In addition, the Chicago City Council passed two citywide ordinances to ban the sale or possession of body armor and bump stocks along with a resolution calling on the state legislature to override Governor Rauner’s veto of the Gun Dealer Licensing Bill and to pass the Paul Bauer Act.

Chicago Police Department Superintendent Eddie Johnson said, “Preventing gun violence is an all hands effort that includes police officers, community members, and businesses that operate within the City. Just as several companies and financial institutions have already shown, we need to apply commonsense solutions that will make it that much more difficult for the wrong individuals to get their hands on high capacity magazines and bump stocks. I would like to thank Mayor Emanuel and Chairman Burke for their continued efforts to make Chicago safer.”

The ‘Safe Guns Policy‘ ordinance would become effective 90 days after passage and publication.

Source: www.cityofchicago.org