
Of course, it would takes leadership, and a substantial amount of courage. The National Rifle Association and other industry groups have been pushing back hard against even the slightest addition of restrictions on gun sales.
There is pressure from within the government, too. Just two weeks ago, Michael Piwowar, a Republican commissioner of the Securities and Exchange Commission, used a regularly scheduled meeting with Citigroup executives, one intended to discuss various banking regulations, to berate them over the bank’s new policy distancing it from financing gun manufacturers, according to Bloomberg News.
Bank of America, which has also started putting gun makers at arm’s length, was criticized along with Citigroup by Senator Mike Crapo, Republican of Idaho and chairman of the Senate Banking Committee, who wrote a letter admonishing it for “using their market power to manage social policy.”
Before it established its policy, Bank of America decided to provide financing to Remington. It insists that it will not offer such financing going forward.
Yet the opportunity for Bank of America — which said it had “more than $11.3 billion in assets with a clearly defined environmental, social and governance approach” as of the end of 2016 — could be a perfect candidate to take a piece of Remington. Other banks, like JPMorgan Chase, which also owns a stake in Remington as a result of previous financing, says it is trying to reduce its relationship with gun makers. It, too, has been a big proponent of impact investing.
And here’s a big opportunity.
To be sure, efforts to invest and develop smart gun initiatives have long been troubled. Ron Conway, a revered investor in Silicon Valley, has for years been investing in gun companies employing new technology, and has seen little success. The N.R.A. and others have pressured retailers not to sell the new firearms. (That’s why a buying consortium that includes retailers is so important, and why a billionaire buying a gun company would quickly lead to a boycott.)