A Connecticut gun manufacturer is taking on Wells Fargo over alleged financial discrimination.
Firearm manufacturer Ruger has penned a letter to Texas lawmakers asking for an investigation to be launched into the Attorney General’s Office for allegedly permitting Wells Fargo to violate the FIND Act, a state law prohibiting financial institutions from discriminating against gun manufacturers.
“The threat is real. Over the last several years, we have experienced first-hand the mounting efforts to coerce financial service providers (banks, insurers, credit card processors, and others) to cease doing business with members of our industry,” Rugar said in the letter.
“Clearly, the goal of these efforts is to deprive us of the basic services necessary to run our (or any) business, thereby making it virtually impossible for us to conduct normal operations. This is precisely what the FIND Act is designed to prevent, and we applauded its passage,” the company added.
The Firearms Industry Non-Discrimination Act (FIND Act), which has been passed by several states, including Texas, Louisiana, and Montana, makes it illegal to discriminate against any individual or business for engaging in the lawful commerce of firearms or ammunition products.
“With all this as background, Wells Fargo’s verification that it does not discriminate ‘against the firearm industry or a firearm trade association strains credulity,” Ruger’s letter reads. “Moreover, the Attorney General’s failure to meaningfully enforce this law renders it toothless, strips Texans of the protections afforded by the law, and empowers financial institutions to discriminate against a constitutionally protected industry while benefiting financially from the taxpayers of Texas.”
Part of the alleged discrimination stems from an incident in which Wells Fargo refused to renew Ruger’s credit facility. The reason Wells Fargo gave for the denial of service, according to the letter, was that Ruger manufactures sporting rifles.
Ultimately, the attorney general’s office concluded that Wells Fargo had not violated the law.
Nevertheless, in an attempt to prevent discrimination, Ruger has requested that the state legislature “exercise its oversight authority and investigate whether the Attorney General’s office has appropriately applied [the law].”
Wells Fargo did not immediately respond to The Dallas Express’ request for comment.
The full letter can be viewed here.
