Illinois Bankers Association

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The IBA Testifies on Chicago Ordinance Restricting Bank Clients’ Activity

Ben Jackson, VP of Government Relations, testified on a Chicago City Council ordinance that would require banks doing business with the City of Chicago to certify that their customers throughout the country and across the globe are abiding by a “safe gun sales policy.” Testifying before the Chicago City Council Finance Committee, Jackson called the ordinance a “’one-size-fits-all’ solution to direct social policy through…financial institutions’ business activities.” He explained that the City of Chicago did not have the authority to regulate commercial lending by dictating client activity, and said the ordinance created an impossible compliance burden requiring banks to determine client activity “across multiple lines of businesses throughout the country (or even globally).”

 

Read the IBA's Testimony

 

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