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Even in Chicago, Plan to Push Gun Control on Wall Street Stalls

  • City considered cutting off banks that don’t back regulation
  • Step could jeopardize junk-rated city’s ability to borrow
Assault Rifle, Open-Carry Appeals Rejected by U.S. Supreme Court

Photographer: Sergio Flores/Bloomberg

Few places know the toll of gun violence as well as Chicago. But even the city that saw more than 2,700 shootings last year is finding out that using economic muscle to push Wall Street into enforcing gun control is easier said than done.

On Monday, the Chicago City Council’s finance committee put on hold an ordinance that would have barred the city from working with banks whose clients failed to adhere to certain policies, such as not selling firearms to anyone under 21 or dealing in high-capacity magazines. Mayor Rahm Emanuel introduced the proposal three weeks ago in the wake of the school shooting in Florida, saying “when it comes to fighting for stronger, smarter gun laws Chicago is putting our money where our mouth is.”