Bank of America announced that it will no longer finance manufacturers that make military-style guns like the AR-15. “We want to contribute in any way we can to reduce these mass shootings,” Bank of America vice chairwoman Anne Finucane told Bloomberg.
“We do have a few manufacturers of military-style firearms [as clients]”, said Finucane. “We’re in discussions with them. We have let them know … it’s not our intention to underwrite or finance military-style weapons on a go-forward basis.”
The second-biggest U.S. bank is a lender to Vista Outdoor, Remington and Sturm Ruger.
The bank will, however, continue to work with firearm retailers. “That gets into civil liberties and the second amendment,” Finucane said with respect to cracking down on retailers. “That’s a good public dialogue, but that’s a ways off.”
Last week, asset manager BlackRock revealed it will offer funds free of gun manufacturers and sellers. On March 22, Citi Group said it will require clients only sell firearms to customers who have passed a background check, restrict firearms sales for buyers under 21 and not sell so-called “bump stocks” or high-capacity magazines.
