Bank of America announced the company had ceased loaning money to manufacturers of so-called “assault weapons.”
Anne Finucane, Bank of America’s vice-chair, told Bloomberg TV that the bank had severed ties with several gun manufacturers. The bank does not want to underwrite of finance “military-style firearms” that are available for civilian purchase and has told its clients that.
Among the bank’s clients are gun manufacturers Vista Outdoor and Sturm Ruger.
“We have had intense conversations over the last few months. And it’s our intention not to finance these military-style firearms for civilian use,” declared Finucane.
“These are clients we have enjoyed a relationship with,” she said. “There are those I think will reduce their portfolios and we’ll work with them and others that will choose to do something else.”
Bank of America’s actions has led some to call for a boycott on social media.
Garbage bank makes garbage move. https://t.co/kzrl2e1XIR
— David Edward (@_David_Edward) April 10, 2018
So glad I closed my account last year
— The Wookiee (@twookie33) April 10, 2018
Look for @NRA to encourage members to take banking elsewhere.
— Dave Shea (@davejshea) April 10, 2018
Bank of America will continue to do business with retailers of “assault weapons,” for now. However, executives point out that discussions are ongoing on that front.
Meanwhile, the monolithic organization issues credit cards to illegal aliens, in defiance of federal immigration law.
Bank of America is not the only financial services company that has cracked down on gun manufacturers and retailers since the Parkland school shooting. Citigroup has enacted restrictions on gun retailers, including barring the sale of firearms to anyone under 21 and ending the sale of high capacity magazines and other accessories to enhance the fire rate of semi-automatic weapons.
AAN Staff
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