Bank of America will stop lending to companies that produce military-style firearms for civilian use in an attempt to curb mass shootings.
After a spate of deadly attacks involving rapid-fire weapons, the bank on Tuesday announced it will no longer support firearm-manufacturing clients financially.
Anne Finucane, Bank of America’s vice chairwoman, said the banking giant funds a number of big-name companies that produce semi-automatic weapons, such as the AR-15, but declined to identify them.
“We want to contribute in anyway we can to reducing these mass shootings. It’s such a tragedy in the U.S.,” Finucane told Bloomberg TV.
“We have let them know that … it’s not our intent to underride or finance military-style firearms on a go-forward basis,” she said.
She said the manufacturers’ response to the decision has been “mixed.”
Finucane stopped short of announcing similar limitations to big-box retailers that sell the military-style weapon, citing difficulties with “civil liberties and the 2nd Amendment.”
“That’s a good public dialogue but that’s a ways off,” she said.
The North Carolina-based banking group announced similar lending limits to coal extraction companies in 2015, acknowledging during an annual meeting that “climate change poses a significant threat” to the planet.
Citigroup was the first of Wall Street banking conglomerates to take a stance in the volatile gun control debate following the Parkland, Fla., school shooting in February.
The company in March announced it would prohibit the sale of bump stocks and high-capacity magazines and bar customers younger than 21 and those who have failed background checks from buying firearms.
(c)2018 New York Daily News
Visit New York Daily News at www.nydailynews.com
Distributed by Tribune Content Agency, LLC.
This content is published through a licensing agreement with Acquire Media using its NewsEdge technology.
Don’t leave yet! Please join in the discussions. Comment on this story by clicking here.