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Bank of America to stop financing manufacturers of 'military-style' guns, exec says

Bank of American plans to stop financing companies that manufacture military-style weapons for civilian use. A bank vice chair said the move is a part of the company’s desire to contribute to the prevention of future gun violence.\n(Dominick Reuter/AFP/Getty Images)\n

Bank of America intends to stop lending to any gun manufacturer that sells “military-style” guns for civilian use, an executive told Bloomberg TV.

Bank of America Vice Chair Anne Finucane said the move is a part of the company’s desire to contribute to the prevention of future gun violence.

What did she say?

“Let’s just start with, we want to contribute in any way we can to reduce these mass shootings. It’s such a tragedy in the United States,” Finucane said. “We do have a few manufacturers of military-style firearms. We are in discussions with them. We have let them know it is not our intent to underwrite or finance military-style firearms on a go-forward basis.”

When asked if Bank of America would also sever ties with retailers that sold the weapons, Finucane hesitated to go that far at this point.

“The problem with that is that it gets into civil liberties and Second Amendment. That’s a good public dialogue, but that’s a way off,” Finucane said. “For us, we have just a handful of manufacturers they know what our intentions are. We have had intense conversations over the last few months. And it’s our intent not to finance these military-style firearms for civilian use.”

Finucane said the reaction to the bank’s decision from gun manufacturers was “mixed” but the company is willing to deal with any backlash.

“These are our clients and we have enjoyed a relationship with,” Finucane said. “But I think there are those who will reduce their portfolio and we’ll work with them, and others that will choose to do something else.”

Who will this impact?

According to CNBC, Bank of America lends to Vista Outdoor, Remington, and Sturm Ruger. The companies have not yet publicly responded to Bank of America’s decision.

Bank of America’s decision follows Citigroup’s move to ban companies it does business with from selling guns to those under 21 and from selling high-capacity magazines or accessories such as bump stocks.

(H/T: The Hill)

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