Bank of America has taken a liberal stance in the recent gun control debate. A company executive said in an interview that the bank will no longer work with gun companies that manufacture “assault-style” weapons intended for public or non-military use, according to KMOV in St. Louis.
Bank of America Vice Chair Anne Finucane told Bloomberg TV on Tuesday that the bank will no longer finance gun companies that manufacture assault-style weapons for public or non-military use.
The bank said it was looking for ways to help stem violence after the school shooting in Parkland, Florida.
“We want to contribute in any way we can to reduce these mass shootings,” Finucane said in the interview. “We do have a few manufacturers of military-style firearms. We’re in discussions with them. We have let them know … it’s not our intent to underwrite or finance military-style firearms on a go-forward basis.”
Finucane did not elaborate on what companies would be affected by Bank of America’s move, though the second-biggest U.S. bank has clients including Vista Outdoor, Remington and Sturm Ruger, American Military News reports.
She was also not able to expand on what she meant by “assault-style.” Proponents of gun control regularly use the blanket term to include weapons such as the AR-15, which has been used in mass shootings in the past, though firearm experts stress that the AR-15 is not defined as an assault rifle.
“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.”
Citigroup Inc., the nation’s fourth-largest bank, said in March it plans to prohibit retail chains that are its customers from offering bump stocks or selling guns to anyone who hasn’t passed a background check or is younger than 21. Investors including BlackRock Inc. and State Street Corp. are engaging with companies in their portfolios over firearms policies.
“We were heartened to see Bank of America join the list of companies stepping up to keep America safe,” said Avery Gardiner, co-president of the Brady Campaign to Prevent Gun Violence, one of the most prominent gun control groups. “Why would anyone want to help finance assault weapons that are regularly used in mass shootings?”
Bloomberg reports that at least a half-dozen of the nation’s major gun manufacturers produce military-style firearms, including Remington Outdoor Co., Sturm Ruger & Co., SIG Sauer, Vista Outdoor Inc., O.F. Mossberg & Sons and American Outdoor Brands Corp. The National Shooting Sports Foundation, a firearms industry lobby, puts the economic impact of the gun and ammunition industry at $51.1 billion nationwide in 2017.
That organization criticized the bank’s move on Tuesday, saying it’s wrong to deem semiautomatic rifles long available to civilians to be military-style weapons.
“We as an industry would welcome the opportunity to sit down with Bank of America executives and explain our industry’s perspective to discuss what really would work to keep firearms out of the hands of those who should not have them,” said Michael Bazinet, a spokesman for the NSSF. “We should be part of the discussion.”
The bottom line is that all of us need to pull our assets out of these liberal corporations and boycott the hell out of these bastards.
Liberals are complete assholes.
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