Bank of America to stop lending to makers of ‘military-style’ weapons

Bank of America to stop lending to makers of ‘military-style’ weapons

[Ed. – Another company mixes politics and business.]

A Bank of America executive announced Tuesday that the bank will stop lending money to companies that manufacture “military-style” rifles that are available for civilians to purchase.

Anne Finucane, Bank of America’s vice chair, told Bloomberg TV that the bank doesn’t want to “underwrite or finance military-style firearms” and has told a number of gun manufacturers that it will no longer do business with them.

The bank has lended to the gun makers Vista Outdoor, Remington and Sturm Ruger, CNBC reported.

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Bank of America had said that after the shooting in Parkland, Fla., in mid-February it was exploring ways it could contribute to stemming gun violence. The confessed gunman in that shooting used an AR-15-style rifle.

“These are clients we have enjoyed a relationship with,” Finucane 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.”

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