[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.”
