Bank of America recants, says it will fund ‘assault-type’ rifle maker

Bank of America recants, says it will fund ‘assault-type’ rifle maker

[Ed. – More bad news for David Hogg and his Hoggettes.]

Bank of America is preparing to provide critical financing to Remington Outdoor, which makes assault-type rifles, just weeks after the bank said it would stop financing “military-style” firearms for civilians.

BofA is contributing $43.2 million to a $193 million lending package funded by seven banks, according to court documents, which will help put Remington back on stable footing as it emerges from bankruptcy later this month into an uncertain environment for gun makers.

The package replaces a similar credit facility the banks committed to providing Remington. Both were agreed to in late March, before BofA changed its policy to stop financing companies that make military-style guns for civilian use.

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Anne Finucane, BofA’s vice chair, said in April that the bank had decided on its pledge to help reduce mass shootings, saying in an interview with Bloomberg TV that “it is not our intent to underwrite or finance military-style firearms on a go-forward basis.”

The comment came weeks after the Parkland school shooting triggered a new movement for gun control.

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