Skip to main content
Tags: bank of america | guns | ar15 | assault weapons | semiautomatic weapons

Bank of America Won't Back Makers of Military-Style Guns

Bank of America Won't Back Makers of Military-Style Guns
(Larry MacDougal/AP)

By    |   Tuesday, 10 April 2018 09:18 PM EDT

Bank of America is backing away from companies that make military-style assault rifles for civilian use.

"It's our intention not to finance these military-style firearms for civilian use," Anne Finucane, a vice chairman at Bank of America, said Tuesday in a Bloomberg Television interview.

The bank has had "intense conversations over the last few months" with those kinds of gun manufacturers to tell them it will not finance their operations in the future, she said.

Finucane said Bank of America also will not underwrite securities issued by manufacturers of military-style guns used by civilians.

According to Bloomberg, it is the first time an executive at the nation's second-largest bank has publicly laid out how it will deal with gun-industry clients following Feb. 14 shootings at a high school in Parkland, Florida, that left 17 people dead.

But reaction to the plan has been "mixed" among gun companies, she said.

"There are those that will reduce their portfolios, and we'll work with them, and others that will do something else," she told Bloomberg TV.

According to Bloomberg news, 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, Bloomberg reported — and criticized the bank's move.

"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."

© 2024 Newsmax. All rights reserved.


US
Bank of America is backing away from companies that make military-style assault rifles for civilian use.
bank of america, guns, ar15, assault weapons, semiautomatic weapons
300
2018-18-10
Tuesday, 10 April 2018 09:18 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Interest-Based Advertising | Do not sell or share my personal information

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
Get the NewsmaxTV App for iOS Get the NewsmaxTV App for Android Scan QR code to get the NewsmaxTV App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved