Bank Of America Will Stop Lending Money Assault Rifles Manufacturers

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The nation’s second-largest bank, Bank of America, becomes the latest private company to join the gun control movement.

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In the wake of tragic mass school shooting that took place in Parkland, Florida, a number of corporate giants stood up against the nation’s lukewarm gun control policies.

Most recently, the Bank of America came forward to contribute toward restricting the usage of military-style weapons. The corporation announced it will stop lending money to companies that make assault-style guns for civilians.

"We have let them know that we are going to, it's not our intent to underwrite or finance military-style firearms in a go-forward basis," Anne Finucane, the vice chair for Bank of America, told the Bloomberg.

"We want to contribute in any way we can to reduce these mass shootings," Finucane added.

This decision from the country’s multinational financial services provider came after the corporation said it was exploring ways to help prevent daily gun rampages back in February.

It is for the first time an executive at the second-biggest U.S. bank has publicly laid out a plan of action it will pursue in dealing with gun-industry clients.

The entities who are most likely to take a hit from the firm’s decision are the gun makers — and they have apparently expressed “mixed” views.

“There are those that will reduce their portfolios, and we’ll work with them, and others that will do something else,” explained Finucane.

In the aftermath of the shooting at Marjory Stoneman Douglas High School, several of companies ranging from Enterprise Rent-A-Car to Delta and United Airlines broke ties with the National Rifle Association.

The bank’s decision has a wide net, considering at least a half-dozen of the nation’s major gun manufacturers produce military-style firearms.

The National Shooting Sports Foundation, a firearms industry lobby, criticized the bank’s move by saying it’s wrong that semiautomatic rifles, long available to civilians, were put under the category of 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.”

Banner Image Credits: Reuters, Jason Redmond

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