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Bank of America Pulls the Plug on Financing for Some Gun Manufacturers

April 13, 2018, 07:30 AM
Filed Under: Industry News

The financial institution that recently agented a $193 million debtor-in-possession financing for bankrupt gunmaker Remington says that going forward it will no longer provide capital to companies that produce civilain-style assault rifles, like the one used recently in the Parkland shooting.

Bank of America announced the decision this week but had hinted in February that it was committed to taking a role in ending mass gun violence,

“We are joining other companies in our industry to examine what we can do to help end the tragedy of mass shootings, and an immediate step we’re taking is to engage the limited number of clients we have that manufacture assault weapons for non-military use to understand what they can contribute to this shared responsibility,” a Bank of America spokesperson said in a statement.

On Tuesday, Anne Finucane, a Bank of America vice chairman, told Bloomberg TV the company wants to contribute in any way to put an end to the mass shootings in America. Finucane said the company has notified them of the plans to end financing.

“It’s our intention not to finance these military-style firearms for civilian use,” she said.

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