On Tuesday, Bank of America’s vice chairman, Anne Finucane, told Bloomberg Television the company will no longer provide loans to gun manufacturers who produce “military-style firearms” for civilians.
“We want to contribute in any way we can to reduce these mass shootings,” Finucane said. “It’s just such a tragedy in the United States, so that’s number one. We do have a few manufacturers of military-style firearms.
“We have let them know it is not our intent to underwrite or finance military-style firearms on a go forward basis,” she continued.
Finucane said Bank of America has had “intense conversations” with its handful of gun manufacturers over the course of a few months: “It’s our intention not to finance these military-style firearms for civilian use.”
The move comes in the aftermath of the mass shooting at Marjory Stoneman Douglas High School that left 17 people dead.
Bank of America’s decision has been met with praise from gun control groups, like the Brady Campaign to Prevent Gun Violence:
Shout out to @BankofAmerica for planning to stop lending to companies that make assault weapons for non-military purposes https://t.co/NSnaGH5kBa
— Brady Campaign (@Bradybuzz) April 10, 2018
“We were heartened to see Bank of America join the list of companies stepping up to keep America safe,” Avery Gardiner, co-president of the Brady Campaign, told Bloomberg. “Why would anyone want to help finance assault weapons that are regularly used in mass shootings?”