By: Robert Davis
Bank of America announced it will no longer grant loans to companies that make “military-style firearms.”
“It’s not our intent to underwrite or finance military-style firearms,” Bank of America vice chairman Anne Finucane told Bloomberg TV.
“We have had intense conversations over the last few months,” Finucane said. “And it’s our intention not to finance these military-style firearms for civilian use.”
“Finucane did not specify a timeline for when Bank of America would implement its decision — beyond noting it would be on a ‘go-forward basis’ — nor did she state how it would affect any current lending agreements the bank might have with such gun manufacturers,” the Washington Post reported.
Bank of America joins a growing list of corporations cutting ties with firearms companies. Citigroup, Walmart, REI, Dick’s Sporting Goods, L.L. Bean, and Kroger have all made moves to distance themselves from their association with guns and gun accessories.
“Banks like Citibank and Bank of America have been given a quasi-monopoly through the too-big-to-fail subsidy, which is funded by taxpayers,” Hammond told Gunpowder Magazine. “It would be nice if they could respect our fundamental constitutional rights in the process.”
Michael Hammond, legal advisor for Gun Owners of America, says there are three major problems with Bank of America’s proposal. First, “military-style” only describes weapons cosmetically – and fraudulently. Second, these financial institutions have labeled themselves as arbiters of constitutional rights. And third, these retailers’ proposed policies likely violate state law in places like Oregon, where there are laws on the books against age discrimination. (Several companies want to stop selling guns to adults under the age of 21.)
“These institutions have a supposed fiduciary responsibility to their shareholders. So, why not do business with gun companies who are doing well?” Hammond said.
Robert Davis is a journalist from Colorado. He covers defensive gun use and Second Amendment litigation for Gunpowder Magazine. Contact him at [email protected].
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