Bank of America ‘ fires’ gun makers

THE BANK said it got mixed reactions to its attempt to reduce use of weapons IT LENDS to Vista Outdoor, Remington, and Sturm Ruger

Washington, April 11: In an attempt to decrease the manufacture of assault weapons, Bank of America, the secondbiggest US lender is moving away from companies that make military- style assault rifles for civilian use.

It lends money to Vista Outdoor, Remington and Sturm Ruger. In an interview on Tuesday, Bank of America vice- chairman Anne Finucane said the bank has let its gunmaker clients know “it’s not our intent to underwrite or finance militarystyle firearms.”

In February, after 17 students and teachers died in a shooting at a Florida high school, Bank of America said it was “engaging” with its gunmaker clients “to understand what they can contribute” to stopping such violence. “We have had intense conversations over the last few months. And it’s our intention not to finance these militarystyle firearms for civilian use,” Finucane said. She said the reaction was mixed.

“These are have enjoyed with,” clients we a relationship she said. “There are those I think will reduce their portfolios and we’’ ll work with them and others that will choose to do something else.” The move is part of a renewed national ground- swell of action to prevent further gun violence, inspired by the student activists who survived the Florida shooting. Finucane is Bank of America’s head of environmental, social and governance efforts and responsible for the bank’s strategic positioning, according to her company biography.

In March, Citigroup said it would bar companies with which it does business from selling guns to people under 21 years old and ban clients from selling high- capacity magazines and accessories that make guns fire more rapidly.