After cutting ties with companies that operate detention centers and private prisons, Brian Moynihan, Bank of America's CEO, spoke exclusively to Fox News' "Sunday Morning Futures" about the company's decision.
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Bank of America made the decision last month after a public outcry over the conditions of several border facilities. Moynihan said difficult decisions like these are made "reluctantly" by a group of senior business people and teammates.
"We had teammates, because of their backgrounds and their thoughts, who were very upset about the broader issues of prison reform and sentencing reform," he said. "They basically said we should make a statement here."
Moynihan said the company's decision was made in hopes of making a statement about the broader systematic issues regarding immigration.
"We need to get immigration right. We need people in this country. We're not creating people fast enough. The population is growing half the rate it was before the financial crisis. We'll grow faster if we have more people."
He added that the country's immigration reform needs to be well-organized, efficient and well-documented.
"That's the crisis we're facing. Just when we need more people, we're in a crisis of trying to figure out how to do it."