Bank of America is the latest Wall Street firm to announce it plans to help curb gun violence in the U.S. in wake of the Parkland, Florida school shooting in February that left 17 people dead and fueled a national boycott against gunmakers.
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On Tuesday, the bank said it will stop lending money to gun manufacturers that make military-inspired firearms for civilian use, such as the AR-15-style rifles, that have been used in multiple mass shootings.
“We want to contribute in any way we can to reduce these mass shootings,” Anne M. Finucane, vice chairwomen at Bank of America told Bloomberg earlier this week.
The financial services company now joins Citigroup and BlackRock, who have both made similar announcements in recent months regarding their relationships with gun manufacturers.
Here’s a list of changes top Wall Street firms have made so far.
In March, Citigroup was the first Wall Street bank to take a stance following the nationwide gun control debate after the Parkland shooting. The firm announced it’s setting tougher restrictions on the sale of firearms by its business customers. The new policy prohibits the sale of firearms to customers who have not passed a background check or who are younger than 21. Additionally, it bars the sale of bump stocks and high-capacity magazines.
In April, the asset management firm said it’s adding environmental, social and governance (ESG) investments that exclude firearms companies from their portfolios. Additionally, it said it will exclude firearms manufacturers and retailers from an already existing range of six ESG equity and bond ETFs.
The news follows a previous announcement in February, when the firm’s officials said it plans to talk to gunmakers and distributors post-Parkland to better understand their response to the events.
Bank of America
In April, the bank said it will stop lending to businesses that manufacture military-style weapons for civilian use. The company’s vice chairman told Bloomberg that the company wants to “contribute in any way we can to reduce these mass shootings.” The firm said it has had multiple intense conversations with gun manufacturers over the last few months after alerting them it won’t finance their operations in the future.