Bank of American announced Tuesday that it will no longer finance makers of military-style firearms, such as the AR-15 rifle used in several mass shootings, including the school shooting in Parkland, Florida earlier this year.
“We want to contribute in any way we can to reduce these mass shootings,” Anne M. Finucane, vice chairwoman at the Bank of America, said on Bloomberg TV.
The bank works with “just a handful of manufacturers,” with whom it has had “intense conversations over the last few months,” Ms. Finucane said. Their reactions to the new policy have been “mixed,” she said.
Bank of America would not name any of the gun manufacturers it works with, but its clients include well-known, publicly held brands. The bank will wind down its relationships with the companies that choose to continue making AR-15-style rifles and similar guns.