Bank of America is the third-largest bank by revenue in the United States. It is also the latest major corporation to publicly take a stand against the huge gun industry.
The move comes as an aftermath of the Parkland, Florida school shooting, the sad event that took lives of many students in February.
It took a stand by putting an end to the lending of money to makers of Military-grade weaponry such as an AR15, it declared this action this week on Tuesday.
“It’s our intention not to finance these military-style firearms for civilian use,” Anne Finucane, a vice president of the bank, said in an interview with Bloomberg Television.
The bank has also announced that it will no longer accept liability under stocks or bonds offerings from those massive US gun companies, although it did not name any banks, the Vista Outdoor, Remington and likes are the targets.
The gun companies who have worked with Bank of America in the past are part of the public record and well known.
There are many more gun companies as well that will be affected by this decision.
“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.
This is part of the collective response that has been coming one-by-one by many major companies after the Parkland shooting.
Many companies severed their ties with NRA in the past, these businesses include car rental companies, airlines, dating apps and Walmart.
Many major companies are leaning on the left side in this gun-debate that has been ongoing after the Parkland shooting which took 17 lives.