Bank of America Corp. (NYSE: BAC)announced on Tuesday its plan to stop lending companies that manufacture assault-style guns that are not intended for military usage.
“It’s our intention not to finance these military-style firearms for civilian use,” Anne Finucane, a vice chairman at Bank of America, said Tuesday in a Bloomberg Television interview.
Finucane also said the bank won’t underwrite securities issued by manufacturers of firearms used by civilians.
After another mass shooting in February in Parkland, Florida that left 17 people dead, many activists fought for stricter gun control laws, which put pressure on many companies and businesses who had ties to any firearms manufacturer.
Many companies did not change, but some notable businesses did step forward to lead a movement.
Dicks Sporting Goods Inc. (NYSE: DKS) led the movement first by announcing that it will stop selling assault-style rifles in stores. Dicks’ move prompted Walmart Inc. (NYSE: WMT) and Kroger Co. (NYSE: KO) to raise their minimum age to purchase rifles to 21.
Citigroup Inc. (NYSE: C) announced back in March its plans to ban its customers that offers bump stocks or selling firearms to people who have not passed a background check or younger than 21.
Investor groups such as Blackrock Inc. (NYSE: BLK) and State Street Corp. (NYSE: STT) are already engaging companies in their portfolios over firearms policies.
The movement for gun control has affected many gun manufacturers such as Sturm Ruger & Co., SIG, Vista Outdoors and even the now bankrupt Remington.
Bank of America has helped finance Vista and Remington.
“We were heartened to see Bank of America join the list of companies stepping up to keep America safe,” said Avery Gardiner, co-president of the Brady Campaign to Prevent Gun Violence, one of the most prominent gun control groups.