The nation’s second-largest bank, Bank of America will stop lending money to gun manufacturers who make guns that are “military-style”. In other words, anything that looks scary will be called “military-style”.
The term “assault weapons” and “weapons of war” are terms often misused by the anti-gun activists to widen the net. These purveyors of gun myths have been widely criticized for misusing the words. Their solution to that is to call for the end of “military style” guns. For many gun grabbers, that means all semi-automatic handguns and rifles and all magazines that hold more than 8 to 10 bullets.
Bank of America won’t finance any gun that looks “military”.
“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. The firm has had “intense conversations over the last few months” with those kinds of gun manufacturers to tell them it won’t finance their operations in the future, she said.
Citigroup Inc., the nation’s fourth-largest bank, said in March it plans to prohibit retail chains that are its customers from offering bump stocks or selling guns to anyone who hasn’t passed a background check or is younger than 21.
The Brady campaign is thrilled and gun manufacturers have expressed mixed reactions.
Bloomberg reported: At least a half-dozen of the nation’s major gun manufacturers produce military-style firearms, including Remington Outdoor Co., Sturm Ruger & Co., SIG Sauer, Vista Outdoor Inc., O.F. Mossberg & Sons and American Outdoor Brands Corp. The National Shooting Sports Foundation, a firearms industry lobby, puts the economic impact of the gun and ammunition industry at $51.1 billion nationwide in 2017.
Vista Outdoor Inc. and Remington, now bankrupt, are customers of Bank of America.