Amid widespread criticism for seemingly violating its pledge to stop financing companies that manufacturer military-style firearms for non-military and non-law enforcement use, Bank of America released a statement on Thursday saying that its commitment to finance the bankruptcy of Remington does not violate this pledge. According to the company, the decision preceded its pledge.
In response to our pressure, @BankofAmerica has just issued a statement explaining its decision to provide critical financing to gun-maker @RemingtonArms, the company responsible for making assault rifle that killed 20 children & 6 adults in the Sandy Hook school shooting 1/ pic.twitter.com/WlTsQBPJAK
— igorvolsky (@igorvolsky) May 10, 2018
The statement, attributed to the bank’s vice chair Anne Finucane, noted that “[t]he Remington bankruptcy financing was in the works for some months and occurred before our current policy was in place. Remington is aware of the policy that we subsequently announced, and that policy will dictate our future actions after the bankruptcy proceedings conclude.”
“[W]e are not changing our policy to end the financing of the manufacture of the military style firearms,” she continued. “We believe these firearms have had an outsized role in the mass shootings that have devastated so many of the communities that we serve.”
Remington was the manufacturer of the Bushmaster AR-15 semi-automatic rifle used in the deadly 2012 mass shooting at Sandy Hook Elementary School. The company filed for Chapter 11 bankruptcy protection in March and is still facing an ongoing lawsuit for alleged “negligent entrustment” for its role in the 2012 massacre.