During the reign of King Obama, he tried to squeeze firearm related businesses out of business with Operation Choke Point which was designed to penalize financial institutions that did business with any firearm related business. Fortunately, the Trump administration did away with Operation Choke Point, but the current anti-gun hysteria that is sweeping the nation since the school shooting in Florida is having the same impact.
The latest example is Bank of America who announced that they will no longer lend money to any company that makes assault-style, or as they state – military style weapons. They have been telling their firearms customers that they will no longer help finance their companies as long as they make these kinds of weapons.
(American Banker) – Bank of America plans to stop lending to companies that make assault-style guns used for nonmilitary purposes.
“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.
Her comments mark the first time an executive at the nation’s second-largest bank has publicly laid out how it will deal with gun-industry clients following Feb. 14 shootings at a high school in Parkland, Florida, that left 17 people dead. The massacre set off a wave of pressure on banks, payments processors and other firms to cut services to the firearms industry and on money managers to stop investing in gunmakers. The response has varied…
Personally, I quit banking with Bank of America years ago because of the way they treated a number of customers. They treated us and others I knew like we were their slaves to do as they deemed, but we moved our accounts and so did others I know. I urge those of you who still do banking with Bank of America to move your money to some other institution that actually cares about our constitutional rights.