Bank of America will stop lending to companies that manufacture “military-style” assault weapons for non-military purposes, a company official announced Tuesday.
“It’s our intention not to finance these military-style firearms for civilian use,” Anne Finucane, a vice chairman at Bank of America, told Bloomberg Television.
Finucane said the company has engaged in “intense conversations over the last few months” with gun manufacturers, some of which will modify their product lines in response to the restrictions while others take their business elsewhere.
The policy change comes after prolonged public pressure on financial institutions to curtail the sale of assault rifles. The wave of public opposition to the gun industry began after the mass shooting that claimed 17 lives in Parkland, Fla. in February.
While public support for increased gun control peaked in the days after the Parkland shooting, it has decreased significantly since then, according to a Quinnipiac University poll released Wednesday.
Citigroup became the first major U.S. financial institution to take action after the Parkland tragedy, announcing in March that their gun manufacturing and retailing clients cannot offer bump stocks or sell guns to anyone under 21 or to anyone who hasn’t passed a background check.
BlackRock, the world’s largest asset manager, began offering investment products that specifically exclude stocks related to the gun industry last week.