Why BofA's Hard Line Against Assault Rifles Hasn't Pleased Gun Activists
A pledge not to loan money to some firearms manufacturers came after the bank became entangled in Remington’s bankruptcy.
An man sights a rifle in a Remington exhibition booth.
Photographer: Daniel AckerThis article is for subscribers only.
Bank of America Corp.'s pledge to stop lending to firearms manufacturers isn't enough for gun-control activists, who have turned on one of the only two U.S. banks to announce gun-related restrictions.
At issue is the $43 million loan Bank of America is providing to help Remington Outdoor Co. exit bankruptcy court. The bank had pledged to stop lending to companies that make assault-style rifles for civilian use—at least in future transactions. But the financial arrangement with Remington predates the February shooting at Marjory Stoneman Douglas High School in Florida that left 17 dead.