Wells Fargo, the NRA’s Bank, Doubles Down on Gun Industry
- Sturm Ruger, maker of assault rifles, gets $40 million line
- Wells is a big debt arranger for the U.S. gun industry
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Wells Fargo & Co. is doubling down on the gun industry, undaunted by criticism of its deep ties to firearm companies and the National Rifle Association.
The San Francisco-based bank last week issued a $40 million line of credit to gun manufacturer Sturm, Ruger & Co., according to financial filings. That’s on top of the $431 million in debt that Wells Fargo has arranged for gunmakers since December 2012, when the Sandy Hook school shooting escalated the gun control debate. No other bank lent more to the industry over that time, according to data compiled by Bloomberg.