BREAKING: Bank of America Reportedly Drops Gun Company for Political Reasons
The reported reason: they simply do not want to be associated with gun companies.
April 20, 2012 - 12:30 pm
McMillan is heavily involved with U.S. national security. McMillan rifle stocks are the standard for the Marine Corps’ favored M40A3 sniper rifle. McMillan products, from stocks and other accessories to complete rifles, are used by U.S. regular and special forces and by American military allies around the globe.
McMillan products are of particular import in Afghanistan and in Iraq, where snipers and designated marksmen armed with long-range precision rifles performed (and still perform) vital scouting and overwatch functions protecting maneuver units. The extended range of these weapons allows forces to engage with and destroy enemy forces before they are in range to accurately fire against American soldiers and Marines.
Per McMillan’s statement, a politically partisan bank has severed the lines of credit to a company important to our national security. This act has likely added difficulty to the company’s ability to operate, to research product improvements, and to deliver products on time. Bank of America’s stance — especially if this signals a new policy regarding dealing with all arms manufacturers — could potentially effect the readiness of American soldiers in combat zones and the operational efficiency of some of America’s most highly trained and effective units.
Bank of America was the recipient of well over 100 billion dollars in federal money. They are also one of just two vendors processing payments for Barack Obama’s 2012 presidential campaign, employing a system that disables safeguards against illegal foreign donations. Bank of America Stadium in Charlotte, North Carolina, is the site of the Democratic Nation Convention in September.
This is at least the third time Bank of America has implemented a discriminatory policy against gun manufacturers. In early 2001, a scandal erupted over the bank’s attempt to discriminate against another Arizona-based company. The resulting public outrage forced a reversal of the policy.
In 2010, Bank of America attempted a similar action, and was again forced to “clarify” their position:
Bank of America does not have a corporate-wide policy to deny banking services solely on the applicant’s involvement in the firearms industry.
No other gun manufacturer or gun rights group has reacted to the McMillan Facebook post at this time.