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The surprising connection between finance and firearms

What can a bank do to help reduce gun violence?

The connection between firearms and finance

What can a bank do to help reduce gun violence? More, it turns out, than you might think.

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Most of the big banks conduct business with firearms manufacturers and distributors: by banking them, lending to them, and investing in them. Often without realizing it, millions of working Americans invest in gun manufacturers through their retirement plans and millions more bank with the financial institutions that support the firearms industrial complex.

At Amalgamated, we believe that everyday people have a right to know what their banks, their investments, and their deposit dollars are supporting.

 

What is Amalgamated Bank’s position on weapons?

Banks should do everything they can to act in the best interest of society. Our nation faces an epidemic of gun violence that is of historic proportions. This public health crisis must be dealt with urgently and head-on.

 

What are we doing?
  • We have a longstanding policy of not lending to firearms manufacturers or sellers.
  • We do not maintain banking relationships with businesses involved in gun sales.
  • Last week we announced we are implementing new procedures to ensure that all commercial clients (existing and new) adhere to the Everytown’s Gun Safety Codes of Conduct. We are the first banking organization to institute these groundbreaking policies.
  • Amalgamated’s own assets are not invested in the three publicly-traded firearms manufacturers: Sturm Ruger, Smith & Wesson and Vista Outdoor.
  • We offer funds to both institutional and individual clients that screen out investments in firearm manufacturing companies.
  • By virtue of being a manager of our clients' investments across a wide range of funds, we act as a shareholder of a broad swath of large American corporations. As such, we called on Sturm Ruger, a publicly owned gun manufacturer, to adopt the guidelines put out by Everytown for Gun Safety. These policy proposals would help address risks in Sturm Ruger's business practices and prevent firearms from falling into the wrong hands.

  • We are also raising concerns about a Sturm Ruger director who also sits on the board of the National Rifle Association, and was their past president. 

 

What can you do?

Speak with your wallet. Join the movement moving to America's socially responsible bank. We support the people and organizations working to create a more just, compassionate and sustainable society.

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