Despite a vocal minority expressing their disapproval, Wells Fargo & Co. is standing by its principles and issuing a $40 million line of credit to firearm manufacturer Sturm, Ruger & Co.
According to Bloomberg.com, religious sisters who sit on the Interfaith Center on Corporate Responsibility, are upset with the move. Sr. Nora Nash, of St. Francis of Philadelphia stated, “This new business relationship with Sturm, Ruger is in direct conflict with ethics, culture and respect for human rights throughout the company.” The organization works to review business standards and ethic responsibility with companies.
In response to the criticism, Wells Fargo released a statement of its own. “Wells Fargo wants schools and communities to be safe from gun violence, but changes to laws and regulations should be determined through a legislative process that gives the American public an opportunity to participate and not be arbitrarily set by a bank,” it said.
The line of credit should come as no surprise to the public or the gun industry, since Wells Fargo has arranged $431 million in credit for firearms manufacturers since December of 2012, and currently operates the primary bank accounts for the National Rifle Association.
Other large banks, including Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., have made public efforts to distance or discontinue their financial support to firearms makers, particularly after the criminal mass shooting in Parkland, Fla. in February.