Congressman Maxwell Frost, Senator Elizabeth Warren to Big Investors in Gun Manufacturing: “The American People Deserve to Know If You Are Profiting Off of Gun Violence”
WASHINGTON D.C — Today, weeks after the deadliest shooting of the year claimed the lives of 18 innocent people in Lewiston, Maine, Congressman Maxwell Alejandro Frost (D-FL) and Senator Elizabeth Warren (D-MA) sent letters to six major financial institutions calling on them to provide critical information on their efforts, or lack thereof, to end their financial investments in the gun industry.
In 2018, following the tragic mass shooting at Marjory Stoneman Douglas High School that saw a 19-year-old gunman open fire on students and staff, claiming the lives of 17 people and injuring 17 others, some financial institutions began investigating how their business practices inadvertently contributed to the gun violence epidemic. Yet by the end of September of that same year, Wells Fargo had issued a $40 million line of credit to firearm manufacturer Sturm, Ruger & Company, in addition to the $431 million it lent to gunmakers since the 2012 Sandy Hook Shooting – begging the question of how deeply entrenched big banks are with the gun industry.
The letters, sent to BlackRock, JPMorgan Chase, Vanguard, Bank of America, Blackstone, and Wells Fargo, call out these powerful financial institutions for their individual roles in bankrolling the manufacturing and sale of dangerous weapons used to carry out some of the most horrific instances of gun violence. These six institutions are among the largest investors in the gun industry in America. Some of them have made prior commitments to change their involvement with gun manufacturers, while others have made no commitments.
In a joint statement, Rep. Frost and Senator Warren said:
“The American people deserve to know if some of the most powerful financial institutions in our country are in bed with gun manufacturers and, in turn, profiting off of the gun violence epidemic that has claimed countless innocent lives,” said the Members. “With the tragedy we witnessed in Maine just last month, 2023 is on track to be one of the deadliest years in recent history when it comes to gun violence. These prominent financial institutions have a moral responsibility to play a leading role in helping to end this crisis.”
The letters to CEOs of BlackRock, JPMorgan Chase, Vanguard, Bank of America, Blackstone, and Wells Fargo can be found here.
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