Amalgamated Bank Adopts Additional Policies to Promote Gun Safety
Endorses Gun Safety Code of Conduct released today by Everytown for Gun Safety
NEW YORK – Amalgamated Bank, America’s socially responsible bank, today announced that it will implement first of its kind policy changes to encourage gun manufacturers and distributors to act with corporate and social responsibility.
Everytown for Gun Safety recently released a call to action for financial institutions outlining steps they should take to promote responsible practices from gun manufacturers and distributors. Amalgamated is proud to have been in conversation with Everytown who have developed these codes of conduct, and to become the first bank to endorse and adopt Everytown’s principles.
Keith Mestrich, CEO of Amalgamated Bank, commented: “Amalgamated Bank has always believed that banks and financial institutions have important roles to play in contributing to society in a responsible way – and we’ve acted accordingly. In the wake of Parkland, and other tragic mass shootings, we believe that the financial industry must take action. Collectively, banks and lenders have the power to promote responsible business practices from gun manufacturers and distributors, and ultimately contribute to a safer society for all. Amalgamated will do whatever we can to achieve that goal and we hope other banks and financial institutions will agree and act.”
Amalgamated has been at the vanguard among its banking peers in establishing responsible policies with respect to gun manufacturers and distributors. Amalgamated Bank’s current lending policy already prohibits lending to firearms, weaponry or ammunitions manufacturers or distributors. The bank also currently offers, and will continue to offer, investment products to institutional and individual clients that do not include weapons manufacturers.
Amalgamated will make the following enhancements to its policies and procedures, in alignment with Everytown’s recommended measures:
- Amalgamated will implement new procedures to ensure that all commercial clients (existing and new) adhere to the Everytown’s Gun Safety Codes of Conduct. That makes Amalgamated the first financial organization to institute these groundbreaking policies.
- Amalgamated has committed that it will not invest any of the Bank’s own assets in companies that manufacture or distribute firearms, weaponry or ammunition.
- Amalgamated pledges to work with industry peers to explore collective avenues to push for responsible practices from gun manufacturers and distributors.
Mestrich continued, “Amalgamated Bank is proud to have had discussions with Everytown about guidelines for financial institutions. We fully endorse the measures Everytown has recommended and have already taken steps to implement each of these in our own business practices.”
Everytown’s Code of Conduct can be found here.
About Amalgamated Bank
For nearly a century, Amalgamated Bank has served as America’s socially responsible bank, supporting forward-thinking organizations, companies, and individuals across the country. We are an advocate for those working to make the world more just, compassionate and sustainable. Our extensive experience, financial knowledge and community of like-minded customers offer a unique set of financial tools to customers. Amalgamated is the country’s largest B Corp® bank and a proud member of the Global Alliance for Banking on Values. We don’t just have a mission. We are on a mission: to support those who support others, to invest in progressive and impactful causes and to advocate true financial opportunity for all.