Bank of AmericaOpens a New Window. announced it will no longer do business with the operators of private prisons and detention centers.
“We have decided to exit the relationships we have with companies providing prisoner and immigrant detention services for federal and state governments, as expeditiously as possible,” a Bank of America spokesperson told FOX Business in a statement.
The second-largest bank in the U.S. said it has been “discussing the issue for some time.” The decision came after the bank reviewed its policy through its environmental, social and governance (ESG) committee, BloombergOpens a New Window. reported. The company also met with its internal Hispanic and black leaders.
“The private sector is attempting to respond to public policy and government needs and demands in the absence of long standing and widely recognized reforms needed in criminal justice and immigration policies,” a Bank of America spokesperson told FOX Business in a statement.