UCF Celebrates Bank of America’s Decision to Stop Financing Private Prisons

June 27, 2019

Just days after General Synod decried the private prison industry, United Church Funds is celebrating its part in the decision Bank of America has made to stop its financing of the industry.

“Just a month ago, faith-based investors including United Church Funds were around a table with Bank of America executives pushing them to make a decision about the appropriateness of investing in private prisons. The bank made it clear that the process was underway, and we’re very glad that they have seen the risks of being associated with these prison and detention companies and have made the right decision,” said Katie McCloskey, Director of Social Responsibility at United Church Funds.

During the United Church of Christ’s General Synod in Milwaukee, which concluded two days ago, delegates overwhelmingly adopted a resolution calling on an evaluation of those companies that supply and invest in private prisons. United Church Funds, partnering with other faith-based investors, had already been pressuring Bank of America and other financial corporations to stop their investments.

Two years ago, United Church Funds took action to eliminate private prison operating companies from its investment portfolios as a means to further align its investments to the mission and values of the United Church of Christ.

“United Church Funds is glad that the General Synod is speaking to ongoing work that we are accomplishing when it comes to private prisons. We especially celebrate the UCC’s Illinois Conference and its Chicago Metropolitan Association, under the leadership of Michelle Day of Trinity United Church of Christ, to bring increased pressure to the entire universe of players that support the commoditization of incarceration,” said Charles Buck, President of United Church Funds.

Click here to learn more about UCF work and progress in supporting this resolution.

 
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