Pittsburgh PA-based PNC Bank announced today that they will no longer finance private prisons who have profited from mass incarceration and immigrant detention.
This decision was announced in the wake of national outrage over the role of banks in private prisons, with over 500,000 petitions signed on the issue, and most recently, acirculating from the Families Belong Together coalition of over 250 activist groups, representing over 11 million people.MomsRising
, said “We and our members across the country applaud PNC for joining its peers in ending financing of for-profit prisons and detention centers; and in making a strong statement that private prisons don’t deserve our dollars. Banks should never profit from the pain and suffering of families.” Additionally, investors representing $2.9B reached out to the company in a July 29th letter, to express their concerns about the human rights and financial implications of the company's relationship with the private prison companies.SVP
at Trillium Asset Management."It reflects PNC's deep and serious consideration of the issue and cannot be regarded lightly or dismissed out of hand. Finally, until the existing financing ends, this decision highlights the need forAccording to this July 2019
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