Big Banks Cut Ties With Private Prison Companies Following Activist Pressure

The Daily Caller | 7/9/2019 | Staff
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The biggest U.S. banks are severing ties with private prison companies amid activist pressure and calls from Democratic presidential contenders to do away with the industry altogether.

“Following an ongoing and deliberate process, SunTrust has decided not to provide future financing to companies that manage private prisons and immigration holding facilities,” read a SunTrust statement released Monday, and provided to the Daily Caller News Foundation. “This decision was made after extensive consideration of the views of our stakeholders on this deeply complex issue.”

Announcement - SunTrust - Bank - Ties - Prison

With that announcement, SunTrust became the fourth major bank to recently cut ties with the private prison industry. JP Morgan Chase, Wells Fargo, and Bank of America made similar announcements earlier in 2019. Their decisions all came in the face of intense protests from progressive groups and lawmakers who oppose private prison companies.

The decisions mostly target GEO Group and CoreCivic, the two biggest private prison companies in the U.S.

Massachusetts - Sen - Elizabeth - Warren - Contender

Massachusetts Democratic Sen. Elizabeth Warren, a leading contender for the Democratic presidential nomination, upped the rhetoric when she announced a plan in June to eliminate private prisons by cutting all their contracts with government agencies.

“There should be no place in America for profiting off putting more people behind bars or in detention. That’s why I will shut down the use of federal private detention facilities by ending all contracts that the Bureau of Prisons, ICE, and the U.S. Marshals Service have with private detention providers,” Warren wrote of her proposal.

Warren - Number - Lawmakers - Argues

Warren, like a growing number of left-wing lawmakers, argues...
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