Bank of America Cuts Ties to ALEC
Bank of America (BofA), one of the largest banks in the United States with a major role in the financial crisis, is cutting ties with the American Legislative Exchange Council (ALEC). A company spokesperson informed Timothy Smith, Senior Vice President of Walden Asset Management, by phone that Bank of America is not renewing its membership in ALEC for 2013 "due to budget constraints." BofA did not return the Center for Media and Democracy's (CMD's) calls to independently verify this information.