The Democratic National Committee has announced plans to transfer its banking activities from the bailed-out financial giant Bank of America to the union-owned Amalgamated Bank. The DNC has worked with Bank of America for years but is said to be making the switch as part of an effort to reduce ties to Wall Street. President Obama’s re-election campaign continues to use Bank of America, and the firm is helping cover the costs of hosting the Democratic National Convention in Charlotte, North Carolina, next month.