Louisiana officials last week voted to remove Citigroup and Bank of America from an upcoming bond sale due to the companies’ public stand on guns. The Louisiana State Bond Commission announced the decision following a 7-6 vote, with State Treasurer John M. Schroder, Sr., holding that some of the biggest banks in the country are chasing the estimated $600 million worth of infrastructure bonds, thus allowing the state to be selective.
“I personally believe the policies of these banks are an infringement on the rights of Louisiana citizens,” said Schroder. “As a veteran and former member of law enforcement, I take the Second Amendment very seriously.”
In March, Citi clarified that firearms dealers wanting to partner with them must ban sales of bump stocks and “high-capacity magazines’ as well as place age restrictions on gun sales and refuse to complete transactions until buyers pass background checks. Financial giant BofA followed up in April, saying the company will end financing for manufacturers of “military-style” rifles for civilian buyers, later backing up their position by signaling they would sever their relationship with Remington once the iconic gun maker emerged from bankruptcy restructuring.