Louisiana Attorney General Jeff Landry and the state’s Bond Commission have denied hundreds of millions of dollars to Citibank and Bank of America over the gun control policies adopted by both companies.
Louisiana officials blocked two of the nation’s largest banks Thursday from involvement in a $600 million road-financing plan because they have policies restricting gun sales and manufacturing by their commercial customers.
In a narrow 7-6 vote, the State Bond Commission refused to allow Citigroup and Bank of America to work as underwriters on the interstate highway financing deal.
The effort to ban the banking giants from the borrowing transaction was led by Attorney General Jeff Landry and Treasurer John Schroder, both Republicans, and opposed by Democratic Gov. John Bel Edwards’ administration.
Those pushing to exclude Bank of America and Citigroup from the financial work said by enacting firearm restriction policies for their corporate customers, the banks were violating Second Amendment rights.
“You’re in the banking business. Why have you all decided to enter the policymaking business?” asked Rep. Blake Miguez, an Erath Republican and competitive shooter.
Opponents said the move exceeded the commission’s authority and would force Louisiana into costly litigation.
“We would probably be doing a huge disservice to the taxpayer and to the state,” said Sen. Eric LaFleur, the Ville Platte Democrat who chairs the Senate budget committee.
Ouch! Just as Hollywood should shut up and entertain us, big banks should do what they are supposed to do, lend money.
Source: The Virginian-Pilot
Image: The Advocate