Louisiana Bars Citi, Bank of America From $600 Million Bond Sale Over Gun Policies

August 19, 2018 Updated: August 19, 2018

The Louisiana Department of the Treasury cut banking giants Citigroup and Bank of America out of a $600 million project because the two companies took concrete action against people and businesses who legally sell and manufacture firearms.

The Louisiana State Bond Commission voted 7 to 6 to prohibit Citigroup and Bank of America from participating in an upcoming bond sale.

The two banks were barred because of their “restrictive gun policies,” according to a press release from Chairman and State Treasurer John Schroder.

“I personally believe the policies of these banks are an infringement on the rights of Louisiana citizens,” Schroder said in a statement. “As a veteran and former member of law enforcement, I take the Second Amendment very seriously.”

“No one can convince me that keeping these two banks in this competitive process is worth giving up our rights.”

Citigroup announced in March that it will stop serving clients who legally sell high capacity magazines or legally sell guns to people under 21. In April, Bank of America said it will not serve companies which manufacture AR-15 rifles.

Sen. John Kennedy (R-La.) applauded Louisiana’s move.

“Citibank and Bank of America are trying to impose their political agenda on the American people. In the process, they’re trampling on people’s Second Amendment rights,” Kennedy said in a statement.

“That is a slap in the face to every single taxpayer who bailed those banks out during the Great Recession.

“The State Bond Commission made the right decision. If you have zero respect for the U.S. Constitution, then you don’t need to do business with the state of Louisiana.”

The two banks announced their policies in the wake of the Stoneman Douglas High School shooting in February. The banks were among a broad range of companies that took anti-gun actions in the months after the shooting.

Most recently, Shopify, a platform for online retailers, changed its rules to prohibit the sale of some guns and gun parts.

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