Louisiana bars banks from $600M deal because of gun policies
BATON ROUGE, La. (AP) - Louisiana officials have blocked two of the nation's largest banks from involvement in a $600 million road financing plan because they have policies restricting gun sales by their commercial customers.
In a narrow 7-6 vote, the State Bond Commission refused to allow Citigroup and Bank of America to participate in the interstate highway financing work.
The effort to ban the banking giants from the road deal was led by Attorney General Jeff Landry and Treasurer John Schroder and opposed by 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.
Opponents said the move exceeded the commission's authority and would force Louisiana into costly litigation.