Two mega-banks lose out on $600 million project over anti-gun policies

dcnf-2-1Molly Prince, DCNF

Two of the world’s largest banks were denied the opportunity to participate in a $600 million statewide infrastructure project because of their recently adopted anti-gun policies.

The Louisiana Bond Commission voted Thursday to block Bank of America and Citibank from financing the state’s highway plan after the banks were originally set to take part in the project, reported The Washington Times.

Both Bank of America and Citibank announced earlier in 2018 that they would implement strict firearm purchase regulations on customers following a slew of school shootings.

“As treasurer and chairman of the Bond Commission it is one of my duties to help hire financial professionals and not necessarily social engineers,” said John Schroder, Louisiana State Treasurer, after making the motion.

Together, the two banks control one-third of the United States government bonds and almost a quarter of the state’s bond obligations. It is unclear if the move could ultimately cost taxpayers.

“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,” Republican Sen. John Kennedy of Louisiana said in a statement. “This 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,” Kennedy continued. “If you have zero respect for the U.S. constitution, then you don’t need to do business with the state of Louisiana.”

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