Aug. 17, 2018 11:59 AM ET
By: Liz Kiesche, SA News Editor, on Bank of America Corporation (BAC)

Louisiana's State Bond Commission votes 7-to-6 to prohibit Citigroup and Bank of America from participating in an upcoming bond sales due to their "restrictive gun policies," Louisiana State Treasurer John Schroder said in a statement.

“I personally believe the policies of these banks are an infringement on the rights of Louisiana citizens,” said Treasurer Schroder.

In March, Citi said it would requirethat new retail sector clients don't sell firearms to someone who hasn't passed a background check; don't sell to anyone under 21 years old; and don't sell bump stocks or high-capacity magazines.

In April, Bank of America said it would stop landing to clients that make military-style weapons for civilian use.

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

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