Louisiana Halts $600 Million Deal with Banks over Corporate Gun Control

Members of the Louisiana commission debated whether or not they have the discretion to block the $600 million bond. (Photo: Advocate/Mark Ballard)

The Louisiana State Bond Commission will not be working with Citigroup and Bank of America Merrill Lynch on a deal worth $600 million due to the companies’ position on gun sales. With a 7 to 6 vote the commission decided to walk away from the financial institutions on a planned highway project.

Both Citigroup and Bank of America recently announced new policies limiting their business with gun sellers and manufacturers. State Treasurer John Schroder took a stand against future deals with the companies, arguing that they were infringing on Louisianans’ constitutional right to buy and sell firearms.

“I love it,” said Second Amendment Foundation vice president Alan Gottlieb in an email to GunsAmerica. “These Commissioners are true patriots. This is a great push back on the gun prohibitionists plans to punish all of us who want to exercise our constitutional Second Amendment rights.”

“It is about time that we make our opponents feel the pain for their actions that demonized lawful firearms Ownership,” he added.

Citigroup’s policy halts business with vendors selling “high-capacity” magazines and stores that sell to adults under the age of 21, excepting law enforcement and military customers. Bank of America is no longer working with companies that produce “military-style” guns.

Both companies enacted these policies following prominent shootings. Still, commission members said that their decisions hurt residents’ Second Amendment rights.

“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 Schroder. The commission has 16 more bids for the project to evaluate.

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

“We have a very capable group of underwriters including some of the biggest banks in America who want to participate in this deal. No one can convince me that keeping these two banks in this competitive process is worth giving up our rights,” he continued.

Opponents, including Republican state senate president John Alario, warned that the decision could lead to lawsuits against the state. “It puts us in an awkward position,” he said. “I am worried about the bottom line to the state of Louisiana, too. True conservatives worry about the dollars.”

“You can’t put a price tag on the Second Amendment,” argued Louisiana Rep. Blake Miguez. “I know you’re from New York,” Miguez told head of Corporate Citizenship at Citigroup Brandee McHale. “This is Louisiana. This is not California. This is not Canada … This is an infringement on Second Amendment constitutional rights in Louisiana.”

McHale said that the bank has “few, if any” customers in the state that have been affected by the policy. “The ability of the merchant to sell the item is being restricted by you,” countered Attorney General Jeff Landry.

Members of the commission debated whether or not they had the discretion to make a decision like this. “This was deciding who we would pay a fee to be a senior advisor,” said Republican House Speaker Taylor Barras. “As we evaluate bidders, it’s within our jurisdiction to ask those questions.”

***Buy an AR on GunsAmerica***

About the author: Max Slowik is a writer with over a dozen years of experience and is a lifelong shooter. He has unwavering support for the Second Amendment and the human right to self-defense. His ambition is to follow Thomas Paine, as a journalist by profession and a propagandist by inclination.

{ 81 comments… add one }
  • Black Dog October 12, 2018, 7:47 am

    I have a substantial trust that I manage and have decided to move all assets to a 2A friendly bank and away from BOA and PNC. I will be including a similar letter to them as I shut down all of the accounts. Even though we are talking some substantial cash here and likely will cause some heartache for the branch manager, it will barely be a blip at the corporate level. If everyone follows through and moves away from these institutions that threaten our rights and makes sure that you voice your reason for leaving it may make a difference. It will also give those institutions that are 2A friendly some additional incentive to continue to do the right thing.

  • Geoff August 28, 2018, 7:31 pm

    I have my own little way of jabbing. I use my Citi and Cap One cards to only buy guns or related accessories. I pay them off immediately so they get no interest but I want them to know their money is used to purchase the things they hate.

    I’d love to cancel them but they are my longest standing cards and I can’t kill my credit like that just yet. But I will one day.

    • SD August 29, 2018, 11:51 am

      They’re still making money from your purchases. They charge the retailer a fee for the purchase.

  • JaoquinPardee August 26, 2018, 10:58 am

    I have a card with BOA which I seldom use but keep active because it has an extremely low interest rate which I want to keep available in case of an emergency. Occasionally, perhaps every 2-3 months, I use it just to keep it active and pay off completely when it comes due, plus a dime. This leaves a positive balance which causes them to send a statement each month. I don’t know what it costs now, but years ago when I worked for HP the generally accepted cost to generate a statement and then mail it, was in excess of $3.00. Just my way of jabbing them a tiny bit. I know it doesn’t hurt them in the least but it makes me feel better.

    • Mr. Sparkles August 29, 2018, 12:45 pm

      Great idea. I too have a BOA card and was going to just cancel it but I like your idea better. Thx!

  • shocked August 26, 2018, 8:47 am

    If all patriots got behind by about three months on paying those credit card companies it might make them wish they’d never gotten involved. Can you not afford to fight back? The GD credit score keeping you in line bro? Let them understand we’ve got the power they’ve got the big megaphone. Do not use those cards for anything and do not pay the damn bills either. That might make these fascist companies drop off the face of the earth. The only reason to watch the broadcasts is to catalog their advertisers. It is now time to let these jerks know it goes both ways.

    • SD August 29, 2018, 11:56 am

      That’s the dumbest idea I’ve ever heard. Get behind 3 months on your bill? Who are you trying to hurt? That would only hurt your credit. In most cases they would sic a collection agency on you and you’d end up paying enormous interest and penalties. I just quit using the card for anything. You can still keep the card which only requires them to do more paperwork, but don’t use it for any transactions. Period.

  • Michael D. Lindley August 25, 2018, 12:12 pm

    As a Louisiana citizen, I am very proud of our representatives. There are other fish in the sea and we sure as hell don’t need Bank of America. I had an account from years ago that I kept open due to shopping for mortgage lenders and more favorable rates for existing customers. However, when I learned about their anti-gun agenda, it gave me great pleasure to call B of A and tell them to cancel my account followed by another call to their mortgage company telling them to cancel my pre-approval and delete all of my information. The loan officer was pissed (7 figure purchase price), but I made it very clear why I would not do business with them. It felt great. So f*ck off Bank of America!

  • Ben Aronson August 24, 2018, 7:23 pm

    In my small way I did the same thing and do not use either credit card any more I also do not shop at Dick’s sporting good’s chain as they are also anti gun

  • Matt August 24, 2018, 6:07 pm

    Not only is Blake Miguez showing himself to be a great legislator, he is also a GM and one of the best shooters in the world.

  • darryl August 24, 2018, 5:51 pm

    good for you La. hope more states follow your lead to hurt this commie banks bottom line.

  • kane August 24, 2018, 5:33 pm

    I pulled over $30,000 out of BOA and get a better deal with BMO Harris at 2.5%. BOA has not paid a decent interest in years.

  • steve August 24, 2018, 3:43 pm

    Is this true that bin laden family owns citybank if so how come everyone in this country dosent know this? Hope Louisiana is setting a new mindset for everyone who wants to protect any of their rights against big money and politics

    • kane August 24, 2018, 5:26 pm

      Snopes says that is NOT true, so it must be true since they are usually wrong.

  • Mo August 24, 2018, 1:40 pm

    Finally!

  • Luke August 24, 2018, 1:16 pm

    Louisiana Treasury Secretary John Shroder: “No one can convince me that keeping these two banks in this competitive process is worth giving up our rights.”

    THAT man, gentlemen and ladies, is an American PATRIOT!

    • JOHN j SWARBRICK August 24, 2018, 10:11 pm

      texas and fla. should follow up on this. the bank brought this on there selves.

  • Luke August 24, 2018, 1:12 pm

    I usually post this list during appropriate bank/credit card discussions in case anybody decides to cancel their cards:

    Bank of America
    P.O Box 15019
    Wilmington, DE 19886-5019

    Bank of America
    P.O. Box 982234
    El Paso, TX 79998-2234

    Bass Pro Shops (BPS now uses CapOne same as Cabella’s)
    2500 East Kearney
    Springfield, MO 65898

    Cabela’s Corporate Office and Headquarters
    1 Cabela Drive
    Sidney, NE 69160

    Capital One
    41550 Wewatta Street
    Denver, CO 80202

    Capital One Retail Services
    P.O. Box 7680
    Carol Stream, IL 60116 7680

    CitiBank Customer Service
    P.O. Box 6500
    Sioux Falls, SC 57117

    Home Depot Credit Services
    P.O. Box 900100
    Louisville, KY 40290-1010

    Home Depot Credit Services
    P.O. Box 790328
    St. Louis, MO 63179

    Lowe’s Advantage Credit Card
    Synchrony Bank
    P.O. Box 530914
    Atlanta, GA 30353-0914

    Menards Corporate Office
    4777 Menard Drive
    Eau Claire, WI 54703

    Sam Ash
    Synchrony Bank
    P.L Box 960061
    Orlando, FL 32896-0061

    Sears Private Label General Enquiries
    P.O. Box 6275
    Sioux Falls, SD 57117

    Sears Consumer Payments
    P.O. Box 9001055
    Louisville, KY 40290-1055

    Sears Mastercard General Inquiries
    P.O. Box 6475
    Sioux Falls, SD 57117

    Synchrony Bank
    P.O. Box 530914
    Atlanta, GA 30353-0914

    Synchrony Bank
    Walmart
    P.O. Box 105972
    Atlanta, GA 30348-5972

    The Progressive Corporation
    6300 Wilson Mills Road
    Mayfield Village, OH 44143

    Walmart Corporate Headquarters
    702 SW Eighth Street
    Bentonville, AR 72716

    Cancel credit card account number ______________________.

    I will not knowingly support anti-gun or anti-hunting credit card providers, retail entities or insurance companies. The financial benefit of these products and financial arrangements are not worth the sacrifice of Constitutional liberty. I will not support a political lobby that intentionally champions the loss of my liberty as an American Citizen and a Veteran of the United States armed forces.

    Sincerely,

    Veteran

    • Jim August 24, 2018, 3:08 pm

      I have heard that Capital one is not restricting? True? Any details?

    • Paul DePaulis August 24, 2018, 11:28 pm

      I appreciate you posting a list, but it ism a list of what?

      Can you be more specific what this is referring to?

      • Keith August 25, 2018, 12:01 pm

        Anti-gun/Anti-2A businesses.

  • Greg H. August 24, 2018, 1:08 pm

    BRAVO for Louisiana! That’ll break the MF’ers from sucking eggs! Us gun owners have got to keep hitting our enemies where it really hurts, in their ‘bottom line’!

  • Jim Cargill August 24, 2018, 1:00 pm

    While this is a win for our side, it may be more important that we speak to this issue as a group. PLEASE EXPRESS YOUR THANKS TO THE LOUISIANA STATE TREASURY. Go to https://www.treasury.state.la.us/, then look down the column on the left to “contact us”. click on that, then select “bond”, and send a thank you to them.

    Don’t think for a minute that this will mean nothing. If they even get 10 emails in support of their actions, they will talk about it. Just think what 100 emails would do! Please take 3-5 minutes to do this…SHOW THAT YOU REALLY DO CARE FOR OUR RIGHTS AS GUN OWNERS.

  • Robert Burns August 24, 2018, 12:53 pm

    I think I might want to take a long look at Alario.

  • Martingard August 24, 2018, 12:50 pm

    Since signing up with citi, Costco has kinda got me hogtied. I’m trying to convince my better half into dumping them but it’s a chore. Gonna keep trying, for sure.

    • Louis August 25, 2018, 9:15 pm

      You don’t have to use the Visa provided by Citicards. Costco accepts any Visa. The only “catch” is your Costco ID linked to the Citi Visa, you can have a separate Costco ID card for that.

      Far as I know this is still valid, unless it’s changed in the last 2 years.

  • PEACENIK August 24, 2018, 12:49 pm

    rogerthat: Sage Nighthawk’s point was not obtuse but you do seem to be. Take a deep breath and think about it. Most of us are fighting for the right to bear arms.

  • Jim Morris August 24, 2018, 12:45 pm

    I worked hard on John Schroder’s election campaign. He is rock solid!

  • Michael D. Lindley, M.D. August 24, 2018, 12:17 pm

    As a Louisiana resident, this brings a giant smile to my face. Fuck you Bank of America and Citibank! Put that in your political pipe and smoke it.

  • Al Newman August 24, 2018, 11:46 am

    Bravo, Louisiana!!!

    I am paying off my account with them this coming week and letting them know why. Anti-American trash charges good customers 25% interest when the prime rate was like 0%. I got sucked into them at Menards. Maybe they aren’t aware of who they are dealing with. We bailed fukstiks like this out?

  • Mott August 24, 2018, 11:17 am

    GOOD JOB! I only hope more will do the same!

  • Infidel762X51 August 24, 2018, 10:59 am

    All the gun and ammo companies need to come together and stop selling guns and ammo to any security or armored car company doing business with these banks. Additionally no trainer should certify or recertify anyone from any company doing business with these banks. If they don’t want anything to do with guns we should give them their wish.

  • Stern August 24, 2018, 10:58 am

    B of A sucks so bad they moved out of southern Oregon, LOOOOOOSER ! The bank that steels from you.

  • Terrence Reedy August 24, 2018, 10:25 am

    God bless Louisiana!!

  • Mike August 24, 2018, 10:13 am

    Just wanted to highlight the lack of coverage of this story with-in the main stream media. They were all over covering the anti-gun decisions by Citi, BOA, Delta and United but not a peep about push back like this.

  • Malcolm Allred August 24, 2018, 10:01 am

    Makes me love Louisiana even more!

  • Kimberpross August 24, 2018, 9:45 am

    Private enterprise commercial business has the right to decide who they do business with, that is their free choice. Like a wedding cake maker not serving a homosexual wedding. However, those decision makers have to be willing to accept the consequences of their action. I hope that the American Public let’s these businesses know they best stay out of politics. I hope the shareholders of these business find better investments.

  • Sean August 24, 2018, 9:36 am

    Is anybody aware that the Citi group is actually the BINLADEN group? That’s right boys and girls. The Citi bank group is owned by Osama bin Laden’s family. If you bank with them you’re a terrorist as far as I’m concerned. LA. Is doing the right thing. I stopped banking with Citigroup 15 years ago as soon as I found out the horrible news. Been with a credit union ever since! F- Citibank.

  • Barnacle Bill August 24, 2018, 9:36 am

    ROGER that: Have another cup of coffee and wake the F up. Or “can’t” you? Dummy!

  • Sean August 24, 2018, 9:28 am

    Does anyone know that the Citi bank group is owned by a family by the name of BINLADEN, that’s right boys n girls… the city group is the binladen group. The fact that they’re still around period says alot about how little people really know.

    • Louis August 25, 2018, 9:21 pm

      Provide proof, or shut-up. Don’t tell me to look it up. You’re making the accusation, back it up.

  • Joe August 24, 2018, 9:27 am

    This is beautiful, this is exactly the type of action we should praise from politicians when they are actually looking out for our civil rights as Americans. Congrats to those brave men in Louisiana that decided to protect our second amendment right. Just like our commander in chief would have said: “Citibank, you’re fired!!!

  • John August 24, 2018, 9:07 am

    Sage Nighthawk, you, sir, are a typical liberal that tries to deflect the conversation away from the point this man is making by criticizing his grammar or spelling when you know full well what Pseudo is saying! What difference does it make on this forum if comments are misspelled or poorly worded when it is plain he is making a good, valid point? And you have nothing to say but complain about his spelling and grammar?!!!

  • William F. Paciocco August 24, 2018, 9:00 am

    Spud, just to let you know, LL Bean is tight with Citi Bank. I s— canned that card quick. Citi Bank is a baaddd seed in our society and needs to be rooted out.

    BARNACLE BILL

  • DARKWING August 24, 2018, 8:58 am

    First off, to Roger that. Get a clue on how the economics of manufacturing works. Second, read the article. They have more than one bidder. The work and $ are going to be spent. Again an economic lesson here. If the bank providing the funds is anti-2nd amendment, guess where they put their surplus funds to work.
    Go Cajuns. Here is hoping you continue to get the job done.
    Last economic lesson here. If they can’t get the $ here, guess where they have to go. Off shore!

  • Martin August 24, 2018, 8:56 am

    YOU GO!!! Louisiana!!!
    I pray other states and politicians have the courage and determination to PROTECT AND PRESERVE
    OUR RIGHTS UNDER THE SECOND AMENDMENT!!!
    I’d be a very proud citizen of the GREAT STATE OF LOUISIANA!!!
    TEXAS HAS YOUR BACK !!

  • William F. Paciocco August 24, 2018, 8:48 am

    Roger have another cup of coffee and wake the F up.

  • Roger that August 24, 2018, 8:09 am

    So you mean to tell me just because a few banks wont support gun manufacturers and dealers…which cant account for more than .5% of private owned businesses in louisiana you are going to turn down $600million dollar infrastructure support (and the state needs ot BAD)…and the gun manufacterers wouldmt have even been affected by it because they conduct their business with small and regional banks anyway…I’m all for protecting 2nd amendment rights…but I’m even more for using common sense…this was uncommonly stupid

    • Kevin Calongne August 24, 2018, 8:38 am

      There are plenty of other banks that can be used. You can’t allow banks to arbitrarily deny services to legal and constitutionally protected businesses.

      • Roger that August 24, 2018, 9:45 am

        The 2nd amendment doesn’t protect private businesses who make guns from lenders who choose to not do business with them…

    • Pseudo August 24, 2018, 8:39 am

      I read you comment and I understand extortion, banks will deal with drug dealers/cartels, but will deny legal 2nd amendment organizations, legal gun manufactures, and law abiding citizens, yet you wish to state “common sense,” something makes no “common sense” with you statement.

    • Sage Nighthawk August 24, 2018, 8:46 am

      You sir need to learn how to spell and how to communicate in the written word. So why don’t you clean up your self before you start talking about others. Right now you are just showing the World what a moron you really are. This is how you spell CAN’T dummy!

      • John August 24, 2018, 9:06 am

        Sage Nighthawk, you, sir, are a typical liberal that tries to deflect the conversation away from the point this man is making by criticizing his grammar or spelling when you know full well what Pseudo is saying! What difference does it make on this forum if comments are misspelled or poorly worded when it is plain he is making a good, valid point? And you have nothing to say but complain about his spelling and grammar?!!!

        • Dan August 24, 2018, 9:25 am

          I actually think Sage was talking to Roger that, not Psuedo. Apparently the moron can’t use punctuation properly at all, his spelling is bad, his grammar is terrible, and he wrote all of his thoughts into one long sentence.

          • Roger that August 24, 2018, 9:54 am

            Ok…lets not get internet tough with the name calling…you disagree…great…you feel like you wanna be an english professor and critique my typing from my phone and failure to proofread…great! Whatever floats your boat…but dont get all grade school tough guy with the name calling and we arent in front of each other to reconcile…that’s cowardly…and we both no responsible gun owners dont engage that way…right?

          • Roger that August 24, 2018, 10:23 am

            “Know” not “we both no”

        • Roger that August 24, 2018, 9:42 am

          John…sage was talking about me…not pseudo…nobody here is liberal…although his point about spelling is still obtuse

          • FirstStateMark August 24, 2018, 11:55 am

            Can’t we all just get along?

      • Pseudo August 25, 2018, 7:57 am

        To whom the shoe fits! I have attended many classes, and in these classes I doubt if any two professors graded the same regarding grammar and punctuation. So for you liberal minded who insist on being grammar, punctuation, and spelling Nazi’s instead of the issue at hand;

        I did not use the word “can’t,” can’t is considered a contraction for “cannot” and is considered idiomatic, for proper usage it should be ‘cannot.’

        As to my use of “no” that is exactly what I meant , ‘”No” common sense.’ And not has been suggested of “know” common sense.

        So if you insist on being a Nazi, then bend over place your head between your knees and stuff it up your ‘cant’ orifice.

        Lastly as to banks and Second Amendment issues not being affected, check with the NRA and New York banking.

        Good day!

    • Adam August 24, 2018, 8:50 am

      They didn’t turn down the deal, just won’t be considering those institutions to fund the project. They will be using Pro2A banks. Read the article.

    • Mongo August 24, 2018, 9:02 am

      It’s people like you who are willing to give the ANTI 2A corporations an inch, then complain when they have went a mile…..

    • Mike V August 24, 2018, 9:03 am

      It wasn’t a financial decision.

      Lousianna will survive, plenty of competition for the business.

    • Roman August 24, 2018, 9:07 am

      Please read the complete article before mouthing off.

    • Fred Gasparino August 24, 2018, 9:11 am

      So what you are saying is, it’s ok for the banks to hold business back from a legal entity, but it’s not ok for the state to withhold business from the banks?

      What color is the sky in your world?

      People and corporations fail to understand that there are consequences for your actions, good and bad. They thought they were making a statement. Well the state heard them, and acted accordingly.

    • Dan August 24, 2018, 9:14 am

      Roger that, people like you are the reason evil wins. You’re willing to compromise your principles if it makes things a little bit easier. It’s disgusting, really. Thank goodness better people are in charge in this case. I’m sure they’ll simply find new business partners who aren’t anti-liberty.

      • Roger that August 24, 2018, 10:04 am

        Compromise principles? OK let’s recap then. My 2nd amendment rights aren’t infringed upon…no gun manufacturer or seller will be affected by it because they already have their business and access to other banks…the deal was ready to go…nobody would lose anything…the conflict of principle here is imaginary if not overreactive and overly political…

  • srsquidizen August 24, 2018, 8:08 am

    If bankers discriminate against business owners based on religion they could go to jail. Religious freedom is guaranteed by the Constitution. Discrimination against businesses that are legally exercising 2nd Amendment rights should be a federal crime.

    • Joe August 24, 2018, 9:30 am

      I agree with you 100% on that, we should make it clear to our commander in chief to pass a law that makes it a federal crime to those that discriminate against our second amendment right.

  • David F. August 24, 2018, 7:56 am

    “Go cajuns “, Thank you for putting the right people in the right place .
    “Stick to your guns “

  • ArturS August 24, 2018, 7:19 am

    -$400k BoA!

  • Jay August 24, 2018, 7:05 am

    This why we need to pay off or transfer any accounts with such banks, merchants and financial institutions that do this type of thing. You have to hurt them were it counts, the pocket book and if enough of us do it they will feel it! I did it some time ago, do your research and do your part!

  • jack August 24, 2018, 6:59 am

    I had a boa account, cancelled it and chopped up the card.

    • Dan August 24, 2018, 9:26 am

      I did the same.

  • Gary Z August 24, 2018, 6:48 am

    I applaud you for your decision. We bailed the banks out and now they want to disarm us. Hope they wake up.

  • RBMIL August 24, 2018, 6:35 am

    AWESOME !! Our Cajun Cousins Standing Tall ! Finally…something positive in the News. The only 1 VOTE scares me though…damn greedy people. But, a Win is a Win. I’ve noticed a lot of these Financial Institutions refusing to do their jobs when it concerns the 2nd. Couple of the Sites I use to purchase Bullets were Blackballed by these ScumBags. If EVERY Single Pro 2nd American will cancel accounts, cut up credit cards and move their money to a PRO AMERICAN bank…these Institutions will change their ways or go under. Together We Stand-Divided We Fall….

    • Jim Nazarowski August 24, 2018, 8:03 am

      Great vote by the Louisiana 7. WHat is with the other 6? I can only hope the citizens of LA get rid of their sorry asses. Next election.

      What other banks have limited 2nd Amnendment rights? The need a wake up call too. SemoerFi LA.

  • JCB August 24, 2018, 6:31 am

    God bless the sovereign state of Louisiana !

  • Tom Harvey August 24, 2018, 5:11 am

    Way to go Louisiana! Hope more common sense push back happens!

  • Chick August 24, 2018, 5:07 am

    I love it! There has to be a counter action against the people who would infringe upon the Second Amendment and any other Constitutional Rights. And, to John Alario, A true Conservative worries about their Constitutional Rights, first, above all else. A prostitute worries about their money first. I guess you (John Alario) have shown your true self.

  • Spud Riley August 22, 2018, 5:38 pm

    Only by one vote? The greed is overwhelming and the corporate overreaching is incrementally undermining our society. I for one will be leaving Bank of America and any affiliation there of.

  • Mike V August 18, 2018, 3:21 pm

    As John Rambo said, F*ck’m

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