A Texas crackdown on banks that ‘discriminate’ against guns backfires, costing taxpayers up to $500M, a study finds.
People browse displays during the NRA’s annual convention, Sunday, May 29, 2022, at the George R. Brown Convention Center in Houston.Texas lawmakers, frustrated with what they viewed as liberal political activism from some of the titans of American industry, banned banks last year from doing business with Texas municipalities unless they could certify to the state attorney general they don’t “discriminate” against the gun industry.
that sell guns to people under the age of 21. And Citigroup won’t fund those that don’t background-check all buyers.after the Parkland massacre, with an executive vice president calling for “our grief to turn into action” and for the U.S. to “adopt common-sense measures that would help prevent firearms from getting into the wrong hands.”
Several years ago, California restricted Wells Fargo from participation in its municipal markets after a series of financial scandals. “The more you were reliant on these banks, the more you were paying on subsequent offerings after those banks left,” said Ivan Ivanov, a Federal Reserve economist and co-author on the paper.
The three GOP state senators who authored the bill declined interview requests: Charles Schwertner of Georgetown, Donna Campbell of New Braunfels and Jane Nelson of Flower Mound.
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