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Texas

Texas AG says Citigroup policy ‘discriminates’ against firearms industry

The policy of Citigroup, the parent company of Citibank, discriminates against the firearms industry, according to a letter from Texas Attorney General Ken Paxton, outlining the possible financial implications for the corporation.

In a letter sent on Wednesday, Leslie Brock of AG Public Finance wrote that Citigroup’s policy on selling firearms to its customers is independent of customers’ traditional business interests and is “based solely on the organization or association’s status as a firearms or firearms.” trade association.”

Citigroup’s policy, adopted in 2018, prohibits the sale of firearms to anyone who has not passed a background check or is under the age of 21. It also prohibits the sale of stocks or high-capacity magazines that can fire semi-automatic weapons. Faster.

The announcement came after 17 people were killed in a shooting at Stoneman Douglas High School in Florida.

The question is whether such a policy violates Senate Bill 19, a Republican-approved bill passed in 2021 that aims to prevent the government from working with companies that discriminate against the gun industry.

As a result of its decision, the Attorney General’s Office will not approve any of Citigroup’s municipal bond underwriting. This means that Citigroup, which said it funded $16.5 billion in Texas bonds, may no longer be able to guarantee those bonds.

A spokesman for Citigroup wrote in a statement that the company is “disappointed” with the decision and believes it is in line with Texas law.

Paxton’s office did not respond to a request for comment.

Any advice? Write to Toluvani Osibamowo at [email protected]

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