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(AP Photo/File) While the new Constitutional Carry law in Texas has received a lot of attention from the national media this week (almost all of it negative, of course), another piece of legislation signed by Gov. Greg Abbott has quietly taken effect, and its implementation could have a big impact on the bottom line of some of the largest financial institutions in the country.
For several years now, we’ve seen big banks impose restrictions on their relationships with companies in the firearms industry; refusing to do business with firms that manufacture modern sporting rifles or “large capacity” magazines, for instance. Well, now these same banks are getting a taste of their own medicine, because unless they end their corporate gun control policies they won’t be allowed to underwrite municipal or state bonds . Some of the country’s largest banks, including Bank of America, Citibank, and JPMorgan Chase underwrite municipal and state debt in Texas, but also have tailored restrictions that appear to bar financing to certain parts of the gun industry, such as companies that make or sell bump stocks or sell to customers under 21. Republican Attorney General Ken Paxton’s office isn’t having it. Leslie Brock, the state’s assistant attorney general and chief of the Public Finance Division, notified bond underwriters that compliance with the new Texas law isn’t open to “qualifications,” according to an Aug. 23 letter obtained by Bloomberg Law. The new law, signed by Republican Gov. Greg Abbott in June, requires banks and other businesses seeking municipal or state contracts worth $100,000 or more to certify that they don’t exclude firearm or ammunition industries and retailers. Companies that do business with the state, including bond underwriters, face a Sept. 1 deadline to certify compliance with the law. Banks that reject clients “based on the types of weapons sold or customers served” wouldn’t be in compliance, according to Brock’s letter. Such restrictions amount to “a refusal to do business against an entire class of firearm entities,” she wrote. Texas is the second largest bond market in the country behind California, so this isn’t a minor measure that […]
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They’re Trying to Shut Us Down
Over the last several months, I’ve lost count of how many times the powers-that-be have tried to shut us down. They’ve sent hackers at us, forcing us to take extreme measures on web security. They sent attorneys after us, but thankfully we’re not easily intimidated by baseless accusations or threats. They’ve even gone so far as to make physical threats. Those can actually be a bit worrisome but Remington has me covered.
For us to continue to deliver the truth that Americans need to read and hear, we ask you, our amazing audience, for financial assistance. We have a Giving Fuel page to help us pay the bills. It’s brand new so don’t be discouraged by the lack of donations there. It’s a funny reality that the fewer the donations that have been made, the less likely people are willing to donate to it. One would think this is counterintuitive, but sometimes people are skeptical because they think that perhaps there’s a reason others haven’t been donating. In our situation, we’re just getting started so please don’t be shy if you have the means to help.
Thank you and God bless!
JD Rucker