Officials in Louisiana have voted to block the involvement of two of the country’s largest banks from a road project in the state. The State Bond Commission, by a vote of 7-6, will not allow Bank of America and Citigroup to take part in a $600 million road project. The banks are not permitted to serve as underwriters on the project, which is for highway resurfacing.
The reason for the vote and subsequent ban from the project stems from the banks’ policies that restrict gun sales and manufacturing of firearms for their commercial clients. The ban was supported by Louisiana Attorney General Jeff Landry and Treasurer John Schroder. Governor John Bel Edwards and his administration opposed the ban on the banks.
Citigroup announced earlier in 2018 that it would end its relationships with retailers that sold firearms to customers without a background check and those that wouldn’t refuse to sell firearms to customers 21 or older. This was in response to the deadly shooting at a Florida high school.
The $600 million project that is at the center of this vote is to help widen a portion of I-10 that runs through Baton Rouge, build a new interchange on I-10 at the New Orleans Airport and a new exit to Barksdale Air Force Base from I-20.
Commercial law is an important part of the way companies and organizations do business throughout Louisiana. It can be difficult to follow changes in the law, which is why it’s always best to have an experienced business and commercial law attorney on your team.