Louisiana bond commission disqualifies JPMorgan Chase from bond deal over gun rights

Louisiana bond commission disqualifies JPMorgan Chase from bond deal over gun rights

Louisiana Treasurer John Schroder Image courtesy of Louisiana Treasurer John Schroder’s campaign website (The Center Square) – The Louisiana Bond Commission removed JPMorgan Chase from a $700 million gas-and-fuel tax bond series Thursday, after the bank failed to respond to questions about its firearm lending policies. JPMorgan had been selected for the tax revenue bonds but came under scrutiny last month when Louisiana Attorney General Jeff Landry inquired about the bank’s lending practices regarding gun manufacturers and the legal exercise of Second Amendment rights. The issue came to a head during Thursday’s monthly meeting, which included a tense exchange between Landry and bond commission chairman and state Treasurer John Schroder. Despite agreeing on substance and ultimately voting together, Schroder and Landry argued about the commission’s communication breakdowns regarding the JPMorgan issue. At one point, Schroder cut off Landry’s microphone. When order resumed, Schroder explained the decision to remove the bank from consideration. He recounted how the commission added two “gun rights” questions to the commission’s underwriter approval application three years ago, when some large banks began restricting financial services to the firearms industry. Two banks – Bank of America and Citibank – subsequently were disqualified. “They answered ‘no’ and it should have been ‘yes,’ ” Schroder said. With respect to JPMorgan, Schroder said, “Same scenario. Same two questions asked. “JPMorgan answered ‘no.’ The attorney general, through his means, found some testimony that I was made aware of, and my legal staff believes contradicts the answer in the request for […]

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