- Treasurer snubs bank’s bid to serve as state fiscal agent
- Announcement marks latest skirmish in anti-ESG fight
Fresh off a win in Louisiana, Bank of America Corp. was dealt a blow by a Republican official in the state.
On Monday, Louisiana State Treasurer John Fleming said he wouldn’t recommend Bank of America’s application to become a state depository and fiscal agent for the state — his counsel will be considered by an ad hoc panel. There are nearly 100 banks that have been approved to work as state depositories and fiscal agents, according to the state.
“It is my opinion and that of many Americans that financial institutions should not weigh in on matters involving a political viewpoint, either conservative or liberal,” Fleming said in a statement, citing concerns that the company is denying banking services to certain clients like religious organizations and gunmakers.
Bloomberg Politics
By Amanda Albright
August 13, 2024