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Wells Fargo's firearm policies under Texas AG scrutiny
  + stars: | 2023-07-28 | by ( ) www.reuters.com   time to read: +2 min
July 28 (Reuters) - Wells Fargo & Co's (WFC.N) policies around the firearm industry are being probed by the Texas Attorney General's office, the company said in an emailed statement on Thursday. "We have been cooperating with the Texas AG's Office and continue to affirm our standing letter that was provided to that office," the company said. The public finance division, which oversees most municipal bond offerings in Texas, will decide by Aug. 25 whether the bank is a "discriminating company," according to Bloomberg News. The Texas Attorney General's office did not respond to a Reuters request for comment on the report. Reporting by Yana Gaur and Juby Babu in Bengaluru; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.
Persons: Leslie Brock, Wells, Bill, Brock, Yana Gaur, Juby Babu, Kim Coghill Organizations: Texas Attorney, Bloomberg, Reuters, Texas AG's Office, Bloomberg News, Texas, Citigroup Inc, Thomson Locations: Texas, Wells, Bengaluru
[1/2] Attorney General of Texas Ken Paxton speaks during former U.S. President Donald Trump's rally, in Conroe, Texas, U.S., January 29, 2022. Texas enacted a law in 2021 that prohibited government contracts with entities that discriminated against the firearms industry. "Citi's designation as an SB-19 discriminator has the effect of halting its ability to underwrite most municipal bond offerings in Texas," Paxton's office told Reuters, referring to the law. Bloomberg News first reported the news, citing a letter that Leslie Brock, assistant attorney general chief of the public finance division, distributed to lawyers on Wednesday. "Therefore, until further notice, we will not approve any public security issued on or after today's date in which Citigroup purchases or underwrites the public security, or in which Citigroup is otherwise a party to a covered contract relating to the public security," according to the letter.
[1/2] Attorney General of Texas Ken Paxton speaks during former U.S. President Donald Trump's rally, in Conroe, Texas, U.S., January 29, 2022. Texas enacted a law in 2021 that prohibited government contracts with entities that discriminated against the firearms industry. "Citi's designation as an SB-19 discriminator has the effect of halting its ability to underwrite most municipal bond offerings in Texas," Paxton's office told Reuters, referring to the law. Bloomberg News first reported the news, citing a letter that Leslie Brock, assistant attorney general chief of the public finance division, distributed to lawyers on Wednesday. "Therefore, until further notice, we will not approve any public security issued on or after today's date in which Citigroup purchases or underwrites the public security, or in which Citigroup is otherwise a party to a covered contract relating to the public security," according to the letter.
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