By Jerod MacDonald-Evoy, Arizona Mirror
Republicans want Arizona voters to decide whether state agencies should be banned from working with gun companies or banks that “discriminate” against individuals working in the firearms industry.
At issue are the business decisions of financial institutions, including: JPMorgan Chase and CitiGroup; It decided to stop working with gun manufacturers after the 2018 shooting that killed 17 people at a Parkland, Florida high school.
Senate Concurrent Resolution No. 1007 We will change the state law as follows: Prohibits public entities from entering into contracts worth more than $100,000 with companies that do not agree not to “discriminate against firearms companies or firearms trade associations.” Companies must submit a written statement of intent to comply.
The measure, which must be approved by voters in November, states that discrimination includes stopping any business relationships a business may have with gun groups or firearms trade associations.
“This is something I’ve been working on for the last three years,” Sen. Frank Carroll, R-Sun City West, the bill’s sponsor, told the House Judiciary Committee on Wednesday.
Carroll also introduced an identical bill last year. Despite receiving approval from Republican lawmakers, the bill Vetoed by Governor Katie Hobbs.. By framing this year's iteration as a voting recommendation, we avoid Hobbs entirely. Instead, if it passes both legislative chambers, it will go directly to voters later this year.
Carroll argued that financial institutions have gone down the “social justice path” and are violating Second Amendment rights.
Other states, including Texas, have passed similar laws. passed the law Other states, including Florida and Oklahoma, followed suit.
But the passage of such laws did not come without consequences.
Oklahoma blacklists banks claiming to be making “woke” investments national retirement systemAbout 65% of pension portfolios are made up of groups blacklisted by the state.
In Texas, JPMorgan underwritten many of the state's bond deals, but the law made it illegal for the state to work with the financial giant. Now billions of dollars in bonds are up in the air, which is believed to have caused losses to Texas. Taxpayers making between $300 million and $500 million I'm interested.
Opponents of Carroll's bill expressed similar concerns Wednesday that the same problem would face Arizona.
Wendy Briggs, a lobbyist for the Arizona Bankers Association, said states that have passed similar laws have seen bond yields rise as banks leave. That was one of the things Hobbs justified in her veto letter last year.
Briggs also told the committee that the practices of the “minority” banks were not subject to discrimination. According to Briggs, banks that have a policy of working with gun groups center around not working with banks that sell to people under 21 or sell items that: bump stocks.
Briggs said the policy is similar to: Established by Wal-Mart and Dick's Sporting Goods In 2018, it began adding restrictions on who guns can be sold and what accessories they can sell.
The Arizona Association of Counties also spoke out in opposition, telling lawmakers it was concerned county treasurers would have trouble finding banks to partner with because they would likely leave the state if the bill passes.
Republicans on the committee argued that the bank was violating the Second Amendment by choosing not to work with certain gun manufacturers and groups. The bill passed along party lines and will head to the full House for consideration.
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