Citibank now allowed to do business in Texas... This is how we win for our Rights...

Published on November 13, 2021
Duration: 5:22

This video discusses how Citigroup has resumed business in Texas after complying with a state law that penalizes companies discriminating against firearm entities. The speaker highlights this as a victory for Second Amendment rights, demonstrating the power of citizens to influence corporate behavior through legislative action and financial pressure. The compliance involved submitting a letter to the Texas Attorney General's office.

Quick Summary

Citigroup is now allowed to do business in Texas after complying with a state law that penalizes companies discriminating against firearm entities. By submitting a 'standing letter' to the Texas Attorney General's office, Citigroup certified its non-discriminatory practices, enabling its return to the state's $58 billion municipal bond market.

Chapters

  1. 00:00Introduction and Celebration
  2. 00:13Texas Law Against Banks Discriminating on Gun Rights
  3. 00:36Citigroup Complies with Texas Law
  4. 01:06Power of Citizen Action on Corporate Behavior
  5. 01:24Bloomberg Report on Citigroup's Texas Operations
  6. 02:14Details of the Texas Law
  7. 02:46Citigroup's Statement on Compliance
  8. 03:20Texas's Leverage in the Bond Market
  9. 04:01Key Takeaway: Citigroup's Compliance Letter
  10. 04:41The 'Standing Letter' Requirement
  11. 05:03Call to Other States to Follow Texas's Lead

Frequently Asked Questions

Why was Citigroup initially barred from doing business in Texas?

Citigroup, along with other banks, faced restrictions in Texas due to a new state law that penalized companies discriminating against firearm entities or trade associations. This law impacted their ability to participate in the state's significant municipal bond market.

How did Citigroup become allowed to do business in Texas again?

Citigroup complied with Texas's new law by submitting a 'standing letter' to the Attorney General's office, certifying that they do not discriminate against firearm entities. This action allowed them to resume their public finance business in the state.

What is the significance of Texas's law regarding banks and firearm policies?

The law demonstrates the power of state legislatures and citizens to influence corporate behavior. By threatening access to a $58 billion market, Texas compelled Citigroup to align its policies with the state's stance on gun rights, showcasing financial leverage as a tool for advocacy.

What is the 'standing letter' required by Texas law for banks?

The 'standing letter' is a certification that banks must submit to the Texas Attorney General's office. It confirms that the bank does not discriminate against firearm entities or trade associations, a requirement to conduct business with Texas and its local governments.

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