Banking services are the lifeblood of any enterprise, and gun manufacturers, distributors and retailers are no exception. They must be able to access lines of credit for business flexibility. Financial transactions need to be smooth, and payroll has to be timely and dependable.
Major banks, however, sought to interfere with the daily workings of a constitutionally protected industry.
These actions did not sit well with the Lone Star State.
Texas Attorney General Ken Paxton now targets these firms for violating state law prohibiting discrimination in business practices.
The statute specifically punishes these corporations for denying business relationships with firearms companies, refusing to do business with Israeli-owned companies and instituting other controversial and discriminatory policies.
Paxton announced, “As Attorney General, my job is to uphold state law and ensure that Texas remains a friendly state for companies to do business — including those that produce the energy we depend on and the firearms that secure our safety and freedom.”
Texas statutes prohibit banks which underwrite municipal bonds in the state from implementing discriminatory practices against the weapons industry. Institutions that are against the Second Amendment therefore cannot refuse to conduct business with these companies.
The state action is part of a growing pushback against these policies across the nation. However, anti-gun organizations continue to lobby Wall Street firms to sever business relationships with the industry.
A major victory was earned earlier in October when Sen. Ted Cruz (R-TX) applied pressure to Intuit over its practices. The maker of popular small business software QuickBooks ended its longstanding dealings with gun companies, putting many in a bind to conduct basic services such as banking transactions and payroll.
When pressured by Cruz, Intuit officials noted that they were under intense scrutiny by their financial partners, citing JPMorgan Chase and Bank of America. Under pressure from the powerful senator, however, the company changed course and did the right thing.
