Business

Louisiana bans Citigroup, Bank of America from bond sale

Talk about a backfire.

Louisiana has “prohibited” Citigroup and Bank of America from participating in an upcoming bond sale over their recent restrictions against doing business with gunmakers.

“I personally believe the policies of these banks are an infringement on the rights of Louisiana citizens,” Bond Commission Treasurer John M. Schroder said. “As a veteran and former member of law enforcement, I take the Second Amendment very seriously.”

The bond commission’s vote was 7-6 to keep the Wall Street banks from underwriting its upcoming public debt offering.

The two banks adopted new corporate policies around arms makers this year following the school shooting in Parkland, Fla., where 17 people were killed.

Citi was the first major bank to impose restrictions on corporate clients, requiring gun retailers to sell to people over 21, pass background checks, and to not sell high-capacity magazines or bump stocks.

“Citi adopted this policy because we believe it is a positive and balanced step to promote gun safety without undermining free markets or Second Amendment rights,” Scott Helfman, a bank spokesman, told The Post.

“It is disappointing that the taxpayers of Louisiana will be deprived from competitive bidding for necessary public works because the process has been politicized.”

BofA followed soon after, saying it wouldn’t lend to makers of “assault-style” weapons, but lent $43.2 million to Remington a few weeks later, according to reports.

A spokesman for Bank of America declined to comment.