Louisiana Treasurer denounces Bank of America for ‘disgraceful practices’

BATON ROUGE, La. (KALB) – On Monday, August 12, Louisiana Treasurer Dr. John Fleming announced his recommendation for not approving Bank of America as an authorized fiscal agent for the State of Louisiana.

State Treasurer Fleming announced he did not approve an application by Bank of America for the financial institution to become one of the many “authorized fiscal agents” for the State of Louisiana, nor was the application recommended to the Louisiana Interim Emergency Board.

According to Fleming, he made his decision after reviewing news reports and evidence alleging the institution has deliberately denied banking services to the customers of Christian organizations, firearms manufacturers and fossil fuel producers out of political bias and discrimination and not bank policy or law violations; a claim the financial institution says is “factually incorrect.”

“Since the 1960s, the people of the United States have made it clear that discrimination against fellow Americans is unacceptable. It appears that Bank of America, among other financial institutions, has revived this disgraceful practice.”

Among the discriminatory actions and political bias, Fleming said the institution has conducted a practice known as “de-banking,” an act where a banking organization closes an entity’s bank account due to concerns of risk (financial, reputational or legal).

Fleming highlighted Bank of America’s connections to a United Nations-based alliance made up of 43 other countries, that advocates for stronger green energy, which the Louisiana Treasurer says if implemented, would have “extremely negative economic consequences for the people of Louisiana.”

Dr. Fleming has previously denounced Bank of America in April, in a joint letter with 12 other U.S states alleging the bank has a “track record of de-banking religious organizations.”

“No American should be denied access to banking services or face discrimination because of their political viewpoints, party affiliation, religious beliefs or occupation.”

Bank of America has since released a letter in response to the accusations, denying religious and/or political views as a factor in account decisions. In a given statement to KALB, Bank of America says they are, ” proud to provide banking services to more than 100,000 non-profits associated with religious organizations.”

You can view Bank of America’s full response to the joint letter here:

Due to Fleming’s choice not to recommend the application for Bank of America to become an authorized fiscal agent, the financial institution will not handle or disburse funds for the State of Louisiana.

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