Louisiana Treasurer Denies Bank of America Fiscal Agent Status in State

Louisiana State Treasurer John Fleming has said he will not recommend Bank of America’s (BOA) application to serve as one of the state’s authorized fiscal agents, citing its alleged discrimination against certain clients and its environmental, social, and governance (ESG) practices. In an Aug. 12 statement, Fleming said he did not make the decision lightly. The decision is based on alleged evidence that BOA is “deliberately denying banking services to customers and potential customers” such as religious organizations, gun manufacturers, oil and gas producers, and others, based “simply on their political perspectives and activities, not because of any bank policy or law violations,” Fleming said....