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BofA, Citi, JPMorgan See Texas Muni Business Halt After Gun Law

Oct. 1, 2021, 6:10 PM

Wall Street’s three biggest municipal-bond underwriters have seen business grind to a halt in Texas after the state enacted a law that blocks governments from working with banks that have curtailed ties to the gun industry.

Since the Republican-backed law took effect on Sept. 1, neither Bank of America Corp., Citigroup Inc. or JPMorgan Chase & Co. has managed a single municipal-bond sale in the state, according to data compiled by Bloomberg. It was the first time that’s happened since at least late 2014.

JPMorgan said Thursday that it has decided that it can no longer bid for ...