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Law That Shut Goldman, JPMorgan Out of Texas Munis Is Spreading

Feb. 10, 2022, 12:00 PM

These are strange times for Wall Street as bankers watch one of their most reliable business lines -- lending to U.S. states and cities -- turn into a political weapon.

GOP lawmakers in Arizona, Kentucky, Missouri, Ohio, South Dakota and West Virginia have introduced legislation conceived by an influential gun group, the National Shooting Sports Foundation, that aims to punish Wall Street for what it deems to be restrictive gun policies.

The measures, the latest of which was put forward last week, target banks’ work with states and cities. They follow the lead of a GOP-backed law in Texas that ...