An anti-responsible investing law may be on the ballot for Arizonans. Recently the Arizona Senate passed a resolution to place on the ballot a measure to ban Arizona public entities from entering into contracts worth $100,000 or more with companies that refuse to do business with firearm manufacturers. Last year, Arizona Governor Katie Hobbs vetoed the same measure because it could cause banks to leave the state. Now, extremists are attempting to bypass the veto by putting the question directly to voters.
Unlocking America’s Future spokesperson Kyle Herrig issued the following statement:
“Since the extremists who are against responsible investing failed last year to push their radical, harmful bill, they’re trying again with a blatant attempt to get this unpopular measure on the ballot. This measure would reduce competition among banks and stifle the free market, potentially driving banks out of Arizona, ultimately hurting everyday Arizonans the most.”
BACKGROUND
The Arizona Senate Passed Legislation To Establish A Ballot Referendum On Banning State Contracts With Entities That Refuse To Do Business With Gun Makers. On January 31, the Arizona Senate passed SCR 1007 on a party line vote. The resolution places a proposition on the next general election ballot to prohibit Arizona public entities from entering into contracts worth $100,000 or more unless the contract contains written certification from a company providing goods or services that it does not discriminate against firearm businesses or associations.
Experts Testified That SCR 1007 Will Cause Banks To Leave The State, Raising Costs For Arizonans. At a recent hearing on the bill, experts said it would reduce competition among banks. “When you increase the risk and decrease the number of competitors who can participate in providing the services to the state, to counties, to municipalities to others, you ultimately raise those costs,” Arizona Bankers Association lobbyist Jay Kaprosy testified.
Last Year Governor Katie Hobbs Vetoed Similar Legislation Over Concerns That It Would Cause Banks To Flee The State Of Arizona. In March 2023, Governor Katie Hobbs vetoed similar vetoed Republican legislation (SB 1096). “This bill would limit competition and increase costs for local governments, costs which ultimately fall on taxpayers,” her veto letter stated.
