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Citi Bond Business Draws Warning in Texas Over Abortion Help

  • Conservative lawmaker sends cease-and-desist letter to bank
  • Risk to Citi may increase if Supreme Court guts abortion right
Citigroup CEO Jane Fraser

Citigroup CEO Jane Fraser

Photographer: Rodrigo Capote/Bloomberg
Updated on

A conservative Texas lawmaker warned Citigroup Inc. that it could be barred from underwriting municipal bonds and that company officers and employees could face criminal prosecution unless the bank backs off its policy to pay for workers to travel outside of Texas for an abortion.

Texas state representative Briscoe Cain, a Republican, said Friday he sent a cease-and-desist letter to Citigroup Global Markets Chief Executive Officer Jane Fraser. He also sent letters to leaders of some major non-profit organizations that have raised millions to pay travel costs for women seeking abortions outside Texas.