Citigroup, the nation’s fourth-largest bank, has angered Texas Republicans with its latest workplace benefit: a proposal to cover travel expenses for employees who live in states with restrictive reproductive health laws, including a recent state law banning most abortions after six weeks. .
Citi disclosed the new policy in a regulatory filing filed with the US Securities and Exchange Commission on March 15. The bank said: “In response to changes in reproductive health laws in some US states, starting in 2022, we are providing travel benefits access to adequate resources.”
Texas Republican Party chairman Matt Rinaldi called the policy “terrible” and said the group was urging Republicans to neglect Citi’s services.
“Republicans should avoid trusting their finances to Citibank and other companies that are hostile to them and their values,” Rinaldi said in a statement emailed to CBS MoneyWatch. “Citigroup’s decision to fund the killing of unborn children with palpitations is appalling, but not surprising given [its] past acceptance of far-left causes.”
A Texas law that went into effect in September effectively bans abortion in Texas. This measure bans abortions after detection of fetal heart activity, which usually occurs around six weeks of pregnancy—often before a woman knows she is pregnant.
The law includes an unusual provision allowing Texas residents to sue clinics, doctors, nurses, and even people who give women rides for procedures. Reward for successful litigation under the new law: at least $10,000.
Texas abortion restrictions remain in place 03:25
Citi did not immediately respond to a request for comment.
The new company policy was adopted under the leadership of CEO Jane Fraser, the first woman to lead a bank or any large Wall Street firm. But other corporations have also said in recent months that they will help workers in states with restrictive abortion laws.
Salesforce CEO Mark Beinoff said in September that the company would help employees who want to move out of Texas if they so choose because of the abortion law. And Dallas-based Match Group chief executive Shar Dubey has set up a fund to help any of the company’s Texan workers who may have to travel out of state for the procedure.