Apr 10 2019
WASHINGTON, D.C. – U.S. Sens. John Kennedy (R-La.) and Kevin Cramer (R-N.D.) today introduced the No Red and Blue Banks Act to prohibit the award of federal contracts to banks that discriminate against lawful businesses through social policy considerations. In particular, the legislation will ensure that corporate banks like Citigroup and Bank of America will not be awarded lucrative federal government contracts after trampling on business owners’ Second Amendment rights.
Last year, Citigroup and Bank of America announced policies that will restrict the rights of law-abiding citizens. Citigroup wants to tell businesses what kind of firearms and accessories they can stock in their stores and who can buy them. Bank of America will no longer loan money to businesses that manufacture semi-automatic rifles.
“Banks that violate law-abiding citizens’ constitutional rights have no business profiting off the federal government. They’re threatening the sanctity of the Constitution and the Second Amendment,” said Sen. Kennedy. “Citigroup and Bank of America are trying to make banking a red versus blue issue. Anti-gun policies force business owners to abandon their Second Amendment rights in order to find banking services. That’s a slap in the face to every American who helped bail out Citigroup and Bank of America during the financial crisis.”
“Banks should not be the arbiters of constitutionality,” said Senator Cramer. “This legislation ensures financial institutions cannot do business with the federal government if they do not respect the constitutional rights of their customers. The federal government should not be rewarding banks who target supporters of the Constitution.”
Sens. Kennedy and Cramer also filed the Freedom Financing Act to ban financial institutions from refusing to do business with customers who may not share the same political values as the banks.