Press releases

WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) sent Citigroup CEO Michael L. Corbat a letter seeking information on the repercussions for Louisiana from Citigroup’s threat to retaliate against small businesses who support Second Amendment rights.  Citigroup is threatening to sever business ties with customers who do not follow certain rules for selling firearms.  A copy of Sen. Kennedy’s letter to Citigroup is below.
 “Citigroup has no business threatening law abiding business owners for exercising their Second Amendment rights.  The only reason that Citigroup is even in business today is because American taxpayers bailed them out during the Great Recession,” said Sen. Kennedy.  “Instead of imposing its political agenda on the American people, Citigroup ought to be finding ways to help these mostly small businesses grow.  Citigroup certainly shouldn’t be threatening their Constitutional rights.” 


March 29, 2018


Mr. Michael L. Corbat
Chief Executive Officer
388 Greenwich Street
New York, NY 10013

Dear Mr. Corbat:

I write today regarding the new U.S. Commercial Firearms Policy that you unveiled last week at Citi.  I have significant concerns about this policy and respectfully request that you provide me the specific number of entities in Louisiana which stand to lose banking services as a result of your increased scrutiny on law-abiding businesses.  I wish you would provide the same level of scrutiny to other areas of Citi’s business instead of penalizing Americans who choose to exercise their 2nd Amendment rights. 

As I have read from your executive’s blog post addressing the new direction Citi is taking, it seems you want to do your part to change American society positively.  I applaud that goal and share your belief that it’s vital to our societal and cultural growth.  However, I strongly object to cracking down on gun manufacturers, sellers, and owners when you have such significant opportunity to “do your part” in other areas of your business.

 It feels like yesterday when Citi received nearly half a trillion dollars in taxpayer-backed guarantees and cash after putting the entire financial system at risk.  In fact, the 10th anniversary of the largest government bailout in American history is just around the corner.  I hope you will focus on properly running your business and addressing apparent shortcomings like overcharging credit card interest rates to account holders and compliance with U.S. anti-money laundering laws.  Those are real ways to “do your part” that would make a difference. 

 The very fact that Citi remains operational is due entirely to the generosity of the American taxpayers.  Please don’t forget that.  While I am disappointed in your announcement, I look forward to addressing it in the Senate Committee on Banking, Housing, and Urban Affairs.  

 Thank you for your attention, and I look forward to your response.





John Kennedy

United States Senator