WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) questioned Randal Quarles, vice chairman of supervision for the Federal Reserve, today about discriminatory policies by Citigroup and Bank of America that threaten small business owners’ Second Amendment rights. 

“Citigroup and Bank of America have decided to make gun policy for the American people.  They’re denying small business owners their Second Amendment rights because of politics,” said Sen. Kennedy.  “This is no different than the big banks refusing to do business with someone because they oppose abortion.  We don’t need red banks or blue banks.   Banks shouldn’t make decisions based on which button a small business owner pushed in the voting booth, especially when taxpayers – Republicans and Democrats alike - bailed them out after the 2008 financial crisis.”

 

 

A partial transcript of Sen. Kennedy’s questioning

Sen. Kennedy: Let’s suppose that a customer wants to exercise his First Amendment right to speak out against abortion.  Do you think banks ought not to do business with him?

Vice Chairman Quarles: That wouldn’t be my personal view.  As a supervisor, I’m not sure it would be my role to direct the bank on that question, but that wouldn’t be my personal view.

Sen. Kennedy: Would your answers be the same if the subject were climate change as opposed to abortion? 

Vice Chairman Quarles: Completely.

 

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