Jun 05 2018
“Citigroup and Bank of America have decided to make banking a red versus blue issue by trampling on the Second Amendment rights of small business owners.”
WASHINGTON, D.C. - U.S. Sen. John Kennedy (R-La.) spoke on the floor of the U.S. Senate this afternoon about Bank of America and Citigroup’s anti-Second Amendment policies. On March 22, Citigroup issued a press release detailing how it will penalize banking clients who follow federal, state and local laws. Citigroup’s new policy tells businesses what kind of firearms and accessories they can stock in their stores, and who they can sell them to. On April 10, Bank of America announced that it will no longer loan money to businesses that manufacture semi-automatic rifles.
Click here or the photo below to watch Sen. Kennedy’s full speech.
Red Banks and Blue Banks: “Citigroup and Bank of America have decided to make banking a red versus blue issue by trampling on the Second Amendment rights of small business owners. And if additional big consumer banks come out with similar anti-gun policies, it will get harder and harder for businesses in Louisiana and elsewhere to find banking services. We’ll have red banks and blue banks.”
Big Banks Turn Their Backs On Taxpayers: “Citigroup and Bank of America owe their continued existence to the generosity of the American taxpayer. Both Citigroup and Bank of America are considered by the U.S. government to be ‘systemically important banks.’ That’s why they got bailed out in 2009. They act as a source of credit for households, businesses and local and state governments, and as a source of liquidity for the entire banking system. But that also means that their corporate policies will have ripple effects on every corner of our economy: from consumers and businesses of all sizes to banks and nonbank holding companies.
Sen. Kennedy Protects American Taxpayers: “I want to make sure that the federal government isn’t rewarding this behavior with even more taxpayer dollars. I have already petitioned the General Services Administration to cancel the federal government’s $700 billion contract with Citigroup, and I have urged officials in the state of Louisiana to reevaluate state contracts with any Wall Street Bank that chooses to implement an extralegal policy that infringes on the Second Amendment.”
Big Banks’ Short Memory: “It is offensive that Wall Street banks are taking taxpayer dollars with one hand, and using the other to come after America’s guns. Rather than impose its political agenda on law abiding citizens, these Wall Street banks ought to remember how taxpayers spent billions to bail them out after the 2008 financial crisis. They owe a tremendous debt to the American public. It seems that they have a very short memory.”