WASHINGTON, D.C. – Sen. John Kennedy (R-La.) issued the following statement today after Citigroup accused him of trying to politicize the competitive process through his legislation, the No Red and Blue Banks Act. 

The bill, which was introduced this week, would ensure that banks like Citigroup and Bank of America, which enacted policies infringing on the Second Amendment rights of businesses, will not be awarded lucrative federal government contracts.  Citi told news media: “It is disappointing that some are attempting to politicize the competitive process through which we bid to provide critical financial services to the government as a result.”

“Citigroup and Bank of America’s copy of the U.S. Constitution doesn’t include the Second Amendment, and they’re trying to force that version down the American people’s throats. These banks would be dead broke if it weren’t for the American taxpayers bailing them out,” said Sen. Kennedy.  “We don’t need red banks.  We don’t need blue banks.  We need financially stable banks.  Citigroup and Bank of America need to stop playing politics and focus on their balance sheets.”

Background:

• 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. 
• Sen. Kennedy has previously made remarks on the Senate floor about this important issue. 
• On October 2, Sen. Kennedy filed legislation to prohibit the federal government from giving contracts to banks that discriminate against lawful businesses based solely on social policy considerations.
• Citigroup responded to the legislation with the following statement: “(Citigroup) adopted this policy because we believe it is a positive and balanced step to promote gun safety without undermining free markets or Second Amendment rights.  It is disappointing that some are attempting to politicize the competitive process through which we bid to provide critical financial services to the government as a result.”

 

 

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