Bloomberg News

LOS ANGELES - Former Treasury Secretary Robert Rubin and Citigroup Inc., the No. 1 U.S. banking company in assets, are hosting a private luncheon for Democratic legislators and Hollywood personalities during the party's convention this week.

The event on Wednesday isn't technically a fundraiser, although New York-based Citigroup, where Mr. Rubin is now chairman of the executive committee, has been active in contributing to campaigns of both major parties.

"Like many other corporations, we are sponsoring a few events at both conventions," said Citigroup spokesman Michael Schlein.

Citigroup hasn't publicized the luncheon, the first such event held by Mr. Rubin since he joined Citigroup 10 months ago. Several veteran banking industry lobbyists and Democratic congressional aides were not aware of the event, and Citigroup officials would not say who was invited to the lunch, which is being held at a private residence.

Banks have several important issues pending before Congress and the Clinton administration, such as regulations to protect consumers' financial and medical privacy and legislation to tighten the nation's bankruptcy laws. Citigroup also supports legislation pending in the Senate to grant permanent normal trading relations with China.

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