Banks and Credit Unions Press Congress to Resolve Government Shutdown Swiftly

Leading financial institutions, including banks and credit unions, are urging Congress to promptly resolve the ongoing government shutdown. They warn that the shutdown poses significant risks to local economies and the livelihoods of everyday Americans.

Banks and Credit Unions Demand Swift Action to End Government Shutdown

The American Bankers Association has stated that banks are increasingly providing support to military families, federal employees, and customers directly impacted by the shutdown. This assistance includes fee waivers and loan modifications. However, the association emphasizes that such measures cannot mitigate the broader economic damage caused by the shutdown.

Call for a Continuing Resolution

• The American Bankers Association urges lawmakers to pass a clean continuing resolution to reopen the government.
• America’s Credit Unions echoed this sentiment, stressing the need for Congress to act on the continuing resolution.
• The Independent Community Bankers of America (ICBA) warned that the shutdown severely impacts local economies, essential for national growth.

The ICBA has called for bipartisan cooperation to quickly pass a resolution that allows the government to resume normal operations. They highlighted the historical use of continuing resolutions to keep the government functioning while budget discussions continue.

The Impact of the Shutdown

As the shutdown enters its fifth week, the economic strain on federal workers and small businesses continues to escalate. Historically, the longest government shutdown lasted 34 days, which occurred between December 2018 and January 2019 over funding disputes related to border security.

Currently, the ongoing stalemate is creating uncertainty in financial markets, which hinges on key government data crucial for investment decisions. A White House spokesperson has criticized Democrats for the impasse, arguing that this shutdown has inflicted unnecessary hardship on the American public.

Conclusion

Financial organizations are pressing Congress to prioritize the passage of a continuing resolution to minimize the shutdown’s damaging effects. Swift action is essential to safeguard economic stability and support affected communities across the nation.