Leading financial organizations representing banks and credit unions across the U.S. are calling on Congress to act quickly to end the ongoing government shutdown, citing growing risks to local economies, small businesses and everyday Americans.
The American Bankers Association said banks are stepping up to “support military families, federal employees and other customers directly affected by the government shutdown through fee waivers, loan modifications and other relief.”
SWEEPING LAYOFFS ‘HAVE BEGUN’ AS GOVERNMENT SHUTDOWN DRAGS ON
However, the group noted that such assistance will not prevent the shutdown from continuing to damage the U.S. economy.
“We urge lawmakers to pass a clean continuing resolution and resolve their policy differences with the government open and functioning,” the association said.
That sentiment was echoed by America’s Credit Unions, which said credit unions are responding with empathy and flexibility as their members feel the effects of missed paychecks and lost work.
GOVERNMENT SHUTDOWN 101: WE’VE BEEN HERE BEFORE, HERE’S WHAT HAPPENS NEXT
But the trade organization added that “it’s time for Congress to pass the continuing resolution and re-open the government.”
The Independent Community Bankers of America (ICBA) also warned that the government shutdown is hurting local economies that form the backbone of the nation’s growth.
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The ICBA urged lawmakers to “work together to quickly pass a continuing resolution to reopen the government and get back to the negotiating table to finish the appropriations process,” noting that such resolutions “have been used multiple times over the years to simply keep the government open while finishing the budget.”
“Timely action to end the current shutdown is imperative to ensure economic growth stays strong in local communities nationwide,” the ICBA added.
The government shutdown is heading into its fifth week with no signs of either side backing down, as the standoff over funding priorities continues to weigh on federal workers and the economy.
The Trump administration has placed the blame squarely on Democrats for the ongoing impasse.
“The Democrat shutdown has sowed economic uncertainty for Main Street and unnecessary suffering for the American people,” White House spokesperson Taylor Rogers told Fox News Digital.
“Financial markets are flying blind without key government data impacting trillions in investment decisions. The message is clear: Senate Democrats should stop holding Americans hostage and pass the clean continuing resolution to reopen the government,” Rogers added.
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