Banks and credit unions are lobbying Congress to end the government shutdown immediately
FOX Business Collerent Reginglent reports with heated discussions in Congress over increased funding and the growing impact of the government shutdown on ‘Varney & Co’
The leading financial organizations representing banks and credit policies in the US are calling on Congress to act quickly to end the ongoing government shutdown, to address the growing risks to the domestic economy, small businesses and everyday Americans.
The American Bankers Association said banks are stepping in to “support military families, Federal employees and other customers directly affected by the government shutdown, loan modification and more.”
Layoffs have ‘begun’ as the government shutdown drags on
Since 1976, the US government has experienced 20 shutdowns. (Kent Nishimura / Bloomberg / Bloomberg / Getty Images / Getty Images)
However, the group noted that such aid would not prevent the shutdown from further damaging the US economy.
“We encourage vendors to pass a continuing resolution to continue to resolve their differences in policy and open government and practice,” the organization said.
That view is echoed by American credit unions, which say credit unions are responding with compassion and flexibility as their members feel the effects of pay cuts and lost work.
Government shutdown 101: We’ve been here before, here’s what happened next
A person loads food from a food truck into a car. (Al Dragon/Bloomberg/Getty Images/Getty Images)
But the trade association added that “it’s time for Congress to pass ongoing reform and reopen the government.”
The private banks of America (ICBA) also warned that the shutdown of the government is damaging the local economy that forms the backbone of the nation’s growth.
Prospects are dim in forecast markets as traders bet the government will last for weeks
ICBA urged lawmakers to ‘work together to quickly pass a permanent solution to open government and return to the negotiating table to simply end the government’s proposed shutdown while completing the budget. “
“Timely action to end the current shutdown is critical to ensuring that economic growth remains strong in local communities across the country,” ICBA added.
The longest government shutdown lasted 34 days, from December 2018 to January 2018 to January 2019, after a dispute over funding for President Donald’s Border Wall. (Nathan Posener / Anadolu / Getty Images / Getty Images)
The government shutdown is entering its fifth week with no signs of either side easing, as the funding gap continues to weigh on state workers and the economy.
The Trump Administration has laid a heavy burden on Democrats to carry it out.
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“The Democrat Shutdown has sowed massive economic uncertainty and unnecessary suffering for the American people,” a White House spokesman said.
“Financial markets are blind without important government data that influence billions of dollars to invest. The message is clear:” SENARETE SPORMOCTS must stop tolerating to move the Americans and pass the decision to continue and continue to solve the government, “said Rogers.
