Debt Ceiling

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Forum Statement on Passage of House Debt Limit Legislation

“We are pleased that the House voted tonight to address the debt ceiling, and hope the Senate will act quickly to do the same. Defaulting on our nation’s debt would have significant negative impacts on the U.S. economy, job creation and the global financial system. This action also serves as a stark reminder of the hard work still yet to be done in Washington to put our nation on a long-term, fiscally sustainable path.”

February 11th, 2014|

Forum Joins Other Business Trades In Urging Congress to Pass Debt Limit

"While we firmly believe that the time is long overdue for the Administration and the Congress to come together and develop long-term solutions to our very real fiscal challenges, defaulting on the nation’s debt obligations should not be an option for policymakers to consider. Should the President and Congress fail to work together and raise the debt limit in a timely fashion, the Treasury will be unable to meet government obligations coming due which would trigger a series of events that would inevitably lead to American taxpayers paying more to finance our debt. Even a short-term failure to fulfill our obligations would seriously impair market operations and could have significant consequences to our fragile economic recovery."

January 30th, 2014|

On Increasing the Debt Limit

Joint Trade Letter to Members of Congress: "While we firmly believe that the time is long overdue for the Administration and the Congress to come together and develop long-term solutions to our very real fiscal challenges, defaulting on the nation’s debt obligations should not be an option for policymakers to consider. Should the President and Congress fail to work together and raise the debt limit in a timely fashion, the Treasury will be unable to meet government obligations coming due which would trigger a series of events that would inevitably lead to American taxpayers paying more to finance our debt. Even a short-term failure to fulfill our obligations would seriously impair market operations and could have significant consequences to our fragile economic recovery. When Congress last debated this matter in the fall of 2013, markets clearly signaled the potential negative affects through increased interest rates and weakened investor demand for U.S. assets.

January 30th, 2014|

CNN International: Banks and the budget battle

Rob Nichols, president and CEO of the Financial Services Forum, discusses the debt limit and its economic impacts with CNN's Richard Quest on "Quest Means Business." Watch the video >

October 9th, 2013|

Bloomberg TV: U.S. Default Potentially Worse Than Lehman: Nichols

Rob Nichols, president and CEO of the Financial Services Forum, discusses the impasse over the U.S. debt ceiling with Mark Crumpton on Bloomberg Television's "Bottom Line." Click to here to watch the video.

October 8th, 2013|

American Banker: How A Debt Ceiling Default Would Damage Banks

By Joe Adler and Victoria Finkle WASHINGTON – Bankers are growing increasingly fearful that the U.S. could breach the debt ceiling as the prospects for a deal ahead of a looming Oct. 17 deadline appear uncertain.  Read more...

October 7th, 2013|

Forum Statement on White House Meeting, Debt Limit

“We appreciated the opportunity to meet with President Obama, members of his administration, and senior leaders of both parties during our fall meeting. At the White House, our non-partisan group of CEOs discussed a wide range of issues including fiscal challenges facing our nation, the still-fragile economic recovery, tax policy, and the need to accelerate economic growth and job creation."

October 2nd, 2013|

Reuters: Bank CEOs warn of consequences from U.S. shutdown, default

By Jeff Mason and Mark Felsenthal Chief executives from major financial institutions met with President Barack Obama on Wednesday and warned of "adverse" consequences if government agencies remain closed and if lawmakers failed to raise the U.S. debt ceiling by mid-October.  Read more...

October 2nd, 2013|

Bloomberg News: Blankfein Says Finance CEOs Urge Action on Debt Limit

By Phil Mattingly and Roger Runningen Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein left a White House meeting with President Barack Obama and said lawmakers are risking the economic recovery if they don’t raise the federal debt ceiling.  Read more...

October 2nd, 2013|

Reuters: Bank CEOs warn of consequences from U.S. shutdown, default

By Jeff Mason and Mark Felsenthal Chief executives from major financial institutions met with President Barack Obama on Wednesday and warned of "adverse" consequences if government agencies remain closed and if lawmakers failed to raise the U.S. debt ceiling by mid-October.  Read more...

October 2nd, 2013|