Leading Financial Trades Issue Joint Statement On Debt Ceiling Agreement

The Consumer Bankers Association (CBA) and other leading financial trades today issued the following statement on the recently announced agreement to raise the federal debt ceiling:

“We are encouraged that the Administration and Congressional leaders have reached a bipartisan agreement to raise the federal debt ceiling. America’s capital markets are the strongest, deepest, and most liquid in the world, and we should not do anything to jeopardize that. It is critically important that the United States stand fully behind its obligations. Failure to do so would immediately ripple through the financial system and do irreparable harm to the U.S. economy.

“We respectfully urge our public leaders to finalize the debt ceiling deal and take the remaining critical steps necessary to protect our nation’s financial standing in the world.”

In addition to CBA, the groups included the American Bankers Association (ABA), Bank Policy Institute (BPI), Financial Services Forum (FSF), International Swaps and Derivatives Association (ISDA), Investment Company Institute (ICI), Managed Funds Association (MFA) and the Securities Industry and Financial Markets Association (SIFMA).