ICYMI: Joint Financial Trades Pen Letter Urging Congress to Raise the Debt Limit

Yesterday, the Securities Industry and Financial Markets Association, American Bankers Association, Bank Policy Institute, Financial Services Forum, and Investment Company Institute co-signed a letter urging Congress to increase the debt limit.

They write: "Our members fully support Congressional efforts to raise the federal debt ceiling without delay. Our domestic capital markets are the strongest, deepest, and most liquid in the world where American investors of all kinds choose to invest and grow savings. A failure to act would negatively impact the creditworthiness of the United States to the detriment of financial stability and the overall economy."

The debt limit concerns obligations that Congress has already approved and "backed by the full faith and credit of the United States government." They conclude: "Defaulting on our existing obligations would be irresponsible and do irreparable harm to the US economy and taxpayers."

The joint financial trades join a growing list of organizations and economic leaders to call on Congress to raise the debt limit and avoid enormous economic damage, including the Center for American Progress, Goldman Sachs and JP Morgan, among others.

Read the full letter here.