January 16, 2019

American Banker: Warren asks big banks for details on their shutdown response

WASHINGTON — Sen. Elizabeth Warren, D-Mass., pressed the five largest U.S. retail banks Wednesday on details about what the firms are doing to reduce the effects of the partial government shutdown on furloughed government employees.

Warren, a member of the Senate Banking Committee and potential 2020 presidential hopeful, said in a letter to Bank of America, Citigroup, JPMorgan Chase, U.S. Bancorp and Wells Fargo that the challenge for furloughed federal employees is now reaching “critical” proportions.

“The shutdown is now in its [26th] day — the longest in history — and over 800,000 federal workers have either been furloughed or forced to work without pay,” Warren wrote. “In addition, hundreds of thousands of federal contract workers, businesses that are dependent on these workers, and large and small businesses in need of federal government services are also facing lost paychecks and profits — with some on the brink of financial ruin.”

Read the full article on the American Banker website here.

By:  John Heltman
Source: American Banker