Sen. Warren Calls on Financial Industry Executives to Support Raising Debt Ceiling, Ending 'Too Big to Fail' in Remarks to Financial Services Roundtable
Washington, DC - In remarks to the Financial Services Roundtable today, Senator Elizabeth Warren called on executives from some of the largest financial institutions to speak out against a voluntary default on the United States' debt and to support additional measures to address "Too Big To Fail."
"Let me bring this home: this whole mess is already costing you money, and it could well cost you a lot more," said Senator Warren. "If the government's borrowing costs go up, your costs will go up. And if consumer confidence drops, your customers will spend less. The debt ceiling isn't a Washington problem; it is an American problem. You protect your interests every day in Washington. Ending this destructive notion of politics by hostage-taking is in your interests. And preventing an actual default-a self-inflicted wound that could cause a spike in interest rates and a freeze in our credit markets-is clearly in your interests."
Senator Warren addressed Republican obstructionism over the budget and urged those in attendance to speak out against sequester. "The idiot sequester is your issue too, and you can't stand sideways on this either. The sequester affects your businesses and your customers," she continued. The Senator also discussed their shared interests - increased certainty about financial rules and regulations, the need to reform Government Sponsored Enterprises (GSEs) and the housing finance system, and the importance of lower profile issues like re-authorizing of the Terrorism Risk Insurance Act.
To read the Senator's full remarks as prepared for delivery, visit our website here.