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National Bankers Association President and CEO Nicole Elam Esq. issued the following statement calling for immediate action on the debt ceiling.

“The National Bankers Association strongly encourages Congress and the Biden Administration to find a bipartisan path forward on the debt limit as soon as possible and not risk the full faith and credit of the United States. Failing to do so could trigger a severe recession, resulting in job losses and serious hardship for millions of American families.

With a membership that includes Black, Hispanic, Asian, Pacific Islander, Native American, and women-owned and -operated banks, the Association’s reach extends into communities across the country. Our banks are committed to providing economic revitalization to families in underserved neighborhoods and financial services to communities more likely to be unbanked or underbanked – groups who would disproportionately be harmed by the severe economic downturn resulting from the failure to act quickly to increase the debt ceiling. Congress and the Biden Administration must work across the aisle on meaningful, sound policies to preserve U.S. economic stability, and we encourage them to do so expeditiously.”