| Letter: Forum Letter to President Obama and Congress on Nation’s Debt |
| Thursday, 28 July 2011 09:33 |
|
July 28, 2011
The President of the United States The White House Washington, DC 20500
Members of the United States Congress United States Capitol Washington, DC 20510
Dear Mr. President and Members of Congress, We write to you today to urge you to act this week to reach an agreement that will ensure that our Nation continues to meet all of its financial obligations, and that will entail meaningful and concrete steps to put our Nation on a sound fiscal footing. The consequences of inaction – for our economy, the already struggling job market, the financial circumstances of American businesses and families, and for America’s global economic leadership – would be very grave. Our economic recovery remains very fragile. A default on our Nation’s obligations, or a downgrade of America’s credit rating, would be a tremendous blow to business and investor confidence – raising interest rates for everyone who borrows, undermining the value of the Dollar, and roiling stock and bond markets – and, therefore, dramatically worsening our Nation’s already difficult economic circumstances. Given this very real risk, policymakers must correct our fiscal course now, inspire market confidence by paying all of our bills on time, and demonstrate that America is a democracy capable of putting differences aside to solve our most challenging problems. A credible and predictable path forward, entailing tough decisions on the budget, will create the needed environment for businesses and entrepreneurs to start, grow, innovate, and create high quality jobs for Americans, now and in generations to come. We strongly urge you to reach an agreement this week.
Respectfully,
Thomas J. Wilson Chairman, President and CEO Allstate Insurance Company
Brian Moynihan Chief Executive Officer Bank of America
Robert Kelly Chairman and CEO BNY Mellon
Vikram S. Pandit Chief Executive Officer Citigroup, Inc.
Jim Weddle Managing Partner Edward Jones
Lloyd C. Blankfein Chairman and CEO Goldman Sachs
James Dimon Chairman and CEO JPMorgan Chase & Co.
Steven A. Kandarian President and CEO MetLife, Inc.
James P. Gorman President and CEO Morgan Stanley
John R. Strangfeld Prudential Financial, Inc.
Joseph L. Hooley Chairman, President and CEO State Street Corporation
Richard K. Davis Chairman, President and CEO US Bancorp
John G. Stumpf Chairman and CEO Wells Fargo & Company
Robert S. Nichols President and CEO Financial Services Forum
The Financial Services Forum is a non-partisan financial and economic policy organization comprising the CEOs of the largest and most diversified financial services institutions doing business in the United States. The purpose of the Forum is to pursue policies that encourage savings and investment, promote an open and competitive global marketplace, and ensure the opportunity of people everywhere to participate fully and productively in the 21st-century global economy. As a group, the Forum’s member institutions employ more than 2 million people. |
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The purpose of the Forum is to pursue policies that encourage savings and investment, promote an open and competitive global marketplace, and ensure the opportunity of people everywhere to participate fully and productively in the 21st-century global economy.
