WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA) joined colleagues to introduce the Shutdown Guidance for Financial Institutions Act. This legislation requires federal financial industry regulators to issue guidance encouraging financial institutions to work with federal employees and small businesses impacted by a government shutdown – including offering flexible financial arrangements to prevent them from facing additional financial hardship brought on by penalties for late payments, overdraft fees, and credit damage. In addition to Sen. Warner, this bill is sponsored by Sens. Chris Van Hollen (D-MD), Cory Booker (D-NJ), Angela Alsobrooks (D-MD), Tim Kaine (D-VA), Jeff Merkley (D-OR), and Kirsten Gillibrand (D-NY).

“Hundreds of thousands of federal workers and contractors in Virginia and across the country have been furloughed or are working without pay because of a government shutdown that is out of their control,” said Sen. Warner. “This bill will protect federal workers and advise financial regulators and institutions to work with those impacted by the shutdown.”

“No federal workers or contractors deserve to face economic ruin because of a shameful Republican shutdown that they have nothing to do with. That’s why we’re pushing to ensure that they have ways to safeguard their financial futures while we work to reopen the government. And we will keep fighting for a responsible government funding agreement – one that holds this lawless president accountable and prevents a massive spike in health care costs for families across America,” said Sen. Van Hollen.

“This shutdown is a tsunami of Donald Trump’s own making, and Congress must act to shield impacted federal workers, contractors, and small businesses from it,” said Sen. Booker. “Hardworking Americans shouldn’t suffer or see their credit scores impacted because of a shutdown that leaves them without paychecks through no fault of their own. This legislation would ensure that financial regulators act quickly to provide basic guidance in the event of a shutdown and would help families and small businesses stay afloat.”

“While President Trump continues his callous witch hunt against federal workers, I am proud to partner with Senator Van Hollen to protect our civil servants, contractors, and small businesses here in Maryland. Federal financial industry regulators must immediately issue guidance so financial institutions can work with all those impacted by this Republican Shutdown to get them the support they need. Our civil servants deserve better,” said Sen. Alsobrooks.

“Federal workers, government contractors, and small businesses are often forced to make tough decisions about their finances during a shutdown,” said Sen. Kaine. “A number of Virginian credit unions and community banks have stepped up to provide flexibility and support affected individuals and businesses. This legislation would require federal financial regulators to issue guidance to encourage this flexibility.”

“Government shutdowns exacerbate the burden on federal workers, contractors, and small businesses, making it harder for individuals who rely on federal funding to make ends meet,” said Sen. Gillibrand. “Helping these individuals navigate the uncertainty of a shutdown that is no fault of their own is the least we can do. By requiring federal financial regulators to issue guidance promptly, this commonsense legislation will do just that, and I encourage my colleagues in the Senate to support it.”

“Federal workers and contractors are regular, hard-working Americans who have bills to pay and financial obligations to meet,”said Rep. Kweisi Mfume. “They should not be forced into financial hardship because Republicans in the Congress refuse to take the action necessary to re-open the government while preventing American healthcare premiums from skyrocketing.”

To read the full text of the bill, click here.

Sen. Warner also joined a group of 24 of his Democratic colleagues in sending a letter to the heads of federal financial regulatory agencies calling on them to immediately issue such guidance as federal workers, contractors, and small businesses face the prospect of struggling to make ends meet due to a crisis that was not of their doing. The letter, which was led by Sens. Van Hollen and Alsobrooks and Rep. Kweisi Mfume, called on the federal financial regulators to immediately take the steps required under the legislation, noting that similar actions were taken during past shutdowns and financial institutions need clear regulatory assurance to act swiftly. The letter was sent to Federal Deposit Insurance Corporation (FDIC), Acting Chair Travis Hill, Federal Reserve System Vice Chair Michelle Bowman, Comptroller of the Currency Jonathan Gould, National Credit Union Administration Chair Kyle Hauptman, Acting director of the Consumer Financial Protection Bureau (CFPB) Russell Vought, and Conference of State Bank Supervisors Chair Tony Salazar.

The letter is co-signed by U.S. Sens. Cory Booker (D-NJ), Bernie Sanders (I-VT), Sheldon Whitehouse (D-RI), Jeff Merkley (D-OR.), Kirsten Gillibrand (D-NY), Tim Kaine (D-VA), Chris Van Hollen (D-MD), Elizabeth Warren (D-MA), and Raphael Warnock (D-GA); and U.S. Reps. Suhas Subramanyam (D-VA), Jerry Nadler (D-NY), Eleanor Holmes Norton (D-DC), Don Beyer (D-VA), Dwight Evans (D-PA), Rashida Tlaib (D-MI), Gabe Amo (D-RI), Sarah Elfreth (D-MD), Glenn Ivey (D-MD), April McClain Delaney (D-MD), Johnny Olszewski (D-MD), and James Walkinshaw (D-VA).

To read the full text of the letter, click here.