Closed for business: the impact of the US Government shutdown
The US government shutdown not only hit 800,000 civil servants but also affected the financial services sector. Nick Martindale explains.
The recent US government shutdown was the longest in history, closing many departments for 35 days and impacting – directly and indirectly – on many aspects of American life.
The repercussions for the financial services sector were limited, but nevertheless tangible. One of the main ramifications was on the authorisation of loans, with many lenders wary of closing loans without documentation from the Internal Revenue Service (IRS); something that was eventually dealt with when Donald Trump’s administration declared those who deal with Form 4506-T “essential personnel”.
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