Why Shares of SoFi Are Rising Today
Shares of the one-stop-shopping financial services company and digital bank SoFi (NASDAQ: SOFI) traded more than 11% higher as of 12:39 p.m. ET today in the hope that Congress will soon pass a bill to suspend the debt ceiling.
After months of negotiations, President Biden and Speaker of the House Kevin McCarthy agreed on a proposal to suspend the debt ceiling until the first quarter of 2025. If passed, the bill allows the U.S. government to continue funding its previously approved obligations and avoid defaulting on its debt.
Within the bill, McCarthy negotiated several concessions, including the end of the student loan moratorium, which is a pause on federal student loan payments that first went into place more than three years ago at the very beginning of the pandemic.