Executives from 12 banks, including Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), JP Morgan (NYSE: JPM), Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC) will have the opportunity to participate in a December 14th meeting at the White House with President Obama to discuss proposals that he has to boost lending to small businesses and to discuss an overhaul of industry regulations.
Other banks that will be represented include Capital One Financial Crop, American Express, Bank of New York Mellon Corp., Morgan Stanley, PNC Financial Services Group Inc., U.S. Bancorp and State Street Corp.
White House Senior Advisor, Valerie Jarrett, said on December 8th that banking executives were invited to talk “about what we can do together to increase lending, particularly to small businesses.” During an interview, she said “we want to talk about what we can do collectively to work with them to solve this credit crunch.”
This session follows a summit that President Obama held no December 3rd to discuss ways that private industry could create new jobs. On a December 8th speech in Washington, President Obama focused on how to spur job growth by providing aid to small businesses. During his speech, President Obama said that he wants to use the remainder of the money in the Troubled Asset Relief Program to “facilitate lending to small businesses.”
Out of the $700 billion that Congress authorized under the Troubled Asset Relief Program, the Treasury announced that the program would likely end up costing $200 billion less than the August estimate of $341 billion.
Back in March, President Obama met with executives from Wells Fargo, JPMorgan, Goldman Sachs and Bank of America at the White House while he was pushing for support for his financial regulatory overhaul.
