Bank executives to meet with Barack Obama for lending talks

11 December 2009

Barack Obama is to meet with executives from 12 of the top banks in the US, including Goldman Sachs, Citigroup and JPMorgan Chase.

The aim of the meeting, which is to be held on December 14th 2009, is to discuss the President's plans to boost small business lending.

Other financial institutions which will be represented at the talks include Bank of America, Morgan Stanley and Wells Fargo, reports Bloomberg.

Valerie Jarrett, a senior advisor at the White House, said that, along with helping small businesses access capital more easily, the government will be looking to discuss "what we can do collectively to work with them to solve this credit crunch".

Earlier this week, media reports suggested that the Obama administration wants to use funds set aside for the Troubled Asset Relief Programme (TARP) to help small businesses and allow homeowners to secure their mortgages.

TARP is now set to cost around $560 billion rather than the initially-planned $700 billion.

Last week, Bank of America announced it was to pay back its full $45 billion TARP debt.

By Claire Archer

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