New York (CNNMoney.com) - President Obama will meet with the chief executives of several big banks next week, in an effort to help spur greater lending to consumers and small businesses, two senior White House officials told CNN Wednesday.
The president is also expected to discuss the sweeping financial regulatory reform package that the administration is currently trying to push through Congress during Monday's scheduled meeting.
Officials said that the list of attendees has not yet been finalized, but that it is likely that executives from some of the nation's biggest banks will be present.
The extent to which banks have been willing to lend has remained a focal point for Washington, after the U.S. government pumped billions into the banking sector over the past year in an effort to get the economy back on track.
Consumers and small businesses in particular contend that loans are still tough to come by. Banks maintain that they are lending even as the appetite for new loans has dropped off.
News of Monday's meeting comes just a day after President Obama proposed redirecting a certain portion of bailout money left over from the Troubled Asset Relief Program to help create jobs and provide aid to Main Street consumers and businesses.
–Ed Henry, CNN's senior White House correspondent, contributed to this report
From CNN Politics
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They'll probably whine like children and refuse to do anything unless they get their bonuses back. These uber-wealthy criminals are holding us all hostage to their unmitigated greed.
The president is trying to clean up this mess he was left with. I will say he has tackle more than any president in this history. Therefore, you Gop and hater can say what you want to about him, atleast he's trying to do prevent even greater disastor.
Maybe he will invite his big fundraisers who he defended and prevented regulation of, Fannie and Freddie. He, Acorn, Barney, and even W, bragged about all of the increased lending and new homes that they helped put people in. Wait isn't that what caused this mess in the first place?
So does Obama plan to force banks to lend like the Democrats made them do with housing? Isn't that what created this mess in the first place? Lending money to people who couldn't pay it back? More strong arming by the Democrats.
We need a tax on bonuses.
That sounds like something that Barney Frank and Chris Dodd did that got us in to this financial mess in the first place. Lend to people that are not creditworthy, don't worry the tax payers and working people of the American will pay for it. We don't want the irresponsible dope smokers deprived of anything since they are products of the NEA education system.
no more Skillings administrators
anyone remember his hearings
"I know I went to Harvard and studied business, but I don't know anything about accounting"
CEOs need to be accountable and hands on
lord knows they make enough cash to be hands on
Lending to people, or entities, with uncertian revenue streams still carries a lot of risk. That risk is compensated for by higher interest rates, which tend to be rejected by the borrower. As a result, lending doesn't happen (as much as it would in a better economy).
The banks won't feel comfortable lending until the economy improves. However, the economy will be slow to improve until lending increases. So, we're a bit in between a rock and a hard place. It is for this reason that recovering may take a while. Government backing more loans to people unqualified for them would just create another credit bubble, and put us in the same spot.
The question then becomes: What, if anything, can be done to improve the economy without borrowing? Somehow, we have to bring industry back home. Preferably producing what falls into the 'staples' category – much more stable.
It's kind of tough to lend out dollars when the government is spending trillions of fake money. In a year or two, the dollar isn't going to be worth as much....but don't let that stop you libs from spending billions of health care and cap-and-trade.
Even though money is green it does not grow on trees.
I Have An Easy Prediction For Dick Cheney, Sarah Palin, And Even HypocriCNN! They Will Be Just As Credible As They Are Now (Highly Scrutinized). Each Will Continue To Damage Their Reputations (As Little Their Is) By Continuing To Represent Both Childish And Foolish Things.
Let's just hope that the vaunted financial regulatory reform doesn't become a watered-down joke like health care "reform". I ain't holding my breath. Have a nice day!
Bankers should be very careful when lending.
Instead of forcing bankers to lend more, he should help small businesses by cutting taxes. He's going the other way, though, increasing taxes.
Clearly, this fellow doesn't have a clue about economics.
Shut your big fat mouth... If it wherenot for you and Bush we would not be in the mess we are in...
This should create some good photo opportunities! If this doesn't start working real soon he might have to go the next step and make a speech.
After the way the financial system collapsed forcing tax payers to bail them out, it is pretty disgraceful that republicans are in bed with the bank lobby trying to derail regulatory reform.
If a man knew how to do anything useful, he wouldn't be a banker.
Banks are perfectly willing to lend...it's the Regulators who will not allow lending. They are pushing many borrowers into premature Bankruptcy and choking down all of the ability to lend from community banks and big banks alike.
Cheney is SUCH a loser! After 8 years of screwing up this country, he has the NERVE to criticize???? PUH-LEEZE, Dick.
Go put a battery in your pacemaker.....better yet.....DON'T!
Boy are they going to be angry when he doesn't show up wearing knee-pads like the GOPers do.
This is encouraging news for Main Street. I'll reserve my judgment until I see Results! I've tried to get some credit recently from a bank and could not! But then again, I'm not a big capitalist looking for a handout from poorer citizens after a massive deregulation FRAUD played out to Disaster! Can anyone spell R-E-G-U-L-A-T-E?
Probably going to ask them what pre$ent$ they want for their $econd Christmas?
Here comes the community organizor and chief to make the banks give loans to dead beat acorn people the same waste of space that got us in this mess because they dont think they have to pay there bills. We might as well have Al Sharpton as President just another ignorant community agitator.
The banks are not interested in lending money for cars or mortgages. They can get more from credit card users when they jack their rates up to 30% for long-time loyal customers who haven't missed any payments. With any luck, the banks will find that there will be many fewer credit cards out there.
Obama cannot do anything right! We need CHANGE!
Another attempt by a man thatr does not know what he is doing and will not admit to himself that he is in way over his head. How does he expect a business to give out bad loans