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Obama to urge bankers to lend more - Trade Only Today

Obama to urge bankers to lend more

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President Obama is expected to tell bankers today that they need to start lending money again.

"He's going to have a serious talk with the bankers," National Economic Council director Larry Summers said on ABC's This Week. "The country did incredible things for the banking industry. Those things had to be done to save the economy, but no major bank would be intact, in a position to pay bonuses, if that extraordinary support had not been provided.

"President Obama is going to be talking with them about what they can do to support enhanced lending to customers across the country," Summers added. "We were there for them. And the banks need to do everything they can to be sure they're there for customers across this country."

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