BoA sides with President
(16 December 2009 – USA) President Obama’s meeting with the heads of America’s banks pressing them to ease lending restrictions to help create jobs has not fallen on deaf ears; with the Bank of America announcing that it will increase its lending to small and medium businesses by at least US$5 billion in 2010.
The pledge was made to President Obama by the Bank of America’s chief executive officer, Kenneth D. Lewis at a meeting of key bankers at the White House.
The President said that he expects banks to explore every possible, responsible, way to get the economy back on track and wants banks to increase consumer lending to help the ailing job market.
Mr Lewis said that the Bank of America is determined to do their part to help the economy grow next year and reduce unemployment by making every good loan the bank can make.
The Bank of America agrees with the President that small and medium sized businesses are the lifeblood of the U.S. economy. Their ability to prosper and grow is key to job creation to help the nation recover from the economic slowdown, Mr Lewis said.
Mr Lewis also said that the bank’s improved financial condition and optimism about the economy will allow the Bank of America to step up lending to support these clients. This is only one of the initiatives the bank is pushing, but it is a very important one.
The President said that he expects banks to explore every possible, responsible, way to get the economy back on track and wants banks to increase consumer lending to help the ailing job market.
Mr Lewis said that the Bank of America is determined to do their part to help the economy grow next year and reduce unemployment by making every good loan the bank can make.
The Bank of America agrees with the President that small and medium sized businesses are the lifeblood of the U.S. economy. Their ability to prosper and grow is key to job creation to help the nation recover from the economic slowdown, Mr Lewis said.
Mr Lewis also said that the bank’s improved financial condition and optimism about the economy will allow the Bank of America to step up lending to support these clients. This is only one of the initiatives the bank is pushing, but it is a very important one.
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