Obama urges bank loan karma
WASHINGTON: Banks should return the favour they received in their recent taxpayer-financed bailout by lending more money to small businesses, US President Barack Obama said.
In his weekly address yesterday, Obama said too many small business owners remained unable to obtain credit despite the administration’s steps to jump-start lending.
“These are the very taxpayers who stood by America’s banks in a crisis, and now it’s time for our banks to stand by creditworthy small businesses and make the loans they need to open their doors, grow their operations and create new jobs,” he said.
“It’s time for those banks to fulfil their responsibility to help ensure a wider recovery, a more secure system and more broadly shared prosperity,” said Obama.
He said the administration would “take every appropriate step to encourage them to meet those responsibilities”. He did not specify what the steps might be. – Sapa-AP