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Obama puts bank ’stress test’ on agenda for Friday

2009-04-10 22:17:48 (GMT) (Caymanmama.com - Banks & Banking Government News)

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Timothy F. Geithner

Obama’s busy schedule on Good Friday includes a meeting with top federal financial regulators to get up to speed on a “stress test” being conducted on 19 of the nation’s biggest banks

Houston, Texas (CaymanMama.com) — President Obama’s busy schedule on Good Friday includes a meeting with top federal financial regulators to get up to speed on a “stress test” being conducted on 19 of the nation’s biggest banks, a White House spokesman said on Thursday.

Obama will be accompanied with Treasury Secretary Timothy Geithner, Federal Reserve Chairman Ben Bernanke and Federal Deposit Insurance Corp Chairman Sheila Bair, in addition to top White House economic adviser Larry Summers, to discuss a “broad” range of financial issues, said spokesman Robert Gibbs.

Mary Schapiro, chair of the Securities and Exchange Commission, and John Dugan, the comptroller of the currency, also attend the gathering, the White House said.

“I’m sure health assessments of banks will be discussed, financial re-regulation, and an update off of, and a building on, the momentum of G20,” Gibbs said.

According to Reuters, “In an attempt to assess banks’ capital needs, the government is testing how they would fare under more adverse economic conditions than are expected. The markets are anxiously anticipating the results — which are due at the end of April — to see which firms get a clean bill of health and which firms will likely need more taxpayer help.”



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