The president will reportedly announce a plan to help small banks and businesses.
Washington, D.C. (WiredPRNews.com) – President Barack Obama will reportedly announce new incentives for small banks and businesses on Wednesday. As reported by the Associated Press (AP), Obama is expected to outline incentives for smaller institutions in an effort to reduce foreclosures and stimulate job growth.
Mark Tenhundfeld, a bankers’ association senior vice president, is quoted by the AP as stating, “Community banks feel like the government assistance efforts to date have left them on the sidelines… Given that we are now well into October, it seems probable that there would need to be some extensions.”
As noted in the report, the administration has been under pressure from Democrats to reduce bailout spending for larger institutions, and Republicans are pressing for an end to the major federal assistance program that has already provided billions in funds.
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