The Obama administration announced Monday that the 21 largest banks receiving government money must report monthly on how much lending they do to small businesses.
All other banks getting taxpayer help are being asked to report quarterly on small business loans. Even banks that are not taking government funds are being told by the administration to “make an extra effort” to increase small business lending.
The announcement was part of a broad package aimed at small business that President Barack Obama and Treasury Secretary Timothy Geithner were unveiling in an East Room ceremony. Read more here.
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