ONE BIG TRUTH:White House to banks: Start lending now

Tuesday October 28, 7:18 pm ET
By Jennifer Loven, AP White House Correspondent
White House tells banks getting federal aid to quit hoarding money and start lending it

What we're trying to do is get banks to do what they are supposed to do,
which is support the system that we have in America.
And banks exist to lend money," White House press secretary Dana Perino said.
While there are limits to Washington's power to affect banks' behavior,
the White House decided it was time to use its bully pulpit.

The way that banks make money is by lending money," Perino said.
"And so they have every incentive to move forward and start using this money."

"As these banks and institutions are reinforced and supported with taxpayer funds,
they must meet their responsibility to lend, and support the American people and
the U.S. economy,"
Ryan told the annual meeting of the Securities Industry and Financial Markets Association.
"It is in a strengthened institution's best financial interest to increase
lending once it has received government funding."