CORRECTED - UPDATE 3-Obama plans meeting Friday on bank stress tests
(Corrects name in third paragraph to Schapiro from Shapiro) (Adds Schapiro, Dugan also attending meeting)
WASHINGTON, April 9 (Reuters) - U.S. President Barack Obama plans to meet on Friday with top financial regulators to discuss the "stress tests" being conducted at the 19 biggest U.S. banks, a White House spokesman said on Thursday.
Obama will talk with Treasury Secretary Timothy Geithner, Federal Reserve Chairman Ben Bernanke and Federal Deposit Insurance Corp Chairman Sheila Bair, as well as top White House economic adviser Larry Summers, on a "broad" range of financial topics, said spokesman Robert Gibbs.
Mary Schapiro, chair of the Securities and Exchange Commission, and John Dugan, the comptroller of the currency, also will be at the meetings, 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.
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.
Some of those market fears were soothed on Thursday when Wells Fargo & Co (WFC.N: Quote, Profile, Research), the No. 4 U.S. bank, said it expected to post a record $3 billion first-quarter profit, causing its shares to soar 31.7 percent and lifting other bank stocks.
Gibbs said he did not know how the government plans to publicly disclose the results. But he said, "I think the administration believes it's important that there be some transparency around that." Continued...
© Thomson Reuters 2009. All rights reserved. | Learn more about Thomson Reuters
