WASHINGTON — President Obama will hold a meeting Friday with bank regulators to hear an update on banks' stress tests.
Treasury Secretary Timothy Geithner, Federal Reserve Board Chairman Ben Bernanke, and Federal Deposit Insurance Corp. Chairman Sheila Bair will provide the president an update on banks' performance on the stress test.
The administration is conducting the tests of the top 19 banks and thrifts under extreme economic conditions to gauge their need for a greater capital buffer. The tests are expected to be completed by the end of the month.
Following the tests, banks will have six months to raise the needed capital in the private sector. After that time, the capital will be available through Treasury.
Regulators have said some information will be made public but have not elaborated on what that information will be.