The Obama administration is announcing that the 21 largest banks receiving government money must report monthly on how much lending they do to small businesses.
All other banks getting federal 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 announcements came Monday as part of a broad package aimed at small business that was being unveiled by President Barack Obama and Treasury Secretary Timothy Geithner. The package also includes reduced small-business lending fees and an increase on the guarantee to some Small Business Administration loans.