President Obama on Friday urged CEO's of some of the nations biggest banks to deal with bad assets that have made it difficult for them to lend money to businesses ans cumsumers .
Obama, and the bank executives also discussed the administration's plan to stem the rise in home foreclosures , its proposal for tighter regulation of the finanical industry , executive compensation and the financial bailout progam , White House press secretary Robert Gibbs said .
Gibbs said Obama generally was pleased about the meeting that lasted more than hour . " The President emphasized that Wall Street needs Main Street and Main Street needs Wall Street " Gibbs told reporters .
He said the president stressed " THAT HE HAD NO AGENDA BEYOND WORKING TO GET A SOLUTION , THE RIGHT SOLUTION FOR FINANICAL SYSTEM AND TO GET IT STABILIZED AND WORKING AGAIN FOR THE AMERICAN PEOPLE " .
Bankers pledged to work to restore the economy's health .
" We want to see the American recovery " said Robert Kelly , of Bank of New York Mellon Corp .
Obama , invited cheif executivees from the largest 15 banks to the White House to discuss the economy and other issues .
Jamie Dimon of JP Morgan Chase & Co , vikram Pandit of Citigroup Inc , Ken Lewis of Bank of america Corp , John Stumpf of Wells Fargo & Co , John Koskinen of Freddie Mac and Kenneth Chenault of American Express Co , were among those who attened .
Bankers called the administration's regulatory propsal an "encouraging first step " but said they wanted to see more detail .
by the associated press
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