What Do Bankers Have to Tell Obama About the Debt Ceiling?
On Wednesday, top executives from the financial industry will have a chance to sit down with President Obama and talk shop. Reuters reports that a White House official told The Wall Street Journal the “president will meet members of the Financial Services Forum at the White House while they are in town for their annual meeting.” An industry participant told the Journal that the group of executives — including JPMorgan Chase (NYSE:JPM) Chairman and CEO Jamie Dimon — are likely to raise concerns over the debt ceiling.
The news is interesting, although not necessarily surprising. Obama meets with business leaders fairly regularly to discuss economic issues that affect the business and financial environment, and, combined with the recent shutdown, this is exactly the right time to sit down with the country’s top bankers.
As far as the Financial Services Forum is involved, attendees routinely weigh in on political and fiscal issues that affect the financial industry. For example, in 2011 — the last time the U.S. was staring down the possibility of defaulting on its obligations — the FSF sent a letter signed by the CEOs of dozens of major businesses, including JPMorgan’s Dimon, urging Obama and Congress to action.