Calling All Banks: Obama Banking Summit

WASHINGTON D.C. (TheStreet) -- First there was the Beer Summit, and now just in time for the holidays the White House has announced a Banking Big Wigs Summit, scheduled for Dec. 14.

The banking summit, according to Bloomberg, will feature the usual suspects among the 12 biggest banks in the U.S. -- Citigroup(C), Goldman Sachs(GS), JP Morgan(JPM), Bank of America(BAC), Morgan Stanley(MS), Wells Fargo(WFC) and American Express(AXP) will all be in attendance. And one can bet that this discussion will not just be another friendly glass of beer in the Rose Garden.

On the docket for the White House bank summit are President Obama's proposals to stimulate small business growth and the always contentious issue of financial service industry regulatory overhaul. President Obama has recently said he wants to use remaining funds in the Troubled Asset Relief Program to spur small business growth through lending.

In comments made to the press announcing the summit, a White House spokeswoman focused on the need to work with banks to resolve the credit crunch.