Bank of America Corp (BAC): White House says supports private bankin...

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Friday, 02/20/2009 2:15:09 PM

Friday, February 20, 2009 2:15:09 PM

White House says supports private banking system

WASHINGTON, Feb 20 (Reuters) - The White House said on Friday it strongly believed in a privately held bank system, after rumors that the U.S. government could nationalize banks saw shares in Bank of America (BAC.N) and Citigroup (C.N) plummet.

"Let me reassure as best I can on banks," White House spokesman Robert Gibbs told a news conference.

"This administration continues to strongly believe that a privately held banking system is the correct way to go, ensuring they are regulated sufficiently by this government.

"That's been our belief for quite some time and we continue to have that."

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