.POTUS assured the public that the banking system will be 'safe and sound' without burdening taxpayers following the JPMorgan Chase takeover of First Republic Bank. 'Critically, taxpayers are not the ones that are on the hook,' Biden said.
President Joe Biden assured the public that the banking system will be"safe and sound" without burdening taxpayers following the JPMorgan Chase takeover of First Republic Bank.
FIRST REPUBLIC BANK: JPMORGAN CHASE BUYS CONTROL OF FAILED BANK AFTER FEDERAL REGULATORS SEIZED CONTROL Its failure is estimated to cost the Federal Deposit Insurance Corporation $13 billion from funds that come from other banks. First Republic Bank was one of several weakened financial institutions that caused panic among regulators and consumers in March, though it remained open at the time.
"Going forward, I've called on Congress to give regulators the tools to hold bank executives accountable. And I called on regulators to strengthen regulations and supervision of large and regional banks. Folks, we have to make sure that we're not back in this position again," Biden added.
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