“Let me be very clear, all depositors are being protected,” President Biden said after First Republic Bank became the third major bank to collapse in under two months.
“Let me be very clear: All depositors are being protected,” Biden said in remarks from the Rose Garden. “Shareholders are losing their investments. And critically, taxpayers are not the ones that are on the hook.”
“These actions are going to make sure that the banking system is safe and sound, and that includes protecting small businesses across the country who need to make payroll for workers,” the president added, speaking at an event for National Small Business Week.
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Federal regulators race to seize and sell First Republic BankBREAKING: Federal regulators are racing to seize and sell First Republic Bank as soon as this weekend, a source familiar with the matter told ABC.
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FDIC races to find buyer for collapsing First Republic Bank: reportFederal regulators are scrambling to find a buyer for First Republic Bank as the banking company’s stocks continue to tumble, according to sources.
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