“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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Regulators Seize First Republic Bank, Sell to JPMorgan Chase in Third Major Bank Failure of 2023NEW: Regulators seize troubled First Republic Bank and sell all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S.
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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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What's next for troubled First Republic Bank | CNN BusinessFirst Republic Bank is still an independent bank. The question Saturday was how much longer that will continue to be true.
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JPM, Bank of America consider First Republic bids as FDIC sets Sunday noon deadlineThe goal is that 'somebody else buys them and hopefully opens them up as soon as possible so there’s not turmoil in the markets,' a person familiar with the matter said.
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FDIC sets Sunday deadline for First Republic Bank bids: ReportThe FDIC set a Sunday deadline for bidding on First Republic Bank and has asked JPMorgan Chase & Co., PNC Financial Services Group, and other banks to send final bids.
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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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