Biden pointed out that regulators have taken steps to make it easier to sell FRBs and ensure that all “savers are protected and taxpayers are not liable.”
“These actions are designed to ensure the security and stability of the banking system, which includes the protection of small businesses across the country that must pay the salaries of employees,” said the head of state (quoted by CASS ).
First Republic Bank has become the third major US financial institution to fail in the past two months. Before that, the collapse of two seemingly successful organizations, Silicon Valley Bank and Signature Bank, caused quite a stir.
On Monday, it was also learned that JPMorgan Chase & Co will buy most of FRB’s assets as part of the latest bailout effort led by US regulators. JPMorgan will commit $173 billion in loans, $30 billion in securities and $92 billion in deposits from bankrupt lenders.
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