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Biden assures depositors after JPMorgan buys First Republic Bank, says bank system ‘safe’
7 views | May 02, 2023, 11:00:36 AM | TOI.in
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US Prez Biden assured Americans and businesses that all depositors from First Republic Bank will be protected. First Republic Bank was seized by the FDIC and sold to JPMorgan. He said that the move would 'ensure that all depositors are protected and that taxpayers are not on the hook'. He said, 'let me be very clear, While depositors are being protected, shareholders are losing their investments. And, critically, taxpayers are not the ones that are on the hook, as I said earlier.'
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