UPDATE: White House Press Secretary Karine Jean-Pierre was asked about the potential for future bank problems during the briefing Monday afternoon and didn't provide many answer.
REPORTER: "Is this it? Are you bracing for more banks to fail?"
— Townhall.com (@townhallcom) May 1, 2023
KJP: "The American people...can continue to have confidence...No taxpayer dollars will be used to facilitate this action." pic.twitter.com/qeRhlbpR7v
***Original post***
Speaking briefly to reporters at the White House Monday after a small business event in the Rose Garden, President Joe Biden was asked about the collapse of First Republic Bank and an abrupt rescue of the institution by JPMorgan. Biden claimed taxpayers will not foot the bill for the First Republic failure, the same claim that was made after Silicon Valley Bank collapsed in March.
"Regulators have taken action to facilitate the sale of First Republic Bank and ensure that all depositors are protected, and the taxpayers are not on the hook," Biden said. "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."
"Let me be very clear, while depositors are being protected, shareholders are losing their investments and critically tax payers are not on the hook, as I said earlier," he continued.
The Silicon Valley Bank collapse was the second-largest failure in U.S. history. First Republic is the third.
Regulators Seize First Republic in Second-Largest US Bank Failure, Sell to JPMorgan https://t.co/Dy6vs1mgsj
— Townhall.com (@townhallcom) May 1, 2023
Meanwhile, the Biden administration is fueling this crisis and the government bureaucrats in charge have no clue about when it will end.
Sen. @MikeCrapo gets Biden Treasury Sec. Janet Yellen to admit the link between Biden's inflation crisis, rising interest rates, and the current banking crisis pic.twitter.com/rgp6Ozuqpx
— RNC Research (@RNCResearch) March 16, 2023
Less than a week after the second- and third-largest bank collapses in American history, Biden Treasury Secretary Janet Yellen says "our banking system is sound" and "Americans can feel confident" pic.twitter.com/9ofzZ6uYM9
— RNC Research (@RNCResearch) March 16, 2023
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