White House Slammed for Repeating a 'Talking Point That Refuses to Die'
Israel Braces for a Large Scale Attack
The Democrats' Witch-Hunt Against Conservatives Just Ramped Up
Adios: Latinx Has Been Retired By Another Manufactured Woke Term That's Even Stupider
The First Black Swan
Pompeo Explains How Biden Put America and Israel in Iran's Crosshairs
President Biden's Narrative About the Formula Shortage Just Got Debunked
Guess What Happened When an Illegal Alien on the Terror Watchlist Was Caught...
Senate Republicans Issue a Warning to Chuck Schumer
Here’s the Biden Administration’s Latest Attempt to Go After the Second Amendment
Florida's Ballot Initiative Had Democrats Thinking the State Was in Play. Poll Suggests...
House Passes FISA Extension, but There's a Catch
Arizona's Supreme Court Took a Bold Step to Protect Unborn Life. Here's How...
Remember How Jewish Students Were Stuck in the Library During a Pro-Hamas Rally?...
Did You Hear Who Planted a Bomb at an Alabama Republican's Office?
Tipsheet

After Another Bank Collapse, Biden Claims the Banking System Is 'Safe'

AP Photo/Patrick Semansky

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. 

Advertisement


***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. 

Advertisement

The Silicon Valley Bank collapse was the second-largest failure in U.S. history. First Republic is the third. 

Meanwhile, the Biden administration is fueling this crisis and the government bureaucrats in charge have no clue about when it will end. 

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement