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Biden says First Republic depositors protected as bank sold to JPMorgan, wants stronger regulations

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U.S. President Joe Biden on Monday praised moves by regulators to facilitate the sale of First Republic Bank, as well as protect all depositors and ensure taxpayers would not be affected, but repeated his call for stronger regulations by Congress.

"These actions are going to make sure that the banking system is safe and sound," he said. "Critically, taxpayers are not the ones that are on the hook."

Earlier on Monday, a deal was announced to allow for an orderly failure of First Republic, which would see JPMorgan Chase & Co pay $10.6 billion to the U.S. Federal Deposit Insurance Corp. (FDIC) for most of the failed bank's assets. The FDIC recently took the bank into receivership after it became the third major casualty of the biggest crisis to hit the country's banking sector since 2008.

For more info, please go to https://globalnews.ca/news/9663620/first-republic-bank-sold-to-jpmorgan-chase/

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Category
U.S. & Canada
Tags
global news, First Republic Bank, JPMorgan Chase
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