U.S. monitoring developments at First Republic, other regional banks -White House

WASHINGTON (Reuters) – The White House is carefully monitoring developments at First Republic and other smaller banks after Sunday’s actions to protect depositors following the collapse of Silicon Valley Bank and Signature Bank last week, a senior White House official said on Tuesday.

The official was asked if there was still the possibility of banks running amok. He replied that the U.S. bank system was in “a vastly better position right now” Depositors can be confident that their funds will be safe than if they were not taken.

The official stated that the White House was also monitoring any money outflows to larger banks. However, it remains committed to supporting strong competition in banking.

(Reporting by Andrea Shalal, Editing by Leslie Adler

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