{"id":1923390,"date":"2023-05-03T09:12:43","date_gmt":"2023-05-03T13:12:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-says-banking-system-safe-after-second-largest-bank-failure-in-u-s-history\/"},"modified":"2023-05-03T09:15:27","modified_gmt":"2023-05-03T13:15:27","slug":"biden-says-banking-system-safe-after-second-largest-bank-failure-in-u-s-history","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-says-banking-system-safe-after-second-largest-bank-failure-in-u-s-history\/","title":{"rendered":"Biden assures banking system is secure despite second-largest bank collapse in U.S."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-says-banking-system-safe-after-second-largest-bank-failure-in-u-s-history%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1923390&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The U.S. Banking System is Safe and Sound, Says President Biden<\/h2>\n<h3>First Republic Bank Resolved<\/h3>\n<p>President Joe Biden has confirmed that the U.S. banking system is &#8220;safe and sound&#8221; after federal regulators facilitated the sale of the distressed First Republic Bank. Speaking from the White House on May 1 to mark National Small Business Week, Biden announced that all First Republic insured and uninsured depositors would be protected, and shareholders would lose their investments. Taxpayers would not be on the hook, Biden stated.<\/p>\n<h3>Regulators to Enhance Regulations and Supervision<\/h3>\n<p>Biden noted that he encouraged Congress to provide regulators with the tools they need to ensure all bank executives are accountable. He also called upon regulators to enhance regulations and supervision of large and regional banks. &#8220;We have to make sure that we&#8217;re not back in this position again, and I think we&#8217;re well on our way to be able to make that assurance,&#8221; he stated.<\/p>\n<h3>FDIC Praised for Quick Work<\/h3>\n<p>House Financial Services Committee chairman Patrick McHenry (R-N.C.) agreed that the American people should be confident in the safety of their deposits at U.S. banks and lauded the Federal Deposit Insurance Corp. (FDIC) for its &#8220;<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/iowa-governor-signs-law-banning-mask-mandates-in-schools-cities-and-counties\/\" title=\"Iowa Governor Signs Law Banning Mask Mandates In Schools, Cities, And Counties\">quick work<\/a>&#8221; in resolving the First Republic issue. However, McHenry questioned why the FDIC did not do the same thing in March when Silicon Valley Bank was placed into receivership. &#8220;It&#8217;s critical that the Biden administration and its regulators not politicize these events,&#8221; he said in a statement.<\/p>\n<h3>JPMorgan Chase to Transform First Republic&#8217;s Locations<\/h3>\n<p>During a weekend auction, regulators had solicited bids for the company, which included $229 billion in assets and $104 billion in deposits. The nation&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/canadian-finance-minister-says-law-enforcement-already-targeting-bank-accounts-of-freedom-convoy-supporters\/\" title=\"Canadian Finance Minister Says Law Enforcement Already Targeting Bank Accounts Of \u2018Freedom Convoy\u2019 Supporters\">largest financial institution<\/a>, JPMorgan Chase, announced that it would transform First Republic&#8217;s 84 locations in eight states and reopen them as branches of JPMorgan. As a result, depositors will have full access to all of their deposits.<\/p>\n<h3>Investors Less Optimistic<\/h3>\n<p>While JPMorgan CEO Jamie Dimon believes that the worst is over, investors appear to be less optimistic about the situation. Regional bank stocks tumbled to kick off the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/a-stock-market-crash-dont-try-to-understand-it-feel-it\/\" title=\"A Stock Market Crash? Don\u2019t Try to Understand It, Feel It\">trading week<\/a>, with West Bancorp falling about 2 percent, US Bancorp sinking as much as 3 percent, Western Alliance dropping nearly 2 percent, and State Street Corp slumping close to 1 percent. In addition, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-says-banking-system-safe-after-second-largest-bank-failure-in-u-s-history\/\" title=\"Biden assures banking system is secure despite second-largest bank collapse in U.S.\">regional banking exchange-traded funds<\/a> (ETFs) declined on May 1, including the SPDR S&#038;P Regional Banking ETF, which plunged about 2.5 percent. These banks also contain large amounts of uninsured deposits, especially State Street Bank, with 91.2 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. banking system is \u201csafe and sound\u201d after federal regulators facilitated the sale of the distressed First Republic Bank, President Joe Biden confirmed. First Republic became the second-largest bank failure in U.S. history and the third midsize institution to collapse in less than two months. Speaking from the White House on May 1 to<\/p>\n","protected":false},"author":1,"featured_media":1923391,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[17562,5373,14689,3620,7385,25690,7160,7238],"class_list":["post-1923390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-assures","tag-bank","tag-banking","tag-biden","tag-collapse","tag-second-largest","tag-secure","tag-u-s"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1923390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1923390"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1923390\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1923391"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1923390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1923390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1923390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}