US Treasury: Bank deposits safe after First Republic rescue

Rep. Roger Williams, R-Texas, discusses the collapse of First Republic Bank, the Treasury Department's reaction, Biden's new mortgage rule and the looming threat posed by Title 42's upcoming expiration.remains stable and that the deposits of former customers at collapsed First Republic Bank will be protected.

"Treasury is encouraged that this institution was resolved with the least cost to the Deposit Insurance Fund, and in a manner that protected all depositors," the department said. "The banking system remains sound and resilient, and Americans should feel confident in the safety of their deposits and the ability of the banking system to fulfill its essential function of providing credit to businesses and families.

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First Republic Bank Is Seized, Sold to JPMorgan in Second-Largest U.S. Bank FailureThe deal will see JPMorgan take on all of First Republic’s $103.9 billion in deposits and buy most of its $229.1 billion in assets. It heads off a chaotic collapse that threatened to reignite the recent banking crisis.
Source: WSJ - 🏆 98. / 63 Read more »