Biden: Taxpayers not on the hook for First Republic failure ...Middle East

President Biden stressed that taxpayers are not on the hook for the failure of First Republic Bank, which was seized by regulators and sold to JPMorgan Chase early on Monday morning. “Let me be very clear, all depositors are being protected, shareholders are losing their investments, and critically, taxpayers are not the ones who are on the hook,” Biden said during a small business event at the White House on Monday. The FDIC brokered the deal for Chase to take over First Republic, which includes all of its deposits and assets. All 84 branches of First Republic Bank will reopen as branches of JPMorgan Chase during Monday business hours, the FDIC said, and JPMorgan Chase and the FDIC

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Biden: Taxpayers not on the hook for First Republic failure ...Middle East

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