JPMorgan Deal for First Republic Hailed by Biden as Stabilizing Move
- President said deal ensures bank system is ‘safe and sound’
- Biggest US bank gets larger to congressional Democrats’ dismay
First Republic Bank in New York.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
President Joe Biden hailed regulators for facilitating a deal for JPMorgan Chase & Co. to acquire First Republic Bank, saying it would help stabilize the US banking system and protect taxpayers.
“These actions are going to make sure that the banking system is safe and sound. And that includes protecting small businesses across the country who need to make payroll for workers and their small businesses,” Biden said at the White House on Monday. “Let me be very clear, while all depositors are being protected, shareholders are losing their investments, and critically, taxpayers are not the ones that are on the hook.”