WATCH LIVE 3:00PM: The White House will hold a press briefing on Monday following confirmation of reports that JPMorgan Chase will take over First Republic Bank.
The briefing comes shortly after President Joe Biden reassured the public that the United States banking system will be"safe and sound" during remarks in the Rose Garden, despite the recent collapses of Silicon Valley Bank and Signature Bank.JPMorgan's takeover of the California bank was announced by the California Department of Financial Protection and Innovation on Monday morning.
Its failure is estimated to cost the Federal Deposit Insurance Corporation $13 billion from funds that come from other banks.First Republic Bank’s stock plunged to new lows last week and faced scrutiny after the other bank closures. First Republic, which worked with wealthy customers and their businesses, had been the most distressed regional bank since SVB and Signature came crashing down.
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