Banking System ‘Safe’ After Second-Largest Bank Failure in US History, Biden Says

Banking System ‘Safe’ After Second-Largest Bank Failure in US History, Biden Says
President Joe Biden speaks in the Rose Garden at the White House in Washington, on May 1, 2023. Madalina Vasiliu/The Epoch Times
Andrew Moran
Updated:
0:00

The U.S. banking system is “safe and sound” 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.

Andrew Moran
Andrew Moran
Author
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."
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