President Biden, alongside Vice President Harris and Jill Scarbro, CEO of Bright Futures Learning Services, appeared in the Rose Garden on Monday afternoon in front of reporters.
The President addressed the issue of First Republic Bank, saying, “Regulators have taken action to facilitate the sale of First Republic Bank and ensure that all depositors are protected, and the taxpayers are not on the hook.” He went on to emphasize that the actions taken will ensure the safety and soundness of the banking system, as well as the protection of small businesses who rely on it to make payroll.
The President was also clear that the sale of First Republic Bank would come at a cost to some investors. “Let me be very clear, while depositors are being protected, shareholders are losing their investments and critically taxpayers are not on the hook, as I said earlier,” he said.
Moving on to the topic of the debt limit, Biden stated, “We pay our bills and we should do so without the reckless hostage taking from some of the MAGA Republicans in Congress.”
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