{"id":26899,"date":"2023-04-27T21:06:46","date_gmt":"2023-04-27T21:06:46","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/white-house-monitoring-situation\/"},"modified":"2023-04-27T21:08:35","modified_gmt":"2023-04-27T21:08:35","slug":"white-house-monitoring-situation","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/white-house-monitoring-situation\/","title":{"rendered":"White House: Monitoring situation at First Republic, could step in if needed"},"content":{"rendered":"\n<p>WASHINGTON (Reuters) &#8211;     The White House is continuing to monitor the situation at First Republic Bank, which has continued to lose deposits this week, spokesperson Karine Jean-Pierre said on Thursday, vowing that the Biden administration stood ready to take action if needed.<\/p>\n<p>Deposits at regional banks have stabilized and the Biden administration can use the same tools it used in recent weeks to address financial stress if needed, she said.<\/p>\n<p>Jean-Pierre said financial regulators and Treasury Secretary Janet Yellen agreed that the U.S. banking system remained sound after &#8220;decisive and forceful&#8221; actions were taken last month to protect depositors at two regional banks, Silicon Valley Bank and Signature Bank, and provide liquidity to the market.<\/p>\n<p>&#8220;We have used important tools to quickly stabilize the banking system. We could use those tools again, if needed. Certainly we are monitoring this situation,&#8221; she told reporters when asked about growing market worries about First Republic.<\/p>\n<p>First Republic&#8217;s shares were trading higher on Thursday after a bruising sell-off that wiped out 60% of the stock&#8217;s value this week following the San Francisco-based bank&#8217;s disclosure on Monday that it had lost more than $100 billion of deposits in the first quarter of the year.<\/p>\n<p>Pressed to explain the administration&#8217;s views on whether to protect depositors in First Republic, as it did in the cases of SVB and Signature, Jean-Pierre said, &#8220;We have proven how we have moved really quickly in &#8230; taking decisive and forceful actions in the past, and I can assure you that you&#8217;ll see that again from this administration.&#8221;<\/p>\n<p \/>\n<p> (Reporting by Andrea Shalal; Writing by Moira Warburton; Editing by Tim Ahmann and Diane Craft)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/white-house-monitoring-situation\/file-photo-first-republic-bank-branch-in-midtown-manhattan-in-6\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3Q0ZV-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3Q0ZV-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WASHINGTON (Reuters) &#8211; The White House is continuing to monitor the situation at First Republic Bank, which has continued to lose deposits this week, spokesperson Karine Jean-Pierre said on Thursday, vowing that the Biden administration stood ready to take action if needed. Deposits at regional banks have stabilized and the Biden administration can use the [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":26900,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-26899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3Q0ZV-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=26899"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26899\/revisions"}],"predecessor-version":[{"id":26901,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26899\/revisions\/26901"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/26900"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=26899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=26899"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=26899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}