President Joe Biden on Monday said U.S. regulators’ actions with First Republic Bank “are going to make sure that the banking system is safe and sound,” as he addressed how authorities seized the bank and made a deal to sell most of its operations to JPMorgan Chase. “Let me be very clear: All depositors are being protected. Shareholders are losing their investments. Critically, taxpayers are not the ones that are on the hook,” Biden said.
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