Biden says First Republic depositors protected, calls for stronger bank regulation

WASHINGTON (Reuters) – U.S. President Joe Biden on Monday hailed moves by U.S. regulators to facilitate the sale of First Republic Bank, protect all its depositors and ensure that U.S. taxpayers are not affected.

“These actions are going to make sure that the banking system is safe and sound,” Biden told an event at the White House. “Critically, taxpayers are not the ones that are on hook.”

He repeated his call for stronger regulation and supervision of large and regional banks.

(Reporting by Jeff Mason and Andrea Shalal)