![]() The culmination of government regulators and the banking industry came together to protect creditors and maintain confidence in the banking system as a whole without exposing taxpayers to an unpopular bailout. Having catered to wealthy coastal clients, First Republic had been on the edge of collapse since March, when two other regional banks failed.įirst Republic Bank was taken over by the Federal Deposit Insurance Corporation on Monday, and most of its assets were sold to JPMorgan Chase. ![]() President Joe Biden on Monday called the top four congressional leaders, including House Speaker Kevin McCarthy, to discuss raising the debt ceiling, according to two sources familiar with the matter.Īmericans woke up Monday to news that a third US bank, First Republic, had failed. Treasury Secretary Janet Yellen said Monday the X-date could arrive as soon as June 1. ![]() ![]() There’s a banking crisis, which regulatory officials and big American banks very much want you to believe is ending after decisive action over the weekend to take over and swallow up another failing bank.Īnd there’s a debt crisis, which is becoming more urgent as the US approaches the “X-date” – when it would default – and on which opposing lawmakers aren’t currently talking to each other. ![]() Two converging crises are testing American confidence in their financial well-being. ![]()
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