© Reuters. FILE PHOTO: A First Republic Bank department is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike Segar/File Photo
WASHINGTON (Reuters) – The White House is rigorously monitoring developments at First Republic and different smaller banks after Sunday’s actions to guard depositors following the collapse of Silicon Valley Bank and Signature Bank (NASDAQ:) final week, a senior White House official stated on Tuesday.
Asked if there was nonetheless a hazard of runs on different banks, the official stated the U.S. banking system was in “a vastly better position right now” than if the actions had not been taken, and depositors ought to have faith their funds can be protected.
The White House can be protecting shut watch on any outflows of cash to bigger banks, and stays dedicated to making sure sturdy competitors within the banking sector, the official stated.
