Biden assures depositors after First Republic’s collapse

U.S. President, Joe Biden has stressed on U.S. regulators’ actions taken to facilitate the sale of First Republic Bank on Monday, and protect depositors and taxpayers from being the current banking crisis.

“These actions are going to make sure that the banking system is safe and sound, critically, taxpayers are not the ones that are on hook,” said Biden during a White House event.

Biden has called for stronger regulation and supervision of major and regional banks.