Tim Scott of South Carolina, the top Republican on the banking (KBE) panel, did not mention any need for new rules in his own statement, saying: 'I've long expressed concerns over broad, taxpayer-funded government intervention, so I'm glad the heeded my concerns and secured a private market solution for First Republic.' And in a tweet, Warren raised concerns about JPMorgan growing bigger through the rescue. Elizabeth Warren of Massachusetts echoed Biden's call for banking-system reforms.

'I think we're well on our way to be able to make that assurance.'ĭemocrats like Senate Banking Committee Chair Sherrod Brown of Ohio and Sen. 'Folks, we have to make sure that we're not back in this position again,' he said. 'Going forward, I've called on Congress to give regulators the tools to hold bank executives accountable, and I've called on regulators to strengthen regulations and supervision of large and regional banks,' Biden added, referring to statements he made earlier this year after other bank failures. Critically, taxpayers are not the ones that are on the hook,' Biden said during a White House event focused on small businesses. Shareholders are losing their investments. 'Let me be very clear: All depositors are being protected. regulators' actions on First Republic Bank (FRC) 'are going to make sure that the banking system is safe and sound' as he addressed how authorities seized the bank over the weekend and made a deal to sell most of its operations to JPMorgan Chase (JPM). Senate Banking Committee's top Republican praises 'private market solution'

Rescue Me by Susan May Warren