© Reuters. FILE PHOTO: A First Republic Bank branch in Midtown Manhattan in New York City, U.S., March 13, 2023. REUTERS/Mike Segar/File Photo
WASHINGTON (Reuters) – The White House is closely monitoring developments at First Republic and other smaller banks following actions on Sunday to protect depositors following the collapse of Silicon Valley Bank and signature bank (NASDAQ:) last week, a senior White House official said Tuesday.
Asked if there was still a danger of runs on other banks, the official said the US banking system was in “a much better position right now” than if the measures had not been taken, and depositors should Have confidence that your funds will be protected.
The White House also closely monitors any outflow of money to the largest banks and remains committed to ensuring strong competition in the banking sector, the official said.
