Federal agencies are engaged in “urgent” meetings to discuss measures to rescue First Republic Bank, according to reports.
that the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corporation have met with several financial companies to hammer out a deal to provide a “lifeline” for First Republic., the report notes that the involvement of government agencies has helped draw attention from more companies, including banks and private equity firms.
The report adds that the level of the government’s involvement in the final deal is unclear at the moment. First Republic told Reuters that they are engaged in discussions with “multiple parties” about “strategic options.”that the lender welcomed the government’s help in “convening the relevant parties” to help find a solution and officials from the White House, Treasury and Federal Reserve have been in direct contact with First Republic.
After cratering massively earlier this week, First Republic shares were up more than 10% in pre-market trading early on Friday.the White House was monitoring the situation regarding First Republic Bank and was ready to step in if the need arises. Jean-Pierre reiterated comments by Biden administration officials that the U.S. banking system remained “sound and resilient” after “decisive and forceful” action was undertaken following the collapse of Silicon Valley Bank And Signature Bank in March.
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