White House press secretary Karine Jean-Pierre will speak to the public following reports the government is prodding major banks to pool their resources to rescue First Republic Bank.
WHITE HOUSE ORCHESTRATING $30 BILLION RESCUE OF FIRST REPUBLIC BANK: REPORT
Financial markets have been in chaos since Silicon Valley Bank failed last week. On Thursday, reports surfaced suggesting some of the country's largest financial institutions, including JPMorgan Chase, Citigroup, Bank of America, Morgan Stanley, U.S. Bancorp, Truist, and PNC Financial Services, are preparing to contribute up to $5 billion each to rescue the San Francisco-based First Republic Bank.
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Treasury Secretary Janet Yellen told Congress on Thursday that the country's "banking system remains sound and that Americans can feel confident that their deposits will be there when they need them.”