The Treasury, the Federal Reserve and the FDIC have reportedly met with several financial companies to help hash out a rescue deal for First Republic.
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” to the lender., the report notes that the involvement of government agencies has drawn 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.” After cratering massively earlier this week, First Republic shares are up more than 10% in pre-market trading early on Friday.the White House was monitoring the situation surrounding 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 last month’s dual collapses.
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