On 5/1/2023, White House press secretary Karine Jean-Pierre, KJP Says They’re “Very Confident” No More Banks Will Fail After Litany Of Failures
Reporter: The President today also said we have to be able to make sure that we’re not back in this position again, saying “I think we’re well on our way to be able to make that assurance.” Beyond, you know, calling on Congress to take these steps, as you just mentioned, what steps are you taking to avoid this from happening again. I guess, why so confident?

KJP: So, look, we are — we are very confident because we have put forward tools — five — five specific tools that I can speak to — that the President wanted to make sure that were out there.

Again, we have taken decisive and forceful actions these past several weeks to make sure that — that — that the banking system is — is in a — is in a — you know, is in a stable position. And that’s what you’ve seen this — this administration do.

Q: JPMorgan was the only bidder to take the entire bank; A: FDIC runs this process
Reporter: And just to follow up: This — this administration — we sat here while you talked about corporate consolidation as something that you want to push against. Our reporting is that JPMorgan was the only bidder that offered to take the entire bank over. The administration — I just want to be clear: Did you support that because it was the only option, or did you support that because it was the best option?

KJP: I mean, look — no, I totally understand the question. This is an FDIC process …

Reporter: So, the White House didn’t push against this deal that makes the biggest American bank bigger?

KJP: … What the President has done is given his — his economic team a directive on how to protect taxpayers and also depositors. And so that is what I can share with you. FDIC runs this process.

Q: Are you bracing for more banks to fail? A: Biden called on regulators to reverse prior admin to relax regulation
Reporter: On First Republic, is this it? Are you bracing for more banks to fail?

KJP: … And he has called on regulators to reverse a series of steps taken during the prior administration to relax regulation and supervision of large regional banks like Silicon Valley Bank, Signature Bank, and now First Republic.

Q: not happen again? And here we are again heard verbatim, what has changed? A: This is not 2008
Reporter: On March 13th, after the SVB collapse, we heard almost verbatim the President say what he said today with regard to calling on Congress to give regulators the tools to hold executives accountable, with regard to regulators strengthening regulations, with regard to making sure this does not happen again. And here we are again. can you clarify, between March 13th and today, what has changed, if anything? Have any of those tools gotten sharper? And how has he reached out to Congress?

KJP: … the actions, again, that we’ve taken has helped. These were unique situations, the three banks that — that you all have been following, clearly, and that I just mentioned. And again, we’re going to continue to monitor this situation …

Reporter: But for mid- and large-sized banks, has anything changed with regard to the power of the tools that existed?

KJP: We think — I mean, I just laid out we think the tools are indeed working. The three banks have had unique vulnerabilities, I just laid those out … This is not 2008. This is a very, very different time than — than 2008.

Q: Congress members have good luck sold First Republic Bank stocks; A: hypotheticals
Reporter: I’m wondering what the President’s message is to members of Congress who might see the current banking shake-up or future banking troubles as an opportunity to make a buck. Because, for instance, we’ve already seen some members of Congress who have had what seems like particularly good luck offloading shares of First Republic Bank & turning around and buying shares of JPMorgan.

https://www.facebook.com/HygoNewsUSA/videos/561294719482047
KJP: … I’m just not going to speak to any — any kind of hypotheticals that you’re laying out for me.

Q: wealthy lawmakers access to info that the public doesn’t A: very clear: protect taxpayers
Reporter: Right. The President has — has been very clear, when it comes to the wealthy, that they should pay their fair share, that they should not skirt, you know, tax law. Is there a need for the President to go to wealthy lawmakers & say, “If you have access to new information that maybe the public doesn’t, perhaps you should take a step back”?

KJP: Look, what I’ve been very clear about is what the President wants to make sure: that we protect taxpayers & that investors have to make sure that — you know, that they are held accountable. And that’s what the President is going to continue to say.

https://www.facebook.com/HygoNewsUSA/videos/993697875343964
KJP: Very Confident No More Banks Will Fail, JPMorgan was the only bidder, This is not 2008