#shorts On 4/27/2023, a reporter asked Press secretary Karine Jean-Pierre, “Just following up on the economy. First Republic is seemingly in trouble. They’ve — there’s growing concern that the bank isn’t going to make it … after bailing out SVB and Signature earlier and guaranteeing those deposits? Is that something that you feel is going to be necessary for First Republic? And what would be the argument against doing that?

MS. Jean-Pierre: … Since our administration took those actions, we have seen deposits stabilize at regional banks. That is something that we’ve seen in the data. As the President and Secretary Yellen and Chair Powell have said, we have used important tools to quickly stabilize the banking system. We could use those tools again if needed. Certainly, we are monitoring this situation. I just don’t have anything to preview from here.

Reporter: Let me just follow up on that. So you said the deposits have stabilized, but the deposits have not stabilized at First Republic. They’ve seen a massive outflow of funding. I mean, walk me through your argument or your — you know, what differentiates SVB from First Republic?

MS. Jean-Pierre: So —k
Reporter: Why help one set of depositors but not another set?
MS. Jean-Pierre: Yeah, so, more broadly, across the regional banks, we have seen a stabilization. So just want to be really clear.

other clips of this published longer video is here: https://youtu.be/PONa0Cf5zs0
Q: Why not bail out First Republic? you said deposits stabilized, but deposits have not stabilized at First Republic