More bank failures coming? FDIC takes control of First Republic Bank after second-biggest collapse in nation’s history
By JD Heyes // May 01, 2023

The FDIC has once again had to move in and support a collapsed financial institution -- First Republic Bank -- after the second-largest banking failure in the history of the country.

The bank's collapse is the latest in a slew of other bank failures that began in March. Nevertheless, we're being told 'all is well' by the same government officials and politicians who assured us that nothing like this could happen again after major federal legislation was passed in the wake of the '08 near-collapse of the entire U.S. financial system.

Oh, and now, as then, banks are being propped up with your tax dollars, though JPMorgan Chase moved to purchase First Republic on Monday.

"Treasury is encouraged that this institution was resolved with the least cost to the Deposit Insurance Fund, and in a manner that protected all depositors," the Treasury Department said, according to FOX Business. "The banking system remains sound and resilient, and Americans should feel confident in the safety of their deposits and the ability of the banking system to fulfill its essential function of providing credit to businesses and families."

On Monday, the Federal Deposit Insurance Corporation (FDIC) approved JPMorgan Chase's $10.6 billion offer to acquire the assets of a San Francisco-based lender following the government's seizure of the failed bank over the weekend. This marks the third major U.S. financial institution to collapse in the last 60 days, the outlet reported.

However, deposits in First Republic Bank exceeding the $250,000 FDIC insurance limit were not covered. Last week, the bank faced significant pressure after reporting over $100 billion in outflows during the first quarter and exploring possible solutions. Since the failures of Silicon Valley Bank and Signature Bank in early March, First Republic has been struggling and was viewed as the bank at the highest risk of collapse, FOX Business continued.

We are building the infrastructure of human freedom and empowering people to be informed, healthy and aware. Explore our decentralized, peer-to-peer, uncensorable free speech platform here. Learn about our free, downloadable generative AI tools at Brighteon.AI. Every purchase at helps fund our efforts to build and share more tools for empowering humanity with knowledge and abundance.

"The rescue comes less than two months after a deposit flight from U.S. lenders forced the Federal Reserve to step in with emergency measures to stabilize markets," the outlet's report added.

Meanwhile on Monday, President Joe Biden -- who literally has no clue what's going on around him -- was trotted out by his handlers to claim that the FDIC's decision to allow JPMorgan Chase Bank to take over all deposits of First Republic Bank will guarantee U.S. banking system is "safe and sound."

"I am pleased to say that the regulators have taken action to facilitate the sale of First Republic Bank and ensure that all depositors are protected and the taxpayers are not on the hook," Biden said.

"These actions are going to make sure that the banking system is safe and sound, and that includes protecting small businesses across the country who need to make payroll for workers and their small businesses," the president claimed.

Mind you, banks were not failing on Donald Trump's watch, but then again, our economy was not crippled by inflation Biden can't seem to fix and a credit crunch due to high-interest rates imposed by the Federal Reserve -- to de-inflate Biden's economy.

"Going forward, I've called on Congress to give regulators the tools to hold bank executives accountable, and I've called on regulators to strengthen regulations and supervision of large and regional banks," Biden continued. "And, folks, we have to make sure that we're not back in this position again. And I think we're well on our way to be able to make that assurance."

Again, Congress passed, and Joe Biden's presidential partner, Barack Obama, signed a law 'giving regulators the tools to hold bank executives accountable' and 'strengthen regulations and supervision of large regional banks.' That law and the regulations it imposed (including the creation of the Consumer Financial Protection Bureau) failed miserably to keep financial institutions from failing in the first place.

Our systems don't work. The federal government is far too big to function properly. And more banks are going to fail.

Sources include:

Take Action:
Support NewsTarget by linking to this article from your website.
Permalink to this article:
Embed article link:
Reprinting this article:
Non-commercial use is permitted with credit to (including a clickable link).
Please contact us for more information.
Free Email Alerts
Get independent news alerts on natural cures, food lab tests, cannabis medicine, science, robotics, drones, privacy and more. © 2022 All Rights Reserved. All content posted on this site is commentary or opinion and is protected under Free Speech. is not responsible for content written by contributing authors. The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms and those published on this site. All trademarks, registered trademarks and servicemarks mentioned on this site are the property of their respective owners.

This site uses cookies
News Target uses cookies to improve your experience on our site. By using this site, you agree to our privacy policy.
Learn More
Get 100% real, uncensored news delivered straight to your inbox
You can unsubscribe at any time. Your email privacy is completely protected.