A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike Segar

WASHINGTON, March 14 (Reuters) – The White House is closely watching the First Republic and other smaller banks following steps taken on Sunday to protect depositors after Silicon Valley Bank and Signature Bank failed last week, a report said. a senior White House official said on Tuesday.

Asked if there was still a risk of runaway at other banks, the official said the US banking system was in a “much better position right now” than if the measures had not not been taken, and that depositors had to be confident that their funds would be safe.

The White House is also closely monitoring any outflow of funds to the biggest banks and remains committed to ensuring strong competition in the banking industry, the official added.

(Reporting by Andrea Shalal; Editing in Spanish by Aida Peláez-Fernández)

Categorized in: