WASHINGTON, May 3 US Federal Reserve Chairman Jerome Powell considers the situation in the country's banking sector to be stable amid the fall of the American bank First Republic Bank (FRB), however, the central bank will continue to monitor the development of the situation on the market.
«The US banking system remains strong and stable. We will continue to monitor conditions in the sector,» said he told reporters on Wednesday amid the recent fall in the FRB.
Powell added that the monetary regulator is determined to prevent future collapses of US banks.
«We are committed to learning the right lessons from this episode. We will work to prevent a recurrence of events like this,” said the head of the Fed.
Earlier, First Republic Bank was transferred by the California Department of Financial Protection and Innovation (DFPI) to the Federal Deposit Insurance Corporation, which at the same time accepted the application of JPMorgan Chase to buy deposits and bank assets. FRB had nearly $230 billion in assets and more than $100 billion in deposits.