The White House will hold a press briefing on Monday. The briefing comes after reports emerged that JPMorgan Chase will take over the First Republic Bank.

The press briefing, held by Press Secretary Karine Jean-Pierre, also comes shortly after President Joe Biden reassured the public that the United States banking system will be "safe and sound" during remarks in the Rose Garden later on later on Monday, despite the recent collapses of Silicon Valley Bank and Signature Bank.
THREE TAKEAWAYS FROM THE FIRST REPUBLIC BANK TAKEOVER

JPMorgan's takeover of the California bank was announced by the California Department of Financial Protection and Innovation on Monday morning. Regulators in California took control of First Republic Bank and appointed the Federal Deposit Insurance Corporation to oversee the bank during the transition process.

Its failure is estimated to cost the Federal Deposit Insurance Corporation $13 billion from funds that come from other banks.

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First Republic Bank’s stock plunged to new lows last week, and faced the most scrutiny after the other bank closures. First Republic, which worked with wealthy customers and their businesses, had been the most distressed regional bank since SVB and Signature came crashing down.

The briefing is scheduled to begin at 3 p.m. EST.