Biden pledges to protect depositors and avoid bailouts in wake of First Republic collapse.

President Joe Biden promised depositors of First Republic Bank, which was seized by federal regulators and sold to JPMorgan Chase, that they would be protected and vowed to keep the banking system "safe and sound." He also called for stiffer oversight of large and regional banks and urged Congress to empower bank regulators. The move is expected to protect small businesses, including depositors at First Republic, which is now the second-largest bank failure in American history and the largest since the 2008 crisis.