Bill Ackman warns of imminent crisis in US regional banking system.

Billionaire hedge fund manager Bill Ackman has called for a system-wide deposit guarantee regime for regional banks, following the collapse of First Republic Bank and the subsequent takeover by JPMorgan Chase earlier this week. Ackman argues that uninsured depositors of regional banks are more at risk than global systematically important banks, which have an "unfair competitive advantage" being too big to fail. He warns that without a new guarantee regime, more unnecessary bank failures will occur, and calls on the FDIC, the US Treasury, and the government to act quickly.