12:32 P.M. EDT
THE PRESIDENT: Good morning, or af- — good afternoon. (Laughter.)
Bes- — before we start, I’m pleased to say that the regulators have taken action to facilitate the sale of First Republic Bank and ensure that all depositors are protected and that taxpayers are not on the hook.
These actions are going to make sure that the banking system is safe and sound, and that includes protecting small businesses across the country who need to make payroll for workers and their small businesses.
And so, let me be very clear: While depositors are being protected, shareholders are losing their investments. And, critically, taxpayers are not the ones that are on the hook, as I said earlier. (Applause.)
But going forward, I’ve called on Congress to give regulators the tools to hold bank executives accountable. And I’ve called on regulators to strengthen…