The White House is carefully monitoring developments at First Republic and other smaller banks after actions to protect depositors following the collapse of Silicon Valley Bank (SVB) last week, an official said on Tuesday.
Asked if there was still a danger of runs on other regional banks, the official said the U.S. banking system was in "a vastly better position right now" than if the actions had not been taken and depositors should have confidence their funds would be protected.
"We're dedicating a lot of time to making sure that we're navigating through this okay," said the official, adding that the White House was in close touch with the Treasury and the Federal Deposit Insurance Corporation about potential problems at other banks that were about the same size as SVB.