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Bank update: Yellen before Senate, possible rescue of First Republic Bank

Published March 16, 2023 at 1:06 PM EDT

Days after the government intervened in two bank failures, Treasury Secretary Janet Yellen told the Senate Finance Committee that the banking system is sound.

But as she was testifying, the Wall Street Journal and Bloomberg News reported that America’s biggest banks are mulling a rescue of First Republic Bank.

Here & Now‘s Scott Tong speaks with Jeanne Whalen, global business reporter for the The Washington Post about First Republic and other banking news of the day.

This article was originally published on WBUR.org.