Meet the Press NOW — May 1

Meet the Press

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3.6 • 3.8K Ratings

🗓️ 1 May 2023

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

First Republic Bank is sold to JP Morgan in the second largest U.S. bank failure in history. President Joe Biden and House Speaker Kevin McCarthy remain in stalemate over the debt limit. Brendan Buck, Peter Baker and Juanita Tolliver join the Meet the Press NOW roundtable. Cook Political Report Editor-in-Chief Amy Walter joins Meet the Press NOW to discuss Gov. Ron DeSantis’ (R-Fla.) and Sen. Tim Scott’s (R-S.C.) presidential prospects.

Transcript

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0:00.0	If it's Monday, President Biden addresses the collapse of another major U.S. Bank as the White House and House Republicans dig in amid a dangerous economic stalemate over the nation's debt limit.
0:14.5	Plus, armed and dangerous, Texas officials say they have no leads in the manhunt for the mass shooter who gunned down five of his neighbors, including a nine-year-old execution style after a neighbor asked the suspect to stop firing his gun outside.
0:30.7	And campaign combat, Senator Tim Scott signals a run for the White House as a growing Republican field takes aim at President Biden's
0:38.4	competence and age.
0:52.1	Welcome to meet the press now. I'm Kristen Welker in Washington. We begin with new turmoil in the U.S. banking system, which is playing out amid a dangerous stalemate in Washington over the debt limit that could royal the global economy. Today, federal regulators took over First Republic Bank and sold it to J.P. Morgan. The $230 billion failure marks the second
1:12.6	largest bank failure in U.S. history and the third major U.S. bank to fail in just the last
1:17.6	two months. These are three of the biggest bank failures on record and put together. They're
1:23.4	bigger than the 25 banks that failed in 2008 when the banking system spiraled into a full-blown financial crisis.
1:31.2	Markets were not particularly moved by news on First Republic.
1:34.6	The Dow closed down by just a hair.
1:37.0	The NASDAQ and S&P were also mostly unchanged on the day.
1:40.7	At the White House today, President Biden sought to reassure the public that the U.S.
1:44.8	banking system remained safe as he called for action from Congress.
1:50.4	These actions are going to make sure that the banking system is safe and sound, and that includes
1:55.4	protecting small businesses across the country who need to make payroll for workers and
2:00.6	their small businesses.
2:02.6	And so let me be very clear. While depositors are being protected, shareholders are losing
2:08.6	their investments. And critically, taxpayers are not the ones that are on the hook.
2:13.1	Going forward, I've called on Congress to give regulators the tools to hold bank executives
2:19.8	accountable.
2:21.2	And I've called on regulators to strengthen regulations and supervision of large and regional
2:27.1	banks.
	...

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