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Ranking Member Waters’ Statement on Failure of First Republic
Washington, DC, May 1, 2023
Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following news that the California Department of Financial Protection and Innovation (DFPI) seized First Republic and was sold by the Federal Deposit Insurance Corporation (FDIC) early Monday morning:
“I commend the Federal Deposit Insurance Corporation (FDIC) and California’s Department of Financial Protection and Innovation for their handling of First Republic Bank’s failure. This prompt and cost-effective sale of the bank protects depositors, limits contagion, and ensures that no cost is borne to our nation’s taxpayers. We should all remain confident in the safety and soundness of the American banking system.