WASHINGTON, D.C. - 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 Inclusion 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.

“As the top Democrat on the House Financial Services Committee, I will continue to keep a close eye on the stability of our banking system, and ensure that our nation’s depositors are protected. Our Committee should continue its investigation by promptly inviting the CEOs of these failed banks to testify. These developments coupled with the reports we received from the Federal Reserve, FDIC, and GAO on recent bank failures also underscore the need for Congress and regulators to strengthen regulation and supervision of regional banks, as well as enhance tools including through compensation clawbacks to hold bank executives accountable for their actions.”