Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to the announcement by several U.S. financial institutions that they will make substantial deposits at First Republic Bank to shore up its liquidity.
“The shoring up of First Republic Bank by other financial institutions is welcome news,” said Chairman McHenry. “During a troubling week for banks, this should provide further confidence in the U.S. banking system. I’m glad to see this come together without government intervention. This is how our free market should operate. At a time of uncertainty, bank managers and supervisors must be laser focused on controlling risk to bolster the stability and resiliency of our financial system. Responsible leaders should reinforce the public’s confidence in our financial system, rather than pushing their preferred agenda. The House Financial Services Committee is in contact with regulators and continues to closely monitor the ongoing situation. We will ensure any bad actors are held accountable, while providing transparency for the American people.”
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