Patrick McHenryChairman

Washington, May 1, 2023 -

Today, House Financial Services Committee Chairman Patrick McHenry (NC-10) issued the following statement after the Federal Deposit Insurance Corporation (FDIC) announced actions to place First Republic Bank into receivership and the assumption of First Republic’s assets and deposits by JP Morgan Chase Bank:

“Americans should remain confident in the safety of their deposits at U.S. banks,” said Chairman McHenry. “The FDIC used its available tools to resolve First Republic Bank. I appreciate the quick work of regulators to facilitate a sale of the bank’s assets, while minimizing risk to taxpayers. The question remains, why didn't the FDIC do the same thing in March when SVB was placed into receivership. It’s critical that the Biden Administration and its regulators not politicize these events. As Chairman of the House Financial Services Committee, I will ensure Members of Congress receive appropriate briefings and information from our federal banking regulators. The Committee will continue to use its authority to provide the transparency the American people deserve regarding recent bank failures.”

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