May 01, 2023

Brown Statement on First Republic

WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH) issued the following statement regarding the failure of First Republic Bank.

“First Republic Bank’s risky behavior, unique business model, and management failures led to significant problems, and it’s clear we need stronger guardrails in place,” said Brown. “We must make large banks more resilient against failure so that we protect financial stability and ensure competition in the long run. I will keep working to protect Americans’ money, strengthen supervision and oversight of the largest banks, and hold irresponsible bank executives accountable. Working Americans and their families should feel confident that the banking system and their deposits are safe.”