First Republic's takeover worsens the 'too big to fail' bank problem, and taxpayers will be on the hook, Elizabeth Warren says
The deal terms include drawing in $92 billion in deposits. First Republic was seized on Monday by the"A poorly supervised bank was snapped up by an even bigger bank—ultimately taxpayers will be on the hook. Congress needs to make major reforms to fix a broken banking system," said Warren, who sits on the Senate Banking Committee.
First Republic, which catered to wealthy clients, suffered first-quarter deposit outflows $100 billion, accelerating after the March implosion of Silicon Valley Bank, which depended heavily on venture capitalists and tech companies. Crypto-friendly Signature Bank was also shut down by regulators in March.
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