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Zenger
Zenger
Business
Shanthi Rexaline

First Republic Bank Fails As Former Treasury Secretary Larry Summers Warns The Consequences To Come

Larry Summers First Republic First Republic Bank FDIC JPMorgan Chase JPMorgan Inflation US Federal Reserve Washington Mutual
A person walks by a First Republic Bank office on May 01, 2023 in San Francisco, California. Federal Regulators seized troubled lender First Republic Bank on Monday and sold all of its deposits and most of its assets to JPMorgan Chase. First Republic becomes the second largest bank in U.S. history to fail since Washington Mutual failed in 2008. JUSTIN SULLIVAN/BENZINGA

First Republic Bank became the fourth failed bank on Monday as the FDIC took over the failed bank that closed and sold it to JPMorgan Chase.

The decision upon the taken over by the FDIC was that Federal Republic Bank had deteriorated. Government regulators saw no time to pursue a rescue through the private sector.

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