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Senator Warren Seeks Answers from Former First Republic CEO Following Bank's Collapse

Press Release

Date: May 4, 2023
Location: Washington, DC
Issues: Finance and Banking

"Following the passage of that law, your predecessor as CEO, James H. Herbert, gave over $2.1 million in campaign contributions to supporters of the law. You joined the call for deregulation of your bank on January 23, 2023, writing to the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) in opposition to proposals to strengthen capital and resolution requirements.

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You owe your customers and the public an explanation for the decisions that resulted in the costly failure of your bank -- the second largest bank failure in the nation's history -- the extent to which you lobbied against rules that could have prevented this failure, and the extent to which you and other bank executives profited even as the bank teetered towards collapse."


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