Rockland Reporter

Congressman Mike Lawler (NY-17) released the following statement after federal regulators seized First Republic Bank and sold it to JPMorgan Chase.

"While Congress must examine the causes of each of the recent bank failures, what is clear to anyone, except this administration, is that inflation and reckless government spending is wreaking havoc on the financial sector," said Congressman Lawler. "The latest action by federal regulators to seize First Republic Bank and sell it to JPMorgan Chase is yet another indication that President Biden's economic policies simply aren't working."

"The President must come to the table and negotiate real, substantive spending caps to restore investors' faith in the system," concluded Congressman Lawler. "Until the federal government gets its bad spending habit under control, inflation will continue to drive instability on bank balance sheets."

New York's 17th Congressional District is just north of New York City and contains all or parts of Rockland, Putnam, Dutchess, and Westchester County.

Original source can be found here.