SENATOR VANCE REBUKES FDIC CHAIR GRUENBERG OVER POTENTIALLY ILLEGAL MISHANDLING OF FIRST REPUBLIC SALE TO JPMORGAN CHASE, REFUSAL TO COOPERATE IN CONGRESSIONAL OVERSIGHT
May 16, 2024
May 16, 2024
WASHINGTON, May 16 -- Sen. J.D. Vance, R-Ohio, issued the following news release:
"You then allowed the concentration in the financial sector by allowing JPMorgan to purchase First Republic based on a wildly off-base estimate of some of the losses that existed in First Republic, and when our offices actually try to get information to better understand this, very often we've been steamrolled. If that doesn't suggest a problem in the culture at the FDIC, I don't kn . . .
"You then allowed the concentration in the financial sector by allowing JPMorgan to purchase First Republic based on a wildly off-base estimate of some of the losses that existed in First Republic, and when our offices actually try to get information to better understand this, very often we've been steamrolled. If that doesn't suggest a problem in the culture at the FDIC, I don't kn . . .