Durbin: Taxpayers Are Paying $13 Billion to Save First Republic Bank

On Monday’s broadcast of “CNN News Central,” Senate Majority Whip Sen. Dick Durbin (D-IL) stated that the $13 billion loss that the FDIC is taking on the seizure of First Republic Bank is “$13 billion in taxpayers’ money” that the federal government put into First Republic Bank to ensure that it “did not fail and cause some recession in this economy.”

While discussing the debate over raising the debt ceiling between President Joe Biden and House Speaker Rep. Kevin McCarthy (R-CA), Durbin said, “Speaker McCarthy is playing a dangerous game. Look at this First Republic Bank, we put $13 billion in taxpayers’ money there to make sure that this bank did not fail and cause some recession in this economy. There’s a lot at stake here, with a small — literally small bank in comparison to the national economy, $23 trillion, and the debt ceiling debate that McCarthy is trying to use for political purposes. This is totally irresponsible. If he defaults, if he even gets close to default, if there’s a serious threat of default, it’s going to have an impact on this economy, on business, on growth, as well as the number of jobs across America. We shouldn’t play this dangerous game. The President’s right.”

Follow Ian Hanchett on Twitter @IanHanchett


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