Commentary: It’s not just First Republic that failed. It’s the whole banking system
First Republic Bank became the second-biggest bank failure in U.S. history after the lender was seized by the Federal Deposit Insurance Corp. and sold to JPMorgan Chase on Monday. First Republic is the latest victim of the panic that has roiled small and midsize banks since the failure of Silicon Valley Bank in March.
The collapse of Silicon Valley Bank and now First Republic underscores how the effect of risky decisions at one bank can quickly spread into the broader financial system. It should also provide the impetus for policymakers and regulators to address a systemic problem that has
