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**Joint Statement by the Department of the Treasury, Federal Reserve, FDIC, and OCC**

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Press Release  \|  March 16, 2023

**Joint Statement by the Department of the Treasury,**

**Federal Reserve, FDIC, and OCC**

WASHINGTON, DC -- The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, FDIC Chairman Martin J. Gruenberg, and Acting Comptroller of the Currency Michael J. Hsu:

Today, 11 banks announced $30 billion in deposits into First Republic Bank. This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system.

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FDIC: PR-20-2023

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