"First Republic Bank Rescued by Eleven Banks with $30 Billion in Uninsured Deposits"

Big banks are investing around $30 billion in First Republic after the collapse of Silicon Valley Bank and Signature Bank. However, lobbyists for small banks argue that community banks should not have to pay for the mistakes of SVB. Any losses incurred by the FDIC will be paid back by a "special assessment on banks" to replenish the fund, which community bank leaders say is unfair. Some lawmakers are introducing legislation to protect consumers and small banks from footing the bill.