First Republic Bank's Stock Plummets Amid Industry Turmoil

Shares of First Republic Bank continue to plummet, posing a fresh challenge for the Biden administration and industry regulators. The bank has lost roughly half of its value and experienced deposit outflows of over $104 billion during the first three months of the year. Government officials, regulators, and industry executives are scrambling to find a solution, with selling the bank to a healthier financial institution being the preferred remedy. However, finding a buyer willing to absorb the unrecognized losses on bonds owned by the bank will not be easy. The Federal Reserve and the Federal Deposit Insurance Corporation will release reports on what went wrong with other midsize banks and propose regulatory changes to avoid future failures.