First Republic


US authorities are reportedly considering expanding an emergency lending facility to assist First Republic, a move that could provide the bank with additional time to improve its financial position. According to Bloomberg’s Business and Markets accounts, the news broke on March 25, 2023, at around 4:38 PM EDT. While details are scarce, the expansion of the emergency lending facility would fall under the rarely used Section 13(3) of the Federal Reserve Act, which authorizes the…