{"id":1923193,"date":"2023-05-03T02:26:34","date_gmt":"2023-05-03T06:26:34","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-abandons-opposition-to-bank-mergers-after-first-republic-collapse\/"},"modified":"2023-05-03T02:31:00","modified_gmt":"2023-05-03T06:31:00","slug":"biden-admin-abandons-opposition-to-bank-mergers-after-first-republic-collapse","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-abandons-opposition-to-bank-mergers-after-first-republic-collapse\/","title":{"rendered":"Biden drops opposition to bank mergers after First Republic&#8217;s collapse."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-admin-abandons-opposition-to-bank-mergers-after-first-republic-collapse%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1923193&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>JPMorgan Chase &#038; Co&#8217;s Acquisition of First Republic Bank Raises Concerns<\/h2>\n<p>The recent acquisition of First Republic Bank by JPMorgan Chase &#038; Co has left the Biden administration in a difficult position. While the sale of the troubled San Francisco-based lender was hailed by President Joe Biden as a move to protect depositors and avoid a government bailout, critics have raised concerns about the impact of the merger on the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/a-real-life-iron-man-the-incredible-story-of-elon-musks-rise-to-worlds-richest-man\/\" title=\"\u2018A Real Life Iron-Man\u2019: The Incredible Story Of Elon Musk\u2019s Rise To World\u2019s Richest Man\">banking sector<\/a> and the potential for taxpayers to be left on the hook.<\/p>\n<h3>Pushback from Senator Elizabeth Warren<\/h3>\n<p>Senator Elizabeth Warren, a Democrat and member of the Senate Banking Committee, has been a vocal advocate for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/credit-suisse-ubs-crunch-talks-us-bank-fallout-what-you-need-to-know\/\" title=\"Credit Suisse, UBS crunch talks; US bank fallout: What you need to know\">tighter banking regulations<\/a>. She blasted the decision, warning that &#8220;a poorly supervised bank was snapped up by an even bigger bank\u2014ultimately taxpayers will be on the hook.&#8221;<\/p>\n<h3>White House Defends the Deal<\/h3>\n<p>White House press secretary Karine Jean-Pierre defended the acquisition, arguing that it was necessary to ensure the continued resilience of the banking system and came at no cost to taxpayers. She also emphasized the administration&#8217;s commitment to promoting competition and addressing concentration across industries.<\/p>\n<h3>Concerns about Bank Mergers<\/h3>\n<p>The acquisition comes amid increased discussion among U.S. regulators about tightening rules on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-sued-for-allegedly-hiding-records-on-hostile-takeover-of-federal-deposit-insurance-corporation\/\" title=\"Biden Admin Sued for Allegedly Hiding Records on \"Hostile Takeover\" of Federal Deposit Insurance Corporation\">bank mergers<\/a>. Officials are growing worried that consolidation could <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-banks-may-face-350-billion-in-losses-from-property-crisis\/\" title=\"China Banks May Face 0 Billion in Losses From Property Crisis\">undermine financial stability<\/a> and leave communities without access to banking services.<\/p>\n<h3>The Need to Avert Contagion<\/h3>\n<p>Former officials have suggested that the need to avert contagion in the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-abandons-opposition-to-bank-mergers-after-first-republic-collapse\/\" title=\"Biden drops opposition to bank mergers after First Republic's collapse.\">banking sector ultimately trumped concerns<\/a> about JPMorgan&#8217;s growing power. While the acquisition raises valid concerns, it remains to be seen how it will impact the banking sector and the broader economy.<\/p>\n<ul>\n<li>Increased discussion among U.S. regulators about tightening rules on bank mergers<\/li>\n<li>Officials worried that consolidation could undermine financial stability and leave communities without access to banking services<\/li>\n<li>The need to avert contagion in the banking sector ultimately trumped concerns about JPMorgan&#8217;s growing power<\/li>\n<\/ul>\n<p>Despite the concerns, the acquisition of First Republic Bank by JPMorgan Chase &#038; Co highlights the ongoing challenges facing the banking sector and the need for continued vigilance and oversight.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>WASHINGTON (Reuters)\u2014JPMorgan Chase &amp; Co&#8217;s deal to buy First Republic Bank pushed the Biden administration into a corner, leaving officials scrambling to explain how their stance against mergers squared with allowing the largest U.S. bank to get even bigger. At a White House event on small business on Monday, President Joe Biden hailed the sale<\/p>\n","protected":false},"author":66,"featured_media":1923194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[5373,3620,7385,3727,25659,3760,25661],"class_list":["post-1923193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon","tag-bank","tag-biden","tag-collapse","tag-drops","tag-mergers","tag-opposition","tag-republics"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1923193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1923193"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1923193\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1923194"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1923193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1923193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1923193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}