Biden's Record on Banking System Under Scrutiny Amidst Bank Failures and Mergers.

Former Vice President Mike Pence criticized the Biden administration's economic policies, blaming rampant spending and bailouts for creating the conditions for bank failures and a looming recession. First Republic Bank was seized and sold to JPMorgan Chase, raising concerns about the state of the US economy. Pence argued that the inflation and recession were caused by the unnecessary spending of $1.9 trillion by the Democrats in the House and Senate. He also stated that the economic policies of the Biden administration were responsible for the bank failures and that bailouts were not the answer in a free market economy.