Biden defends banking record amid JPMorgan deal and First Republic Bank collapse.

JPMorgan Chase's acquisition of First Republic Bank has forced the Biden administration to defend its stance on mergers, with officials scrambling to explain how their opposition to consolidation squares with allowing the largest US bank to get even bigger. White House press secretary Karine Jean-Pierre said the deal was necessary to ensure the continued resilience of the banking system and came at no cost to taxpayers. The acquisition comes amid increased discussion among US regulators about tightening rules on bank mergers, with officials growing worried that consolidation could undermine financial stability and leave communities wanting for services.