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NEW YORK — With the last-minute purchase of First Republic Bank, JPMorgan Chase and CEO Jamie Dimon are once again at the center of an American economic debate.
Some have hailed Dimon as a savior for taking on yet another imploding bank as he did during the 2008 financial crisis. Others like Sen. Elizabeth Warren are castigating the deal as emblematic of weak regulation and of an unfair concentration of power and wealth.
“The failure of First Republic Bank shows how deregulation has made the too big to fail problem even worse,” Warren (D-Mass.), who has long criticized Trump-era deregulatory moves, tweeted after the announcement. “A poorly supervised bank was snapped up by an even bigger bank—ultimately taxpayers will be on the hook. Congress needs to make major reforms to fix a broken banking system.”