Elizabeth Warren demands answers on First Republic sale to JPMorgan.

Senator Elizabeth Warren expressed her concern over the sale of First Republic to JPMorgan Chase, stating that it made the largest lender in the US even bigger and increased risks to the banking system. She confronted acting Comptroller of the Currency Michael Hsu, among the regulators who awarded the bulk of First Republic's operations to JPMorgan on May 1. Warren cited JPMorgan's Global Systemically Important Bank (GSIB) score, which estimates the impact a bank would have on the US economy if it were to fail, and said that JPMorgan posed 8 times more risk than PNC and 14 times more than Citizens Financial Group, which were also among the bidders for First Republic.