After First Republic Bank's collapse and sale to JPMorgan Chase and President Joe Biden's subsequent claim that "the banking system is safe and sound," former Vice President Mike Pence blamed the failure, in addition to others, on "the failed economic policies of the Biden administration."
The struggling regional bank's sale to JPMorgan Chase was announced on Monday after regulators in California took control, appointing the Federal Deposit Insurance Corporation as receiver of First Republic Bank.
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This comes seven weeks after Silicon Valley Bank collapsed in March, the biggest bank to collapse since 2008.
In an appearance on The Brian Kilmeade Show on Tuesday morning, Pence noted that First Republic Bank's failure is the "second biggest ever in history. Third bank failure in as many months. It is a testament to the failed economic policies of the Biden administration. And it's why we need change in America in 18 months."
"You can't borrow and spend and bail your way back to a growing economy. But from the outset of this administration, that's exactly what they've been trying to do. They've thrown tax increases on top of that," he claimed.
According to Pence, "Bailouts are not the answer in a free market economy. We've got to let the market ebb and flow and hold people accountable. But more than anything else, I see it all as an indictment of the economic policies of this administration."
In Monday remarks after the bank's sale, Biden tried to quell any fears from the public. "These actions are going to make sure that the banking system is safe and sound," he said. "Let me be very clear: All depositors are being protected. Shareholders are losing their investments. And critically, taxpayers are not the ones that are on the hook."
Pence further claimed that this failure may be a sign that a recession is near. "Everybody I've talked to had said that because of the highest inflation in 40 years, that we're likely headed to a recession," he said.
"Let's recognize the fact that, look, the inflation took off like a jackrabbit when Joe Biden took office," he added.
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More than anything, Pence, who is widely speculated to launch a campaign for the presidency in 2024 by June, said that Biden is the common denominator. "All roads lead back to the Biden administration," he said.
Despite not having announced a 2024 bid, Pence is polling at 7% in a hypothetical Republican presidential primary. He is beaten only by former President Donald Trump and Gov. Ron DeSantis (R-FL), who has also not announced a run. Trump boasts 56% while DeSantis has 22%, per Morning Consult.