depositors president biden in remarks this morning addressing the moves by his administration america s going to have confidence that the banking system is safe your deposits will be there when you need them. i instructed my team to act quickly to protect these interests. no losses will be born by the taxpayers. i ll break it down with larry summers. the president s heading to san diego this hour with meetings where the british prime minister and australia s leader, highlighting the sale of nuclear submarines to our allies to counter china s indo-pacific power. and donald trump heading to iowa today following the footsteps there with likely challenger, ron desantis and days after his former vice president, mike pence, made his most critical comments yet over trump s role on january 6th. good day, everyone i m andrea mitchell in washington depositors at the failed bank breathing a sigh of relief after the u.s. government led by the treasury department, federal reserve,
trump s role on january 6th. good day, everyone i m andrea mitchell in washington depositors at the failed bank breathing a sigh of relief after the u.s. government led by the treasury department, federal reserve, and fdic, extended protections. the biden administration also announcing similar protections for the bank of new york janet yellen and jerome powell say american taxpayers will not be on the hook for any of the losses joining me now is nbc s jake ward in northern california and cnbc s senior economics reporter, steve liesman. so, steve, take us through how the regulators worked all weekend, how the markets are reacting, but importantly, where the money is going to come to cover the deposits that are now going to be protected beyond