what happened? erica, this happened so fast. it s stunning. silicon valley bank shut down by california regulators after the stock crashed by 60% yesterday after the bank said it needed to rapidly raise cash. this is easily the biggest bank failure since washington mutual fell apart in 2008 during the financial crisis. silicon valley bank, if you haven t heard of it, it is a major lender to tech start-ups. the fdic says that depositors that have $250,000 or less, they are insured here. they will get their money. they will get access to their money as soon as monday morning. but we know that some people, some entities, some start-ups, they have more than $250,000, and it s less clear what s going to happen to them. how did this happen? well, when the fed spikes interest rates, things tend to break. we know that the fed rate hikes have hurt the valuation of the tech companies that this bank catered to, also has hurt the value of the bonds that banks rely on to get cash. erica
charges now. also new this morning, some amateur balloonists say that one of their small balloons is, quote, missing in action. it s last known location, somewhere over alaska on saturday. this as president biden has now spoken on the u.s. shooting down a chinese spy balloon, as well as three other objects. he says he makes no apologies for the first one, but is now asking his team to device sharper rules for dealing with other unidentified objects. questions as to whether those were real threats. also happening right now, vice president kamala harris, secretary of state antony blinken in munich, germany. world leaders gathering for a security conference as we quickly approach the one-year anniversary of russia s invasion of ukraine. we want to begin at the white house. cnn s jeremy die nond mr. the president addressing those downed objects now after mounting pressure over the last several days. what more did we learn from those remarks? reporter: biden made very clea
bret: breaking tonight the effort to avoid a disaster involving commercial airlines. there have been several very close calls lately we told you about them yesterday. today the held a safety summit to come up with solutions. mark meredith leads us off from reagan national airport. good evening, mark. bret, good evening to you. the top aviation the skies are safe. after a number of near misses and close calls, including one at this airport just last week, the government is also examining if more can be to avoid potential disasters. we have seen an uptick in serious close calls that we must address. transportation secretary pete buttigieg kicked off today s aviation safety summit with a warning. more mistakes than usual are happening across the system, on runways, at gates when planes are pushing back, in control towers and on flight decks. the government says it s investigating six runway incursions this year alone, including one at washington s reagan airport 8
month s toxic train to rome end. cbs s roxana saberi reports to meet from east palestine, ohio. this was a preventable accident. do you agree? yes, i do agree. reporter: back in the senate hot seat. for decades, the railroads have lobbied to undermine safety rules. they are still at it. reporter: nearly seven weeks after norfolk southern train derailed in east palestine, ohio, spewing toxic chemicals. i want to open by stating how deeply i sorry i am for the impt this derailment have had. reporter: ceo alan shaw said he supports some aspects of the bipartisan senate bill tightening rules on rail safety. including additional funding for training, mandatory defect detectors on tracks, and requirements to notify first responders of hazardous material on rail cars. none of us knew exactly what dangers were on that train. reporter: east palestine resident misty allen testified her town and family are still
take it somewhere. and what the federal e.p.a. has made hard to do is to actually get the toxic dirt out of east palestine in the first place. i hate to say it, bret, i think this is all about politics. i think when a blue state doesn t want to take the stuff, they get approval from the biden administration, when a red state doesn t want to take stuff they find a much less willing ear. bret: is there something legislatively can be done railway safety act of 2023. you have got advanced notice of hazardous cargo, mechanical defect detectors, higher violation fines, minimum two person crews goes on and on as a proposal. is that something? yeah, this is a piece of legislation i have co-authored got senators rubio and holly from the republican side and democrats as well. i think it s a very good piece of legislation. two big things we have to do better on rail safety, bret. first of all, when you have firefighters going in to fight a toxic fire caused by a train derailment, they have