hello, everyone. welcome to cnn newsroom. and i m john berman. victor is off this froop. and we begin with president biden s dramatic overnight move to dparnguarantee the money is e bank. this comes after the failure of two banks. today the president announced regulators are taking them over, but unlike what was seen in 2008 the u.s. will cover only bank customers not bank investors. all customers who had deposits in these banks can rest assured that we protect it, and they ll have access to their money as of today. that includes small businesses across the country that bank there and need to make payroll, pay their bills and stay open for business. investors in the banks will not be protected. they knowingly took a risk, and when the risk didn t pay off, investors lose their money. that s how capitalism works. svb s small businesses are thankthal for president biden s decision. i am quite relieved from what i heard from president biden. i think the administration h
top of the hour now on cnn newsroom. i m john berman. this morning president biden reassuring americans that the u.s. banking system remains safe. this despite the failure of two significant banks within 48 hours. silicon valley bank and signature bank have now been taken over by federal regulators. all customers who had deposits in these banks can rest assured. rest assured they ll be protected and they ll have access to their money as of today. that includes small businesses across the country that bank there and need to make payroll, pay their bills and stay open for business. no losses this is an important point. no losses will be borne by the taxpayers. the president emphasized the customers will be fully protected while the bank s managers and investors will be held accountable. he also outlined the emergency measures his administration took to protect the bank s customers. cnn s priscilla alvarez is with us. look, a lot of this is trying to ease the anxiety
could spread. when banks experience govern to take it over so quickly and financial losses, it is around should be a gnatter of concern why did the government have to take it over so quickly and are other banks at risk. i ll ask sheila bair, the former chair of the fdic about the last banking crisis. legal troubles. donald trump faces potential criminal charges in new york where he s been invited to testify before the grand jury this week. our country has become the investigation capital of the world. while his biggest challenger visits iowa for the first time. we will never, ever surrender to the woke mob. will the republican primary voters even care if trump is indicted and the art of deception house speaker kevin mccarthy hands over january 6th footage to tucker carlson who claims the insurrection was mostly peaceful and it serves to divide republicans on capitol hill. i think it s bull [ bleep ]. bob menendez of new jersey, , senator and chairman o
out the second largest failed bank in u.s. history we re going to have the latest on this developing financial crisis. tell you what, it was a crazy weekend. yesterday, the white house working along with people across the financial industry, doing everything they could to stop a meltdown. yeah. and it looked in the early afternoon like that meltdown was coming they understood that china s markets were going to be opening at 8:00, 9:00 at night, and they had to get things lined up before then so the asian markets didn t collapse, which would cause u.s. markets to collapse this morning it was touch and go, as you know. yeah. because we were on a lot of calls yesterday afternoon. it was touch and go for quite some time. it looks like, for now, they ve stemmed the bleeding but this, for a while, was looking like it could spread much like 2008. absolutely. meanwhile, mike pence finds the courage to speak out on donald trump, but only behind closed doors and off camer
judge blocks the fda approval of a key abortion medication. how the biden administration is planning to respond and china simulating strikes against taiwan after the nation s president visited the us we re live in beijing as tensions escalate. all right. welcome to our viewers in the united states and around the world. i m christine romans. this is early start this morning. justice department officials are racing to find out how top secret u. s military documents were leaked online. the information is intended only for those with the highest levels of us security clearance documents cover a wide range of topics from assessments of ukraine s military strength and casualty figures to intelligence on american allies like israel and south korea. the documents will reportedly first posted on obscure internet gaming sites. but have now turned up on twitter and youtube in recent weeks, democratic congressman ruben gallego, raising concerns that this leak could jeopardize sources and