kev kev quite a date here in the nation s capitol. good evening, trace. breaking tonight, investors in silicon valley bank have already taken legal action to recoup their losses after, of course, the bank collapsed on friday despite the class-action lawsuit and a volatile day on wall street. as you pointed out, the president wants americans to believe our financial institutions are, in fact, secure, while also being careful to not use the banking b word. bail out. no losses will be born by the taxpayers. instead, the money will come from the fees that banks pay into the deposit insurance fund. reporter: while the fdic insures bank deposits to a quarter of a million dollars, nine of 10 depositors of xeb had more than that amount in the bank. still, the administration says they ll be covered. nothing to worry about. that also includes customers of new york-based signature bank which also collapsed over the weekend. the third largest bank failure in american history. signatu
obviously, tensions are already high between the two nations over involvement in ukraine. senior correspondent mike tobin is in kyiv tonight with the latest on this. good evening, mike. good evening, bret. a brazen violation of international law. that s the way the state department describes this contact between a u.s. drone and two russian fighter jets that ended with the u.s. drone being ditched in the black sea. the pentagon says for a half hour this morning two russian su-27 fighter jets harassed a u.s. mq 9 reaper drone in international fuel space. dumped fuel on it and pass sod close struck one of the propellers dropping it down into the southwest of crimea. this is the first contact of this sort since the height of the cold war. this incident demonstrates a lack of competence in addition to being unsafe and unprofessional. russian defense ministry denies that the jet impacted the u.s. drone and says the drone was headed in the direction of russia with its transpo
expected to defend the banking system after his government scrambled to prepare emergency measures to bail out silicon valley bank customers. here comes the president coming up to the podium. president biden: before i leave for california, i want to briefly speak about what is happening in silicon valley bank and signature bank. today thanks fought quick action of my administration america will have confidence that the banking system is safe. your deposits will be there when you need them. small businesses across the country that deposit accounts at these banks can breathe easier knowing they can pay their worker and pay their bills. hard working employees can breathe easier as well. last week when we learned of the problems of the banks and the impact they could have on jobs, some small businesses and banking systems overall, i instructed my team to act quickly to protect these interests. they have done that. they have done that. on friday, the government regulator in char
crisis that we ve seen this kind of stunning bank collapse. that s why when president biden before the market came on the airwaves and told the nation that the government would be stepping in. watch. no losses this is important important. no losses will be borne by the taxpayers. let me repeat that. no losses will be borne by the taxpayers. instead, the money will come from the fees that banks pay in to the deposit insurance fund. martha: is that accurate? let s bring in david asman and fox business correspondent susan li. the market sold off a lot early on. bounced back. now it s up 163 points. i want to ask you why in just a moment. first of all, this idea that the taxpayer is not on the hook in any way for this. let s play this janet yellen sound bite. during the financial crisis, there were investors and owners of systemic large banks that were bailed out and were certainly not looking and the reforms that have been put in place means that we re not going to do th
next question at white house correspondent peter doocy is traveling with the president. good evening, peter. good evening, president biden helping to prevent a run on the banks by signaling to consumers that wealthy banking negatives are out of luck but every day folks with money in bank accounts can be guaranteed their money is safe. they are very careful to avoid using the b-word, bailout. see you in california. the plan to talk about training sailors to work out of a new joint nuclear sub base in australia to counter threats in the indo-pacific. these subs indo-pacific. the subs are powered, not nuclear armed subs, nuclear power, not nuclear armed. the president s trip not the biggest story, that s the collapse of the silicon valley bank. your deposits will be there when you need them. they will come to the deposit insurance fund. no losses will be borne by the taxpayers. job losses are coming for those president believes that took advantage of regulati