on capitol hill, democrats unveil a new bill they say will prevent another bank collapse. we will speaker with senator bob menendez who helped introduce the legislation. battle over abortion rights in texas how one jeryl judge to block a medication used in abortions nationwide. the latest fallout after a russian fighter jet and u.s. drone collide in mid air now russia says it s intenting to recover the fragments of that drone. we begin this very busy hour with the latest on wall street where the dow jones continues to drop after shares of another major bank tumbled more than 20%. dow jones is down 552 points and 1.7% dropping this morning a swiss bank with large operations in the u.s. and around the globe is the center of the latest crisis in the banking sector that is affecting wall street. joining us now with more is cnbc sema mody. what is going on with the markets this morning and why can you hear me? let s try to reestablish communication with her on this we will k
government is stepping in to calm the failure two of u.s. banks. everyone that had money in sign silicon valley bank and signature bank will have money. the president is going to address the public about it. oscars, stealing the show, best picturor, best actress, best supporting actor and best supporting actress. also overnight, saber-rattling once against from north korea with a missile test launched from a submarine. the u.s. and south korea begin joint military exercises. you know this name. michael cohen. set to testify in a case that could lead to criminal charges against donald trump. cohen expected to appear before a mat nhattan grand jury. he s been making hush payments to stormy daniels. and get this march madness your march madness bracket is set for the ncaa tournament. the one seeded, kansas, purdue, alabama, something like that never heard of them. cnn this morning starts right now. i can tell you, i was in washington this weekend. the collapse of
hello, everyone. collapse and recovery. the white house steps in after two banks collapse. at this hour, families are forced from their homes after a levee breaches and more rain on the way. and also, three women who have not been heard from in more than two weeks. and thank you for joining us, i m kate bolduan. the president is trying to reassure the american people and the financial markets to avoid a full blown financial crisis after the collapse of silicon valley bank. regulators are also abruptly shutting down a bank in new york, signature bank which is on the verge of collapse. that set off a fran ik 48 hours, and the president said this. look, the bottom line is this. americans can rest assured that the banking system is safe. the deposits are safe. much more to this. matt egan, what is next for the two banks? it is shock and awe response from washington, and officials are serious about putting this fire out before it spreads elsewhere. what are they doing? the
we ll today, ashleigh. good morning, you know, over the weekend, the government also shut down new york signature bank, so this action will apply to those customers as well. even uninsured depositors have been given the guarantee that their money will be returned in a joint statement by the treasury. federal reserve at f d. i c reads quote, depositors will have access to all of their money starting monday, march 13th no losses associated with the resolution of silicon valley bank will be worn by the taxpayer, the president said. that more will come today. president over the crisis. what s that? , access to all of their money starting monday march 13, what is that? we are expecting to hear from the president at 8:00 and all of this emergency action was a ripple effect. and also protect the payroll for companies with svp. may need recognize like fitbit , there is no consequences to their actions. treasury secretary janet yellen said a bank by little else was never on the
insurance for deposits saving grace for deposit fors as of much as $220 billiony uninsured. move to prevent a run on additional banks makes it so the tech company as it banked with svb can make payroll. at least 29y impacted pinterest, zip recruiter just to name a few. separately the same has been done for new york signature bank which was shut down over the weekend. treasury secretary janet yellen says the action does not equal bailing out the banks. during the financial crisis there were investors and owners of stem large banks that were bailed out and we re certainly not looking and the reforms that have been put in place means that we re not going to do that again. but, we are concerned about the depositors and are focused on trying to meet their needs. so, unlike the great financial drivers stock and bond investors will not be protected by the move. and taxpayer money will not be injected. percy square agrees this was not a bailout. he wrote this on twitter, quote