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politics. i m john king in washington. thank you for sharing your day with us today an abortion case with implications everywhere. a texas trump-appointed judge will determine if pregnancy pills should be pull ed off the shelf from coast to coast. plus more economic turbulence as american markets tumble on fears a global bank mugt go over the edge. and wrong, disturbed, the chamberlain approach. washington say the florida governor is way off target to suggest the united states should forget about ukraine. up first this hour, a texas classroom that may echo in w women s lives no matter where you live. the case, the alliance of hippocratic medicine versus is the fda. the plaintiffs are five out of state antiabortion groups. the argument that the fda put it ahead of science two decades ago ignoring evidence and safety rules when to go on the market. it s one of two drugs used to terminate pregnancies. it s as important or important than the specific legal arguments. tod ....
silicon valley bank collapsed on friday, and the government of the state of new york shut down signature bank last night, claiming signature was on the verge of collapse. the federal government has since taken over that bank. president biden rushed out to the cameras this morning before the markets could open to try to calm the american people. he insisted there s no need for the public to worry, that their money is safe and the economy will not suffer. america can have confidence that the banking system is safe. your deposits will be there when you need them. every american should feel confident their deposits will be there if and when they need them. let me also assure you we will not stop at this. we ll do whatever is needed. the concern now is whether this was just the first part of a larger financial crisis and whether other banks or the markets will take a major hit in the coming days and the move by the biden administration to guarantee that the funds in thos ....
Money on monday morning and saying, you know what, i m going to put it at chase or citi or wells fargo because i won t get in trouble if the bank goes down. that s why the government did twha do d. so matt egan teed up the question for the fed next week. what do you think will be the most important data point for the fed in this days where we have sort of conflicting data. don t raise rates, don t put anymore pressure on the banking industry. inflation is cooling some, but in a normal world, you would raise interest rates. how does the fed sort this out? credit is the life blood of our economy. so the fed s first priority is going to be to make sure that there isn t a bigger financial crisis. they are in a place right now that they really have tried to stay away from for the last year. they do not want to have to be fighting a pretty serious ....
Fully insured by the fdic. at the same time, jake, i want to point your attention to the broader markets. the nasdaq closed up. the s&p was up about five minutes before we closed and closed lower fractionally. the reason is all of this news we re getting about the fragility of the banking market making some investors feel like maybe this will help the fed cool it on the rate hikes when we hear from the fed next week. rahel solomon, thanks so much. president biden said customers and small businesses who had money in those two banks should be able to access their money today. he also said investors in those two banks will not be protected. they will likely lose their money. president biden also blamed this banking crisis on a move by his predecessor, donald trump, to loosen requirements of those banks. we asked cnn s phil mattingly to ....
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