What? Worried about your bank? Nah. It's cool.
What the Biden administration is doing this morning. Plus: Mike Pence, former accomplice of Donald Trump, who stood in defiance of the president on Jan. 6, comes out swinging against his former boss.
The first thing you need to know on this Monday, March 13, 2023, is that Janet Yellen, the secretary of the U.S. Department of the Treasury, says not to worry about your money. Okay? So, thanks for rising up with me! Now, let’s get to why she’s got such a rosy perspective after TWO banks failed!
FEDS SHUTTER 2ND BANK AFTER CLOSING SILICON VALLEY BANK: Federal regulators announced on Sunday that another bank had been closed and that the government would ensure that all depositors of Silicon Valley Bank—which failed Friday—would be paid back in full. —The New York Times
The Biden administration is rushing to keep the collapse of that large institution from sweeping through the financial system.
The Federal Reserve, Treasury Dept. and Federal Deposit Insurance Corporation announced in a joint statement that “depositors will have access to all of their money starting Monday, March 13.”
In an attempt to assuage concerns about who would bear the costs, the agencies said that “no losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”
The agencies also said that they would make whole depositors at Signature Bank, which the government disclosed was shut down on Sunday by New York bank regulators.
The state officials said the move came “in light of market events, monitoring market trends, and collaborating closely with other state and federal regulators” to protect consumers and the financial system.
NO BAILOUT, SAYS YELLEN: CBS News Face the Nation
WHERE’S THE MONEY COMING FROM THEN? Funds will be backstopped by a pool of money that is regularly paid into by U.S. banks, which now holds more than $100 billion. —Washington Post
The new Fed program will enable banks to pledge U.S. Treasuries and other safe government securities as collateral in return for loans of up to one year from the central bank.
HOW DID THIS HAPPEN? The initiative is aimed at resolving one of the problems that led to SVB’s failure: unrealized losses on the bank’s government securities. As the Fed raised interest rates last year, the value of those securities fell.
POLITICAL FALLOUT: The move will likely ignite a political firestorm over the decision to protect the assets of “coastal elites:” tech firms, venture capitalists, and other rich people in California and New York.
REPORT SAYS BIDEN OK’S NEW ALASKA OIL DRILLING PROJECT:
Despite a campaign promise to do exactly the opposite, The New York Times reports the Biden administration today will formally approve a huge oil drilling project in Alaska known as Willow, according to two people familiar with the decision.
The project faces widespread opposition because of its likely environmental and climate impacts.
The president will also impose sweeping restrictions on offshore oil leasing in the Arctic Ocean and across Alaska’s North Slope in an apparent effort to temper criticism over the Willow decision and, as one administration official put it, to form a “firewall” to limit future oil leases in the region.
The Interior Department also is expected to issue new rules to protect more than 13 million acres in the National Petroleum Reserve-Alaska from oil and gas leasing. —NYT
FEDERAL JUDGE IN TEXAS DECIDES TO KEEP THIS WEEK’S HEARING ON ABORTION PILLS A SECRET: Washington Post
LAW DORK INVESTIGATES: Journalist Chris Geidner reports in his excellent Substack that U.S. District Judge Matthew Kacsmaryk, an appointee of former President Donald Trump, is a stickler for protecting the public’s right to know, except when he isn’t. Click here to read and subscribe!
THEY KNEW LEVEE COULD FAIL AND DID NOTHING: Los Angeles Times
FBI ARREST MICHIGAN MAN FOR MAKING THREATS AGAINST BIDEN, FBI, GOV. WHITMER AND LGBTQ+ AMERICANS: Los Angeles Blade
TODAY WAS THE DAY: Friday the 13, March 2020, the day that work stopped, that lockdowns started and schools were shuttered.
Saturday was actually the third anniversary of the day the World Health Organization first called the outbreak a pandemic—March 11, 2020.
HEAVY LOSSES REPORTED IN BLOODY BATTLE FOR UKRAINE: The BBC
JEWS HOLD DEMONSTRATIONS AROUND THE WORLD AGAINST ISRAEL: The Times of Israel
INDIA’S GOVERNMENT OPPOSES MARRIAGE EQUALITY LAW: Reuters
MIKE PENCE’S HARSHEST WORDS YET FOR DONALD TRUMP:
“History will hold Donald Trump accountable for Jan. 6,” the former V.P. said at the annual Gridiron Club dinner in Washington, D.C. Saturday night, a gathering of journalists.
“Make no mistake about it: What happened that day was a disgrace, and it mocks decency to portray it in any other way. President Trump was wrong. His reckless words endangered my family and everyone at the Capitol that day.”
RESPONDING TO TUCKER CARLSON: “Tourists don’t injure 140 police officers by simply sightseeing. Tourists don’t break down doors to get to the Speaker of the House. Tourists don’t threaten public officials.”
PENCE ON PRESS COVERAGE OF JAN. 6: “We were able to stay at our post in part because you stayed at your post. The American people know what happened that day because you never stopped reporting.”
“I don’t deny that you infuriate me… and I’m sure I infuriate you… but I genuinely value what you do to keep us a democracy.” —Politico
PENCE MAKES HOMOPHOBIC “JOKES” ABOUT PETE BUTTIGIEG: Los Angeles Blade
SPEAKER KEVIN McCARTHY KEEPS DEFENDING DECISION TO GIVE TUCKER CARLSON EXCLUSIVE VIDEOS FROM JAN. 6: Washington Post
DR. FAUCI RESPONDS TO GOP CALLS FOR HIS ARREST: The Hill
UCONN WOMEN ADVANCE: Hartford Courant
Oscar, Oscar, Oscar!
KE HUY QUAN SAYS WINNING AN ACADEMY AWARD FULFILLS “AMERICAN DREAM:” Variety
FULL LIST OF WINNERS, INCLUDING SEVEN OSCARS FOR EVERYTHING, EVERYWHERE ALL AT ONCE: Variety
IS THE BOSS ILL? ABC News reports Bruce Springsteen has canceled several shows, blaming the concert cancellations on an undisclosed “illness.” Here’s hoping whomever it is, whatever it is, they get better soon.
FOR A RUNDOWN OF STORIES IMPACTING THE TRANSGENDER COMMUNITY, READ THE BEDTIME STORIES EDITION by clicking here.
NOW 440 BILLS AIM TO RESTRICT TRANS RIGHTS: Journalist Erin Reed, author of the excellent Substack Erin In The Morning, reports on the legislative action across states of hate. Click here to read and subscribe!
INTERVIEW WITH ERIN REED: France24
KEEPING THE TROLLS AT BAY: You gotta hand it to Parker Molloy, a journalist and author of The Present Age substack, which is excellent. On Saturday, she composed a thread worthy of your time. Here are a few tweets:
TERF SPEAKS OUT AGAINST 12-YEAR-OLD TRANS GIRL: Fox News
Star Trek Corner
TODD STASHWICK SPILLS THE SHAW TEA: Turns out, one inspiration for Capt. Liam Shaw in Star Trek Picard Season 3 was the character played by the late actor Robert Shaw, “Quint,” in Jaws! —Collider
STASHWICK TALKS TREK IN THE READY ROOM:
HOW TO VIEW THE ENTIRE SEASON AND PAST STAR TREK EPISODES: Click here to subscribe to Paramount+
That’s all for today. I’ll be back tomorrow morning with another look at the news you need to rise up and start your day. Until then… may your news be good news!
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