President Biden on Monday aimed to assure Americans that there's no need to panic after the failure of California's Silicon Valley Bank (SVB) on Friday and New York's Signature Bank on Sunday. "Americans can rest assured that our banking system is safe," Biden said.
"Your deposits are safe. Let me also assure you, we will not stop at this. We'll do whatever is needed." A joint statement from the Treasury Department, Federal Reserve and the Federal Deposit Insurance Corporation on Sunday said SVB and Signature depositors would have access to their funds starting Monday. The Biden administration has emphasized that investors and owners will not be getting a bailout, with Biden noting the money going to depositors would come from "fees that banks pay into the Deposit Insurance Fund." A Treasury official told reporters Sunday night that the fund has more than $100 billion in it, calling it "fully sufficient" to cover deposits from both banks. Biden said, "Because of the action our regulators have already taken, every American should feel confident their deposits will be there when they need them." He also said he'd ask Congress to strengthen bank regulations in the wake of rollbacks in 2018.
More from The Hill: 5 things to know about the SVB takeover |
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Welcome to Evening Report! I'm Amée LaTour, catching you up from the afternoon and what's coming tomorrow. Not on the list? Subscribe here. |
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Sixty-two House Democrats called on the Biden administration to take more action to combat child labor law violations.
White House press secretary Karine Jean-Pierre called on former Vice President Mike Pence to apologize for making a joke about Transportation Secretary Pete Buttigieg taking paternity leave.
Sen. Ed Markey (D-Mass.) and Rep. David Trone (D-Md.) are calling on the State Department to "issue a travel advisory warning of the dangers of buying adulterated pharmaceuticals from Mexican pharmacies."
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DeSantis ramps up travel ahead of 2024 decision |
Florida Gov. Ron DeSantis (R) is headlining a dinner for the New Hampshire Republican Party on April 14, the party announced Monday. As The Hill's Max Greenwood reports: "News of the scheduled appearance comes as DeSantis begins a swing through several critical early primary and caucus states in the lead up to a likely presidential campaign announcement. He made stops in Iowa on Friday followed by a trip to Nevada on Saturday." New Hampshire will hold the first GOP presidential primary in the nation, as it has for many years. Along with DeSantis's recent early state travels, he released a book and spoke at the Club for Growth donor retreat. That event overlapped with the Conservative Political Action Conference, which former President Trump headlined. DeSantis is expected to announce a 2024 decision after the Florida legislative session ends in May. |
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5 things to know about the Alaska drilling project
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The Interior Department on Monday approved the Willow Project, an Alaskan oil drilling project, which The Hill's Zack Budryk called "one of President Biden's most controversial moves yet on environmental policy." Zack breaks down five things to know about the project: - It could produce vast amounts of carbon emissions, at a time when the Biden administration is publicly committed to reducing them
- The administration announced new Alaskan protections just before the announcement
- The administration faced bipartisan pressure from Alaskan lawmakers to approve the project
- The Biden administration's allies in the environmental movement are furious
- The approval caps off over two years of intrigue relating to oil and gas leasing on federal lands
Read the full report here. |
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Cohen expected to testify in Trump investigation
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Michael Cohen, former personal lawyer to former President Trump, was at a Manhattan courthouse on Monday for an expected appearance before a grand jury investigating Trump. Cohen, who pleaded guilty to charges in 2018, is expected to testify regarding hush money paid to adult film star Stormy Daniels, who alleged she and Trump had an affair. Trump has denied having an affair with Daniels. "The hush payment on its own is legal, but legal experts have suggested that prosecutors could leverage Cohen's testimony in an attempt to indict Trump on charges of falsifying business records," The Hill's Zach Schonfeld wrote. "Cohen claims the former president later reimbursed him in monthly installments for the hush money and that the payments were erroneously recorded as a legal retainer fee." Trump attorney Joe Tacopina called the case "outrageous" on ABC's "Good Morning America" Monday. Trump called investigations against him a "Witch Hunt." |
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The working relationship between McCarthy and Jeffries
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While they disagree on myriad issues, House Speaker Kevin McCarthy (R-Calif.) and House Minority Leader Hakeem Jeffries (D-N.Y.) are forging a working relationship. "Certainly not going to call them best friends," said Rep. Garret Graves (R-La). But "they return one another's calls, which makes it in stark contrast to what has gone on before." The Hill's Emily Brooks and Mychael Schnell have more on the budding dynamic here. |
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More partisan, more press
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A study from the Center for Media and Public Affairs at George Mason University and the nonprofit Starts With Us found politicians it identified as most partisan received more than four times the press coverage as those it considered least partisan. From The Hill's Daniel de Visé: "The report's authors said their work illustrates how name-calling, partisan bickering and provocation dominate the political news cycle, to the exclusion of substantive coverage about the actual work of Congress." |
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NRCC targeting 37 districts Democrats hold
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The National Republican Congressional Committee (NRCC) released a list of 37 districts it hopes to flip in 2024. "These House Democrats should be shaking in their boots," said NRCC Chairman Richard Hudson (R-N.C.). |
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"America must uphold our promise to Afghan allies" — Jamil N. Jaffer, former associate counsel to President George W. Bush, and DJ Rosenthal, director for counterterrorism at the National Security Council in the Obama White House. (Read here) "ChatGPT blues: The coming generative AI gerrymandering of the American mind" — Kashyap Kompella, president and CEO of RPA2AI Research and visiting faculty at the Institute of Directors, and James Cooper, professor at California Western School of Law and a research fellow at Singapore University of Social Sciences. (Read here) |
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603 days until the presidential election. |
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4:45 p.m.: The Senate Armed Services Subcommittee on Strategic Forces will hold a hearing "to examine United States Space Force programs in review of the Defense Authorization Request for Fiscal Year 2024 and the Future Years Defense Program." |
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There a story you think should be getting more attention? Something people should be talking about? Drop me a line: alatour@thehill.com | |
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