Washington is on tenterhooks, waiting to see if the collapse of Silicon Valley Bank, and the government’s efforts to ensure its depositors can get their money, cause wider chaos in the economy. Democratic senator and Wall Street foe Elizabeth Warren said the California-based institution’s debacle is a sign that rolling back financial regulations in 2018 was not a good idea, while Republicans are blaming everything from Twitter to the woke mob. And on the 2024 campaign trail, Nikki Haley described the government’s intervention with the most infamous b-word: bailout.

“,”elementId”:”0e915ea1-c0c0-4f99-bd5c-1664549a54e7″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Here’s what else happened today:

“,”elementId”:”edd6e870-7ae5-49b9-bcf8-0421c160ecb2″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

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• Joe Biden approved a major oil and gas drilling project in Alaska while protecting the Arctic ocean and millions of acres elsewhere in the state from petroleum exploration. Environmental groups are furious.

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• Social security is like Silicon Valley Bank: so says Republican senator Bill Cassidy.

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• Barney Frankwas a champion of financial regulation during his time in Congress, but then sat on the board of a now-closed bank and said he doesn’t think tighter rules would have stopped the recent insolvencies.

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• Rupert Murdoch has not watched Succession, it turns out.

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• Have you been affected by the collapse of Silicon Valley Bank? Tell us.

n

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Washington is on tenterhooks, waiting to see if the collapse of Silicon Valley Bank, and the government’s efforts to ensure its depositors can get their money, cause wider chaos in the economy. Democratic senator and Wall Street foe Elizabeth Warren said the California-based bank’s debacle is a sign that rolling back financial regulation in 2018 was not a good idea, while Republicans are blaming everything from Twitter to the woke mob. And on the 2024 campaign trail, Nikki Haley described the government’s intervention with the most infamous b-word: bailout.

“,”elementId”:”dd820f61-6006-423c-8668-f8f5625a7743″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Here’s what else has happened today:

“,”elementId”:”37989853-161c-4f4c-8621-5dfb161ccb8d”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

n

• Joe Biden approved a major oil and gas drilling project in Alaska while protecting the Arctic ocean and millions of acres elsewhere in the state from petroleum exploration. Environmental groups are furious.

n

• Social security is like Silicon Valley Bank: so says Republican senator Bill Cassidy.

n

• Have you been affected by the collapse of Silicon Valley Bank? Tell us.

n

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Joe Biden today authorized a major oil drilling project in Alaska that has angered environmental groups, who see it as a setback in Washington’s fight against climate change. In an effort to temper those criticisms, the president also banned drilling in the Arctic ocean, and protected millions of acres of land in Alaska. Here’s the Guardian’s coverage of one of the Biden administration’s most significant environmental decisions, from Oliver Milman, Nina Lakhani and Maanvi Singh:

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The Biden administration has approved a controversial $8bn (£6bn) drilling project on Alaska’s north slope, which has drawn fierce opposition from environmentalists and some Alaska Native communities, who say it will speed up the climate breakdown and undermine food security.

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The ConocoPhillips Willow project will be on of the largest of its kind on US soil, involving drilling for oil and gas at three sitesfor multiple decades on the 23m-acre National Petroleum Reserve which is owned by the federal government and is the largest tract of undisturbed public land in the US.

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It will produce an estimated 576m barrels of oil over 30 years, with a peak of 180,000 barrels of crude a day. This extraction, which ConocoPhillips has said may, ironically, involve refreezing the rapidly thawing Arctic permafrost to stabilize drilling equipment, would create one of the largest “carbon bombs” on US soil, potentially producing more than twice as many emissions than all renewable energy projects on public lands by 2030 would cut combined.

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Joe Biden has called for Congress to restore banking regulations first implemented after the 2008 financial crisis but rolled back by Donald Trump.

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The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act signed by Barack Obama increased financial regulations on banks in the wake of the crisis, but in 2018, Trump eased those rules – which Biden said set the stage for the failures of Silicon Valley Bank and Signature Bank, a New York-based institution that closed over the weekend.

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“We must reduce the risk of this happening again,” Biden said. “During the Obama-Biden administration, we put in place tough requirements on banks, like Silicon Valley Bank and Signature Bank, including the Dodd-Frank law, to make sure that the crisis we saw in 2008 would not happen again. Unfortunately, the last administration rolled back some of these requirements. I’m going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely this kind of bank failure would happen again, and to protect American jobs and small businesses.”

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He also called for an investigation into how the two banks went down.

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“There are important questions of how these banks got into the circumstance in the first place. We must get the full accounting of what happened,” Biden said.

“,”elementId”:”95528552-af81-4d71-a080-0387fe5cfbb4″}],”attributes”:{“pinned”:false,”keyEvent”:true,”abstract”:false},”blockCreatedOn”:1678713343000,”blockCreatedOnDisplay”:”09.15 EDT”,”blockLastUpdated”:1678713943000,”blockLastUpdatedDisplay”:”09.25 EDT”,”blockFirstPublished”:1678713780000,”blockFirstPublishedDisplay”:”09.23 EDT”,”blockFirstPublishedDisplayNoTimezone”:”09.23″,”title”:”Biden requires Congress to revive Dodd-Frank protections”,”contributors”:[],”primaryDateLine”:”Mon 13 Mar 2023 16.00 EDT”,”secondaryDateLine”:”First printed on Mon 13 Mar 2023 08.55 EDT”},{“id”:”640f1edf8f08fe006b95fc57″,”components”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Speaking at the White House, Joe Biden is attempting to reassure Americans that the banking system will hold up.

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“Thanks to the quick action in my administration over the past few days, Americans can have confidence that the banking system is safe,” the president said.

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“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’ll be able to pay their workers and pay their bills. And their hardworking employees can breathe easier as well.”

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Good morning, US politics blog readers. We’re going to hearing from Joe Biden first thing this morning at 9am ET, after last week’s collapse of Silicon Valley Bank sparked fears of a crisis that could destabilize the world’s largest economy. The US government worked over the weekend to prevent that from happening, by announcing it had taken steps to make sure account holders at the now-shuttered California bank would be able to access all their money starting today, and announcing a new Federal Reserve credit line intended to fortify other institutions that are teetering on insolvency. Expect to hear plenty from lawmakers and 2024 presidential contenders about whether the moves are appropriate, or if Washington just pulled off another bank bailout. Perhaps more importantly, pay attention to the reaction on Wall Street when it starts trading at 9.30am – if markets plunge or more banks see runs on the deposits, the Biden administration may have to step in again.

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Here’s what else is happening today:

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• Biden is traveling to San Diego for a meeting with the prime ministers of Australia and Britain and the announcement of a massive deal for new submarines.

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• Donald Trump’s former lawyer Michael Cohenis testifying before a Manhattan grand jury investigating hush money payments he made for the former president.

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• Mike Pencestrongly rebuked Trump for his actions on January 6 in a weekend appearance, saying history would hold his former boss accountable for the insurrection.

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Closing abstract

Washington is on tenterhooks, ready to see if the collapse of Silicon Valley Financial institution, and the federal government’s efforts to make sure its depositors can get their cash, trigger wider chaos within the financial system. Democratic senator and Wall Road foe Elizabeth Warren mentioned the California-based establishment’s debacle is an indication that rolling again monetary laws in 2018 was not a good suggestion, whereas Republicans are blaming every part from Twitter to the woke mob. And on the 2024 marketing campaign path, Nikki Haley described the federal government’s intervention with probably the most notorious b-word: bailout.

Right here’s what else occurred at this time:

• Joe Biden permitted a serious oil and fuel drilling mission in Alaska whereas defending the Arctic ocean and hundreds of thousands of acres elsewhere within the state from petroleum exploration. Environmental teams are livid.

• Social safety is like Silicon Valley Financial institution: so says Republican senator Invoice Cassidy.

• Barney Frank was a champion of economic regulation throughout his time in Congress, however then sat on the board of a now-closed financial institution and mentioned he doesn’t assume tighter guidelines would have stopped the current insolvencies.

• Rupert Murdoch has not watched Succession, it seems.

• Have you ever been affected by the collapse of Silicon Valley Financial institution? Inform us.

The New York Occasions reports that after the GOP took management of the Home, its oversight committee dropped an inquiry into whether or not Donald Trump profited improperly from his time as president.

The investigation had ensnared Mazars USA, an accounting agency utilized by the previous president till they reduce ties with him a 12 months in the past, and the oversight committee’s high Democrat has alleged that its Republican chief colluded with Trump in ending it.

“It has come to my consideration that you might have acted in league with attorneys for former President Donald Trump to dam the committee from receiving paperwork subpoenaed in its investigation of unauthorized, unreported and illegal funds by overseas governments and others to then-President Trump,” Democratic lawmaker Jamie Raskin wrote to James Comer, the committee chair.

In an interview with the Occasions, Comer confirmed that the committee had dropped the inquiry, basically saying they have been now centered on scrutinizing present White Home occupant Joe Biden.

“I truthfully didn’t even know who or what Mazars was,” Comer mentioned.

“They’ve been ‘investigating’ Trump for six years. I do know precisely what I’m investigating: cash the Bidens obtained from China.”

The results of the January 6 riot proceed to reverberate throughout Washington, together with amongst Republicans. Right here’s The Guardian’s Sam Levine on the rising divide throughout the GOP over the assault:

Some Republicans have rebuked efforts by Donald Trump and Fox Information host Tucker Carlson to whitewash the January 6 assault on the US Capitol, underscoring a big cut up within the occasion over makes an attempt to downplay the occasions of the day.

Kevin McCarthy, the speaker of the Home, turned over greater than 40,000 hours of safety footage from the Capitol to Carlson earlier this 12 months. This week, Carlson aired selectively edited parts of that footage, falsely claiming the rioters have been “sightseers” and “not insurrectionists”. Not less than 1,000 individuals have been arrested for his or her position within the January 6 assault. 5 individuals died because of it.

Greater than 999 individuals have been arrested up to now, based on the justice division. Round 518 people have pleaded responsible to federal crimes so far and 53 have been discovered responsible at trial.

For extra on how Silicon Valley Financial institution’s depositors can be made entire, and whether or not or not what the federal government is doing constitutes a bailout, right here’s the Guardian Edward Helmore:

When is a bailout not a bailout? It’s a query many individuals are asking after the dramatic collapse of Silicon Valley Financial institution and the US’s determination to rescue depositors on Sunday.

Joe Biden, elected and appointed officers all insist the emergency interventions to guard deposits in Silicon Valley Financial institution, Signature Financial institution, a second financial institution that failed on the weekend, or, certainly, any additional financial institution failures, received’t come at taxpayers’ expense.

On Monday, Biden was at pains to say that “no losses” can be borne by taxpayers, and the cash would come from the charges that banks pay into the Deposit Insurance coverage Fund.

Republican senator Josh Hawley has spent the day accusing Silicon Valley Financial institution of selling “woke” ideology, and now he needs to undermine the Biden administration’s efforts to make its depositors entire.

Primarily based in Santa Clara, California, Silicon Valley Financial institution did a variety of enterprise with the enterprise capital group, together with startups centered on preventing local weather change, based on the New York Times. To Hawley, that’s sufficient to earn it the amorphous “woke” moniker:

So these SVB guys spend all their time funding woke rubbish (“local weather change options”) quite than precise banking and now desire a handout from taxpayers to avoid wasting them

— Josh Hawley (@HawleyMO) March 13, 2023

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So these SVB guys spend all their time funding woke rubbish (“local weather change options”) quite than precise banking and now desire a handout from taxpayers to avoid wasting them

— Josh Hawley (@HawleyMO) March 13, 2023

Now Hawley, who is probably greatest recognized exterior his house state of Missouri for selling Donald Trump’s baseless conspiracy theories concerning the 2020 election and later operating from the mob that attacked the Capitol, says he’ll cease the Federal Deposit Insurance coverage Company from making a special assessment on American banks in order that Silicon Valley Financial institution depositors don’t lose cash:

Now we be taught the Biden Admin will impose “particular assessments” (= charges) on banks throughout the nation to pay for the SVB bailout. No means MO prospects are paying for a woke bailout. I’ll introduce laws stopping any financial institution from passing these charges on to prospects –

— Josh Hawley (@HawleyMO) March 13, 2023

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Now we be taught the Biden Admin will impose “particular assessments” (= charges) on banks throughout the nation to pay for the SVB bailout. No means MO prospects are paying for a woke bailout. I’ll introduce laws stopping any financial institution from passing these charges on to prospects –

— Josh Hawley (@HawleyMO) March 13, 2023

And my laws will exempt accountable group banks from the “particular charges” to bail out the California billionaires

— Josh Hawley (@HawleyMO) March 13, 2023

n”,”url”:”https://twitter.com/HawleyMO/standing/1635350800401842176″,”id”:”1635350800401842176″,”hasMedia”:false,”position”:”inline”,”isThirdPartyTracking”:false,”supply”:”Twitter”,”elementId”:”fcfa2baf-df0c-4b0f-b893-1415a9e8629d”}}”>

And my laws will exempt accountable group banks from the “particular charges” to bail out the California billionaires

— Josh Hawley (@HawleyMO) March 13, 2023

The Guardian’s Edward Helmore experiences on the altering fortunes of Fox Information commentator Tucker Carlson, who’s on the heart of an more and more intense controversy over his peddling of 2020 election conspiracy theories:

Tucker Carlson was as soon as seen as untouchable. Now the most well-liked TV host on American cable information is on the heart of a firestorm threatening to engulf Fox Information and in addition anger Donald Trump, whose conspiracy theory-laden political trigger he has lengthy championed and who his viewers loves.

Court docket filings connected to the $1.6bn Dominion Voting Techniques defamation go well with accuse Fox Information of permitting its stars to broadcast false accusations about rigged voting machines within the 2020 presidential election.

The paperwork contained quite a few emails detailing the non-public views and issues of senior Fox administration and its stars, which regularly appeared at odds with what they have been publicly broadcasting to their viewers.

The hit HBO present Succession is loosely based mostly on his life because the patriarch of an unruly billionaire household, however that doesn’t imply Rupert Murdoch watches it.

Although the pinnacle of the rightwing media empire is below rising stress amid a $1.6bn defamation lawsuit towards his Fox Information community, Murdoch not too long ago took time to disclose that he has by no means watched the comedy-drama sequence that’s set to launch its fourth season on 24 March, the Guardian’s Martin Pengelly experiences.

A reporter for the media outlet Semafor acquired the inside track having contacted Murdoch after his e-mail deal with was revealed in court docket filings pertaining to the lawsuit. Murdoch’s reply to the reporter’s e-mail asking if he adopted Succession reportedly was: “By no means watched it.”

An unlikely determine has discovered himself drawn into the current wave of financial institution collapses: Barney Frank.

The previous Home Democratic lawmaker’s identify graces the 2010 Dodd-Frank Act, which tightened banking laws following the worldwide monetary disaster. It seems, he was serving on the board of Signature Financial institution, which regulators on Sunday closed, making it the third American financial institution to fail in 5 days.

In an interview with Bloomberg News, he mentioned he disagreed with the choice to close down the New York-based establishment. “I feel that if we’d been allowed to open tomorrow, that we may’ve continued – we have now a strong mortgage e-book, we’re the largest lender in New York Metropolis below the low-income housing tax credit score.”

Extra curiously, he disputed that the 2018 rollback of elements of the Dodd-Frank Act performed any position within the failures of Signature and different related sized establishments – like Silicon Valley Financial institution. That laws, signed by Donald Trump, raised to $250bn the extent at which banks are subjected to probably the most strict oversight. Each Signature and Silicon Valley have been under that quantity.

“I don’t assume there was any laxity on the a part of regulators in regulating the banks in that class, from $50 billion to $250 billion,” Frank mentioned within the interview.

The day up to now

Washington is on tenterhooks, ready to see if the collapse of Silicon Valley Financial institution, and the federal government’s efforts to make sure its depositors can get their cash, trigger wider chaos within the financial system. Democratic senator and Wall Road foe Elizabeth Warren mentioned the California-based financial institution’s debacle is an indication that rolling again monetary regulation in 2018 was not a good suggestion, whereas Republicans are blaming every part from Twitter to the woke mob. And on the 2024 marketing campaign path, Nikki Haley described the federal government’s intervention with probably the most notorious b-word: bailout.

Right here’s what else has occurred at this time:

• Joe Biden permitted a serious oil and fuel drilling mission in Alaska whereas defending the Arctic ocean and hundreds of thousands of acres elsewhere within the state from petroleum exploration. Environmental teams are livid.

• Social safety is like Silicon Valley Financial institution: so says Republican senator Invoice Cassidy.

• Have you ever been affected by the collapse of Silicon Valley Financial institution? Inform us.

Louisiana’s two Republicans senators have been getting a variety of air time on Fox Information these days, with John Kennedy showing yesterday to complain about how Joe Biden not too long ago put the GOP on the spot over social safety. Right here’s Maya Yang’s story:

The Republican senator John Kennedy accused Joe Biden of “demagoguing” the difficulty of tips on how to fund social safety and Medicare and defending the 2 packages from Republican proposals to chop them, calling it a “very immature factor to do”.

Speaking to Fox Information Sunday, Kennedy took goal at Biden for mentioning in his State of the Union deal with final month that some Republicans have proposed to “sundown” social safety and Medicare as a part of makes an attempt to steadiness the federal finances.

“The issue is that President Biden in his State of the Union Deal with determined to demagogue the difficulty,” the Louisiana senator mentioned. “All of us noticed it.

“He principally mentioned, ‘In the event you discuss social safety or Medicare, I’m going to name you a imply, unhealthy individual.’ And that simply took the difficulty off the desk when the president determined to demagogue it … You may solely be younger as soon as, however you possibly can all the time be immature, and I assumed it was a really immature factor to do.”

Republican presidential contender Nikki Haley is describing the US authorities’s efforts to cease Silicon Valley Financial institution’s depositors from shedding their cash as a “bailout”.

It’s a politically loaded phrase, contemplating how deeply controversial Washington’s 2008 determination to assist giant banks throughout the international monetary disaster stay.

Right here’s her assertion, on Twitter:

Joe Biden is pretending this isn't a bailout. It’s.

Now depositors at wholesome banks are pressured to subsidize Silicon Valley Financial institution's mismanagement. When the Deposit Insurance coverage Fund runs dry, all financial institution prospects are on the hook. That’s a public bailout.

Depositors needs to be paid by… https://t.co/LDmCR9NOCd

— Nikki Haley (@NikkiHaley) March 13, 2023

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Joe Biden is pretending this is not a bailout. It’s.

Now depositors at wholesome banks are pressured to subsidize Silicon Valley Financial institution’s mismanagement. When the Deposit Insurance coverage Fund runs dry, all financial institution prospects are on the hook. That’s a public bailout.

Depositors needs to be paid by… https://t.co/LDmCR9NOCd

— Nikki Haley (@NikkiHaley) March 13, 2023

In the meantime, Republican senator Invoice Cassidy has in contrast social safety – the federal government program credited with maintaining many aged People out of poverty – to Silicon Valley Financial institution.

He made the remark in an interview with Fox Information as he mentioned social safety’s very real drawback of long-term funding:

Sen. Invoice Cassidy (R-LA): “Social Safety is the Silicon Valley Financial institution of retirement methods.” pic.twitter.com/J5N8nhnXko

— The Recount (@therecount) March 13, 2023

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Biden administration approves huge Alaska drilling mission

Joe Biden at this time licensed a serious oil drilling mission in Alaska that has angered environmental teams, who see it as a setback in Washington’s combat towards local weather change. In an effort to mood these criticisms, the president additionally banned drilling within the Arctic ocean, and guarded hundreds of thousands of acres of land in Alaska. Right here’s the Guardian’s protection of one of many Biden administration’s most important environmental selections, from Oliver Milman, Nina Lakhani and Maanvi Singh:

The Biden administration has permitted a controversial $8bn (£6bn) drilling mission on Alaska’s north slope, which has drawn fierce opposition from environmentalists and a few Alaska Native communities, who say it should velocity up the local weather breakdown and undermine meals safety.

The ConocoPhillips Willow mission can be on of the most important of its variety on US soil, involving drilling for oil and fuel at three websitesfor a number of a long time on the 23m-acre Nationwide Petroleum Reserve which is owned by the federal authorities and is the most important tract of undisturbed public land within the US.

It’ll produce an estimated 576m barrels of oil over 30 years, with a peak of 180,000 barrels of crude a day. This extraction, which ConocoPhillips has mentioned might, sarcastically, contain refreezing the quickly thawing Arctic permafrost to stabilize drilling gear, would create one of many largest “carbon bombs” on US soil, probably producing more than twice as many emissions than all renewable power initiatives on public lands by 2030 would reduce mixed.

Florida governor Ron DeSantis is among the many Republicans anticipated to quickly leap into the 2024 presidential race, and in a Fox Information interview yesterday, he blamed Silicon Valley Financial institution’s collapse on the liberal insurance policies he’s constructed a fame for railing towards:

DEI stands for “range, fairness, and inclusion”, the kinds of initiatives DeSantis’s administration in Florida has made some extent of focusing on. He additionally blames the “huge federal paperwork” for letting the collapse occur – which is fascinating, as a result of throughout his time as a Home lawmaker in 2018, he voted for the laws that rolled again a few of the 2010 Dodd-Frank monetary laws, which is now being blamed for Silicon Valley Financial institution’s collapse.