Happening now.

President Biden tries to reassure the nation and deter panic after two historic bank failures

here in the United States within days.

I'll ask the former U.S. Treasury Secretary

Larry Summers about the federal government's

intervention and whether Americans' bank deposits

are safe.

Also tonight, longtime Trump lawyer Michael Cohen left the courthouse just a short

while ago. After testifying before a grand jury investigating hush money payments he says

he made on Trump's behalf. This as former Vice President

Mike Pence sharpens his rebuke of Trump's role in the January 6th insurrection.

And a new flood emergency in California threatens millions of storm-battered residents

as the East Coast races for a powerful storm-packing heavy rain,

strong winds, and possibly blizzard conditions.

Welcome to our viewers here in the United States and around the world.

I'm Wolf Flitzer, you're in the situation room. Tonight the Biden administration is scrambling to respond to two of the biggest bank failures in US history

that are creating new peril for the economy and for the president and a lot of

Americans are worried right now. Here's CNN's chief White House correspondent, Phil Mattingly.

The bottom line is this, Americans can rest assured that our banking system is safe.

President Biden seeking to reassure a nation on edge.

During the Obama-Biden administration, we put in place tough requirements on banks

like Silicon Valley Bank and signature bank. He also placed blame on his predecessor for

...