Biden & Federal Reserve scramble to contain damage after two banks fail

Anderson Cooper 360

CNN

News

4.1 • 3.7K Ratings

🗓️ 14 March 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The Federal Reserve announced it’s launching a review of the supervision and regulation of Silicon Valley Bank after it collapsed last week. It was the second-largest failure of a financial institution in U.S. history. U.S. regulators also shut down Signature Bank and investors are worried it could spark a broader banking meltdown. President Biden told Americans on Monday that the U.S. banking system remains “safe.” Larry Summers is a former U.S. Treasury Secretary during the Clinton White House and the former Director of the White House National Economic Council during the Obama administration. He tells Anderson Cooper whether he thinks the country is “out of the woods” yet.

Plus, bestselling author Jodi Picoult is speaking out after local media published a list of books that were removed from school libraries in Martin County, Florida, including 20 of her books.

To learn more about how CNN protects listener privacy, visit cnn.com/privacy

Transcript

Click on a timestamp to play from that location

0:00.0	Good evening tonight.
0:02.1	What happens next after a weekend that saw the Biden administration and the Federal
0:05.2	Reserve scrambled to intervene in the failure of two banks both with deep ties to the tech
0:09.7	industry?
0:10.7	The collapse of Silicon Valley, Bank in the Bay Area and signature bank here in New York
0:14.7	shook customers and investors alike.
0:17.5	The question was and really still is, would it also threaten the broader market and the
0:21.3	banking system so far the answer appears to be no?
0:24.9	Markets largely held steady closing the day mix, though shares in regional banks similar
0:28.8	to the ones that failed did take a beating.
0:31.5	Joining a shortly former Treasury Secretary Lawrence Summers, who accurately predicted the
0:34.7	current high inflation to walk us through the coming days and weeks and would heat things
0:38.2	about the federal response so far, including this promise from the president.
0:44.1	Every American should feel confident that the deposits will be there if and when they need
0:48.4	them.
0:49.4	In addition to Secretary Summers, we have seen as Christine Romans and Phil Mattingley on
0:53.4	this tonight, Christine, on your money and Phil on the White House response to what comes
0:56.9	now, we begin with Christine.
0:59.2	So is the threat of contagion in the financial markets?
1:01.9	Is that seemed to have passed?
1:03.6	So for this bank, these two banks in particular, they put a big ring around these banks and
1:07.6	they've stopped the fire here and they have made essentially the depositors whole and these
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CNN, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CNN and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.