On Linda Kenyan in Washington, CBS News has confirmed the Justice Department is investigating

TikTok for possible spying on U.S. citizens, including American journalists.

The app's owner, Bite Dance, has acknowledged some employees were engaged in that activity

and says those involved have been fired.

The revelation comes as TikTok's CEO, Zhao Zhichu, is scheduled to testify before

the House next Thursday.

The U.S. government, as well as those of Britain and New Zealand, have restricted the use

of TikTok on government devices due to concerns about Chinese spying.

President Biden wants Congress to get tougher on top executives of failed banks.

The president says current law limits the government's ability to hold failed bankers accountable,

so he's asking for changes.

Biden proposal would allow the FDIC to find bank executives for recklessness and grow

the agency's ability to claw back profits from stock sales that occurred just before a

bank's collapse.

Mr. Biden is also asking Congress to authorize a move to keep failed bankers from working

again in the industry.

That's CBS's Stephen Portnoy.

The parent company of Silicon Valley Bank has filed for chapter 11 bankruptcy.

The bankruptcy filing, which was widely expected, comes a week after the failure of the Silicon

Valley Bank.

This is the normal procedure when the FDIC has taken over a failed bank.

Berth-Ele is a banking consultant.

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