Today is Monday, March 13th, what to know about the largest American banking failure in

15 years, including what the government is and is not promising now.

Also, what potential presidential candidates are already saying about each other as some of

them face off in Iowa? And which parts of the country are bracing for intense winter weather

this time? Plus, we're talking all about the Oscars, including the biggest winners and the people

who were most notably not there. Those stories and much more next.

Welcome, welcome to The Newsworthy, all the day's news in around 10 minutes.

Fast, fair, fun, and on the go. I'm Air Commandy, thanks so much for being here. You're ready?

Let's do this.

It's the largest American banking failure since the 2008 financial crisis.

Silicon Valley Bank, also known as SVB, suddenly shut down on Friday.

It was a key financing hub for tech companies. The reason this all happened is more complicated

than we have time for here, but it's tied to the Fed raising interest rates. Essentially,

a lot of the companies had money in mortgage-backed securities, which works well when rates are low,

but not so well when rates are high. So they had to move things around and it spooked startups

who all rushed to take their money out at once, and the bank couldn't handle it.

Then yesterday, New York banking regulator shut down signature bank, which was one of the

main banks for cryptocurrency companies. So the U.S. government has now stepped in,

and will make sure customers of these banks get access to all of their funds.

And yes, that means the government will cover funds that go way over that $250,000 per account

that is FDIC-insured. The company Roku, for example, reportedly had nearly $500 million at SVB.

The Treasury Department, FDIC, and Federal Reserve say they're stepping in to make sure

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