First Citizens will buy Silicon Valley Bank’s deposits and loans, prompting a stock rally in regional banks. Lawmakers are gearing up to question Federal Reserve officials about the banking crisis on Capitol Hill. CNBC’s Steve Liesman reports the many questions Congress will ask during the two-day hearings. Pantheon Macroeconomics Chief Economist Ian Shepherdson warns that the global banking contagion could exacerbate a recession, should we fall into one. In a conversation about the global credit crunch and the markets’ digestion of the Fed’s latest rate hike, Shepherdson discusses monetary policy and global market jitters. The Saudi National Bank lost over $1B on its Credit Suisse investment, now that UBS has rescued the embattled bank; a week after the loss, the Saudi National Bank’s chairman has stepped down. Plus, in China, Jack Ma has returned to the mainland, and corporate executives convened in Beijing over the weekend for the China Development Forum. Among them: Apple’s Tim Cook. CNBC’s Eunice Yoon reports, despite President Xi’s reassurances that China wants an “open China,” attendees of the forum were not as optimistic about US-China relations. In this episode: Eunice Yoon @onlyyoontv Steve Liesman, @steveliesman Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Katie Kramer, @Kramer_Katie