Live from NPR News in Washington on Corv.

Coleman, President Biden needs to speak this morning at the White House about the nation's

banking system.

His remarks will come after regulators took over two failed banks.

Signature bank was taken over yesterday by New York regulators.

Silicon Valley Bank was taken over last Friday by California regulators.

The Federal Deposit Insurance Corporation says it has transferred all depositors' money

to two new bridge banks and will protect their deposits.

Meanwhile, the British bank HSBC has agreed to purchase the British subsidiary of Silicon

Valley Bank.

NPR's Frank Langford reports from London, the British government coordinated the rescue

of the subsidiary as an effort to stop the damage from spreading.

HSBC bought the British arm of Silicon Valley Bank for one pound.

The Bank of England says the roughly 3000 UK tech firms that did business with the bank,

known by the acronym SVB, will be able to access their accounts and continue to operate

as normal.

The UK's Treasury Secretary Jeremy Hunt says some of those firms only did business with

the SVB subsidiary and were at risk of being wiped out.

Markets were down in Europe.

London's FTSE index fell by more than 2 percent in early training and Germany's DAX was

down more than 3 percent.

The British government pointed out that, unlike during the global financial crisis of 2008,

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