President Joe Biden is expected to address the second largest banking failure in the U.S. history, after two banks collapsed in the past three days; and the U.S. and South Korea have begun military drills on the heels of North Korea firing missiles from a submarine. These stories and more highlight the daily rundown for Monday morning, March 13, 2023.
Biden to address bank collapses
The federal government says they are stepping in to limit the fallout from the largest banking failure since 2008.
Regulators say they are taking emergency measures to make sure depositors of the now-failed Silicon Valley Bank will have access to all of their funds starting today. And they say they’re taking similar measures for investors of Signature Bank of New York, which collapsed yesterday.
Regulators insist the plan will not include using taxpayers dollars as the two failed banks have not been rescued.
Bank stocks around the world have reacted to the demise of SVB. To prevent a wave of people from pulling money out of banks, the Fed announced late Sunday an emergency lending program. It will lend freely to banks so customers can feel confident in having access to their accounts whenever needed.
North Korea submarine launched missiles
Today, the U.S. and South Korea militaries launched their biggest joint military exercises in years. Just as North Korea launched two missiles from a submarine on Sunday.
The military drills coming from the South are expected to include field training exercises to strengthen defense capabilities through air, land, sea and space. Protest and pushback is expected to continue from the North.
The two missiles shot by the North from a submarine flew for more than two hours with a distance of more than 900 miles. The country called them strategic missiles, which are often nuclear-capable weapons.
The U.S. and South Korea militaries are expected to hold drills for 11 days.
No U.S.-Iran prisoner swap
Over the weekend, Iran’s Foreign Minister claimed that a prisoner-swap deal with the U.S had been reached. Following the major announcement, White House officials quickly denied Iran’s claims that a prisoner exchange was agreed upon between the two countries.
The U.S. has three American citizens imprisoned in Iran, all designated as wrongfully detained. The State Department called Iran’s alleged-deal an especially cruel lie that only adds to the suffering of families involved.
Iranian officials have been accused of making similar false announcements like this in the past. The White House National Security council saying Iran does not hesitate to make things up.
U.S. officials said they are continuously working to bring the three Americans home but have no further information to provide at this time.
Migrant boats capsize, 8 killed
At least eight people have died after two fishing boats involved in a smuggling operation capsized off the coast of San Diego, according to emergency officials. Local fire and rescue called it one of the worst smuggling tragedies they’ve seen.
U.S. Border Patrol in San Diego says this was one of a few hundred migrant smuggling events recorded in his jurisdiction this fiscal year. And that migrants often attempt dangerous crossings through swimming, surfboard, or small fishing boats.
Over the weekend, hazardous weather conditions likely contributed to the boats capsizing.
Pope Francis 10-year anniversary
Today, Pope Francis is celebrating the 10th anniversary as head of the Catholic Church. A position he once thought he would only hold for two or three years has turned to 10 and counting.
The Catholic Church has made major shifts under his leadership, becoming more progressive. Whether it be more accepting toward the LGBTQ community, promoting women, or allowing divorced and remarried Catholics to receive communion.
But the pope continues to try and strike a balance between its most conservative fellowship and progressives. One of the biggest challenges the Pope has tackled is the plethora of scandals over child sexual abuse by priests that continues to hinder the church’s name.
95th Academy Awards recap
The 95th Academy Awards went off without a hitch Sunday night. “Everything, Everywhere, All at Once” was the big winner of the night. It won seven awards out of its 11 nominations, including Best Picture.
Best Actress Michelle Yeoh was the first Asian woman to ever bring home the award. While Ke Huy Quan and Jamie Lee Curtis won best supporting actor and actress in their first wins of their decades-long careers.
The award for Best Actor went to Brendan Fraser for his leading role in “The Whale.”
