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top of the hour now on "cnn newsroom." i'm john berman. >> this morning president biden reassuring americans that the u.s. banking system remains safe. this despite the failure of two significant banks within 48 hours. silicon valley bank and signature bank have now been taken over by federal regulators. >> all customers who had deposits in these banks can rest assured. rest assured they'll be protected and they'll have access to their money as of today. that includes small businesses across the country that bank

there and need to make payroll, pay their bills and stay open for business. no losses -- this is an important point. no losses will be borne by the taxpayers. >> the president emphasized the customers will be fully protected while the bank's managers and investors will be held accountable. he also outlined the emergency measures his administration took to protect the bank's customers. cnn's priscilla alvarez is with us. look, a lot of this is trying to ease the anxiety about the anxiety because fear is the real problem. so what else is the administration doing to try to ease these fears? >> and of course maintaining confidence in the bank. so the administration taking dramatic emergency actions here to address the near-term crisis and any spillover in the future. so two significant actions here. back stopping all deposits from these two banks and launching the federal reserve lending facility to maintain liquidity. again, all of this with the

intended effect of maintaining the confidence in the banking system. and it is the combination of hours of a scramble behind the scenes over the weekend to try to avoid panic because of course perception matters in situations like this, like the situation itself. so a senior administration official telling our colleague, phil mattingly, that speed mattered here and they were trying to prevent additional contagion. and that's really what you were hearing from president biden today is assuring americans of the banking system, not only that but also differentiating from the 2008, 2009 bailouts and noting that taxpayers will not bear the burden of this. and of course that those responsible will be held accountable. >> the management of these banks will be fired. if the bank is taken over by fdic, the people running the bank should not work there anymore. third, investors in the banks will not be protected.

they knowingly took a risk, and when the risk didn't pay off, investors lose their money. that's how capitalism works. >> there are still risks here, and officials are watching this in the hours and days to come. president biden taking the opportunity in his remarks today to assure americans that the banking system is safe. >> all right, priscilla alvarez, thank you. the president also urged lawmakers to strengthen the rules for banks to prevent this from happening again. one california democrat has already called for an investigation into what happened to svb. >> cnn's jessica is on capitol hill. >> reporter: there's plenty of blame to go around here, but depending on which side of the aisle you're talking to is what answer you're getting and what they should be doing. what we do know is democrats and republican leadership both

briefed by the treasury department over the weekend they were in the loop about this. we know republican house speaker kevin mccarthy and democrat senate majority leader chuck schumer both expressed some concerns about any sort of systemic failures within the economy. if you talk to liberals, people like senator elizabeth warren, who had an op-ed today in "the new york times" they really opponent back to a 2018 vote in which a bipartisan group of lawmakers voted to overturn some federal banking regulations put into place after 2008. let me read to you part of what she wrote. quote, had congress and the federal reserve not rolled back the stricter oversight, svb, and signature would have been required to conduct regular stress tests to expose their vulnerabilities and shore up their businesses. these bank failures were entirely avoidable. on the other hand, you have republicans who are blaming what they call woke policies by the banks that got them into this position to begin with. they isay they are these liberal

policies that put them in these vulnerable positions. and we also heard from the ranking member on the south carolina tim scott who really urged against any sort of culture of government intervention. what is clear for everyone, one thing they seem to agree on there is no major apitate for a government bailout. and the president very clear that the taxpayers will not be bearing the burden of this if not is not a bailout that is like 2008. >> jessica dean up on capitol hill, thank you. so small business owners who use silicon valley bank they're relieved regulators are stepping in because they're getting their money back. this is including the cofounder of shelf engine, a startup in seattle. he said the $250,000 normally guaranteed by the federal government that is fdic insured would not have been enough to keep his company going. >> so $250,000 would have been

nice to have, however for us that means we would have basically had to shutdown by the end of the week. and the reason that's the case is because we would have to make payroll and that doesn't really cover full payroll for us. >> joining us now is cnn economics and political commentators -- i have to call you senior, which you should be, and also the deputy assistant editor at "the post." let me start with you and this emergency lending facility create over the weekend. the fed is indicating there's plenty of money and other banks should not panic and depositors should not be panicking as well. do you think this should produce any spill over effects? >> it should help. right, the whole idea here is to allay fears that depositors are at risks, that investors, in fact, are at risk because there is this back stop for these financial institutions. however, if you actually look at

what's happened to some of these regional banks today, their stocks have continued falling. so i'm not sure how to reconcile the measures taken with the fact there still seems to be a lot of anxiety out there. >> let's dig in deeper to that because that's the key here. there's a lot of complicated words and facilities being used here but basically one of the major goals for the administration was to calm people down, have people less scared because fear is what ca causes runs. and as we sit here hours before markets closing what's your assessment how peoples nerves are? >> i think you're exactly right. this is all about confidence and making sure people feel safe. having their money in excess of $250,000 in some cases in a bank. on the other hand, the shareholders of silicon valley bank did lose all their, you know, equity. if you're a shareholder in a regional bank and worried the price of those companies could

go down even if your money is safe in the bank, the share prices might not be safe. it shouldn't be lost on us this has never been done before. this is a very unchartered territory. the biden administration must have decided this the lesser of two evils. rather than let this fail and see what happens they have to retroactively bump up the deposit insurance. >> for thosef us whether at home or lived it or us as journalists who covered it we're sor t of ha ha raise ptsd from 2008. as opposed to some of these regional banks that perhaps slid beneath, you know, the surface in terms of following up on

dodd/frank or whatever, and we know there's questions about whether that was rolled back and what role that plays in the trump administration. but is this a regulatory issue? >> i think we still don't know if tirely for sure. we do know after the 2008 financial crisis dodd/frank was put in place in part to try to prevent these kind of future bailouts, to try to prevent the risk taking that would lead to a failure that would require a bailout. but for the most part it's the really big financial institutions that had been subject to much stricter regulatory requirements and regular stress testing, and more recently some of these smaller to medium sized institutions have had some of their regulations relaxed. they're not stress tested to use it term as frequently. would the vulnerabilities at silicon valley bank had been caught had they been stress tested more frequently, had regulators been more proactive? i think probably based on the bank experts and economic experts i've spoken with. it seems like silicon bank in

particular made a pretty basic no-no, which was essentially not hedging against interest rate risks. and when everybody kind of knew interest rates were going to go up. so that's something that seem like it should have been caught. whether you can directly draw a linkage between that deregulatory action, you know, rolling back part of dodd/frank and this collapse i don't know yet, but it seems quite plausible. >> moral hazard is a term that -- i know been on the shelf for 15 years. but i am curious if it's back now, i get that the investors in the bank aren't being bailed out, but the depositors they knew their deposits greater than $250,000 were not fdic were insured. you mentioned it's unprecedented to bail all of them out. does this create a precedent now where people feel a deposit in a

bank is forever guaranteed? >> john, absolutely. and i think we're going to be living with the legacy of this for a long time. if you're from a smaller bank let's say in the southeast of the united states and your bank fails and you don't have billionaire venture capitalist to call in the white house and treasury department demanding your money and you lose out, how is that going to be seen as fair? there's going to be lawsuits, all kinds of things about this that are going to play out for many months and years. and i think you're exactly right. i know no one wants to talk about it, but we're going to be talking about it in the months and years after it happens for sure. >> it's true. listen, i agree i think it's worthy of asking the question if this were a small midwest regional bank versus these two banks, these coastal banks where we would be talking about it the way we are now and whether we would see the fed stepping in -- >> i wasn't expecting the grown when i said those words. >> it's pavlovian almost.

thank you so much. the house oversight committee chair has quietly sent subpoenas to three of hunter biden's business associates. we'll have the latest on the investigation up next. and when it come to the manhattan jury's investigation into hush money payments made to stormy daniels former president trump may not be testifying but his former lawyer and fixer michael cohen is. how trump is responding, that's next. like #6 the boss. meatballlls with marinara and pepperoni. i get asked so many timemes - whwho's the boss? if you get the boss you are the boss. try subway's tastiest menu upgrade yet. every day, millions of things need to get to where they're going. and at chevron, we're working to help reduce the carbon intensity of the fuels that keep things moving.

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well, john, the subpoena's very broad. it looks at the financial records for three of hunter biden's associates and spans 14 years. it also -- what we're told is looks at not just their financial records but also digging into what democrats are criticizing as being overly broad, not only just the payments that they made potentially through this business deal but also for paying parking tickets or their kids dance lessons. while james comer has been very public about wanting to investigate the president's family he's been public of what he's doing. we first learn of this subpoena from a letter jamie raskin his top democrat sent to comer and criticized republicans having this broad subpoena but given little notice. thus time they were only given just a couple hours before it was issued.

and one other thing i'll add our source said after the subpoena was sent out bank of america actually began complying with the subpoena and has turned over a considerable number of documents to the committee. >> all right, continue to follow this story for us. thank you. so former president trump will not testify in the manhattan grand jury case where prosecutors are finalizing their investigation into the hush money payments made to adult film star stormy daniels. >> but trump's former attorney and fixer michael cohen is under oath today. so, cara, what was he saying? we know the president's former attorney said he'll not be testifying and michael cohen different story. >> he's walking into his first appearance in the grand jury. this is the first time he's gone before the grand jury. and so that will be his testimony. he was at it center of this hush money payment. and how this connects to the former president is how was this

reimbursed to michael cohen? that's what the da's office is looking into whether they can make it a felony these records were falsified in connection to caconcealing or committing another crime and that would relate to campaign finance. he kind of gave a hint what their defense might be. take a look. >> i think personal funds to prevent something coming out false but embarrassing to himself and his family's young son that's not a campaign finance violation, not by any stretch. personal funds and spending to fulfill a commitment or obligation of a perp existing irrespective of the campaign is not a violation, and that's what you have here. >> now, i spoke with another attorney for donald trump who met with prosecutors in recent weeks and she said they did not articulate the specific charges that they're considering. what might be this other crime

committed or concealed. she said she thinks they're struggling to come up with a theory. >> kara scanell, thank you. >> author of the new book untouchable and how powerful people get away with it, it is on store shelves today. everyone needs to go read this right now, because it actually is exactly about what's being discussed right now. you've got a chapter in this back which talks about the fact that the fed may have had a convincing case against donald trump when it came to the hush money payments, but that's a different case in a way and some significant ways than what alvin bragg may be about to make. how do they differ and why is that so significant? >> yeah, john, so there are some big differences here. as i report in the book this other district of new york and federal prosecutors across the street from alvin bragg's office

looked at this exact question years ago in january 2021. so the first thing that has changed is two plus years have passed between now and then. the other big difference is we're talking about different sets of laws here. the federal law is on point for a campaign finance violation. under new york state law, however, this is going to be a misdemeanor, which is a very lowly crime unless they can prove there was some sort of campaign finance violation. it's not clear new york state law covers a federal presidential campaign violation. so they've got a legal problem there in the new york state system. >> talk about the significance of michael cohen's testimony before the grand jury. >> well, it's enormously significant. it's clear that the d.a. is going to rely on michael cohen. by the way, another big difference. the feds rejected michael cohen. they put in a letter to a federal judge we're not using him as a cooperator, judge, because we don't believe he's fully credible. apparently the d.a. is making a

calculation. on the one hand michael cohen had access, he was part of this, and he has been proven correct in many of the things he said. on the other hand, like it or not he's a convicted perjurer. he's been convict of perjury, financial crimes, tax crimes, and the man hates donald trump with every bone in his body. defense lawyers are going to argue you absolutely despise donald trump and therefore they'll argue to the jury that colors his testimony. >> there's also a lot about michael cohen in this book. >> do you have a book agent? >> it's a terrific book, to be honest it's very relevant to what we're discussing right now. they would have had to make it think without michael cohen. can he make a case without michael cohen? or do you think that if this goes to jury that he'll put him on the stand?

>> i do not think the d.a. can make a case here without michael cohen. i think it's clear he needs michael cohen and he's going to rely on michael cohen. and as i said, john, that's a risky proposition. regardless of whether one may think michael cohen has turned himself around and i believe he has we heard earlier a clip of his lawyer saying this was entirely a personal payment and had nothing to do with contribution. you know who else who said that, michael cohen to the ftc. he'll have to explain why hut he said back then was a lie and why he should be believed. difficult jury to put in front of a witness of 12 average citizens. >> how likely is an indictment here? >> it seems very likely given the stage ware at, given michael cohen seems tuesday be one of the final witnesses and the d.a. has given donald trump now essentially his last chance to

go into the grand jury. so i do think it's quite likely bordering uncertain we'll see an indictment soon. but i'll stress this every time i talk about the possibility of an indictment of donald trump, an indictment and conviction are two very important things. >> and one book related question because it gets to something you just said. the defense donald trump was using, this was a personal not campaign payment. but in the book you know the timing of the payment makes that really a hard argument for donald trump to make. why? >> yeah, i think that's the absolute best argument prosecutors have as to the true motive here. the alleged affair with stormy daniels happened a decade prior, and this payment happens just a few days before the 2016 election. so how on earth do you explain that? i think what donald trump will say is, yes, i've heard his lawyers say something along the lines of, sure, but this person surfaced knowing that it was the

optimal time to sort of approach him and seek a payment, but yeah, i think that's very compelling. that's common sense evidence, and you're allowed to argue common sense in front of a jury. >> or brilliant esteemed colleague, and if you don't know already the author of a fantastic book "untouchable." >> you'll get your percentage in the mail soon. it is so relevant, though, to this. in the next week you'll find out more about it. water is finally starting to recede in california, though. it's just in time for a new round of severe weather to roll in. we're going to have much more on that straight ahead. and president biden just landed in california to meet with the australian and u.k. leaders. why china and north korea are now watching this meeting very closely. that's next.

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later today storm battered central california will get hit with a new atmospheric river event. that means a new round of rain and possibly even a new round of flooding. >> yeah, levees protecting the town completely collapsed over the weekend send gushes of uncontrollable water into neighborhood. scores of residents were trapped and had to be rescued. at least two people have died and hundreds forced to evacuate. this rainbow rose above the region today once the sun broke

through the clouds. monterey county officials tell cnn they're looking into expeneding evacuation orders in and around the river. >> since the first evacuation there's been additional residents evacuated. so as time goes on more residents who decided to stay are making the whois to leave especially in light of the next storm coming through. so those efforts are ongoing, and we certainly encourage all residents to evacuate that community for their own safety especially when we expect more storm waters to come through that community in an area already heavily saturated with water. >> and they need a lot more than just a pretty rainbow i can tell you that. california could see inches of rain, more inches of rain today alone. more than 18 million people across the state are now under flood watches. cnn meteorologist derek van dam is monitoring this plus a major nor'easter headed to new england. derek, when will all the extreme

weather be hitting the coasts especially here on the east coast. john is desperate to know. >> i don't like to be the bearer of bad news. i dop know you haven't had much snow in new york city. you've got to move inland, and that's going be a completely different story. to answer your question, we are really ramping up the storm systems on both sides of the country, the west coast and the east coast. and that's going to last right through tuesday. but let's start out west, and this is what people want to see. in california right now this is the orville spillway being released that water for the first time since 2019. just incredible. every drop of water you see behind me is signifying relief from that long-standing drought they've contended with across the state. in fact there are 200 feet above the historic record low set in 20201, and there's another atmospheric lining up across the state. and several inches of rain for the north coast today, and then you see that moderate risk of flash flooding travels southward

including los angeles into month ray county and just outside of the san francisco bay region as well. here's a look at that ar event going to oscillate from north to south and lasting through the day on tuesday. so travel beware across the west coast. to the east coast now and the developing nor'easter and i want you to see impacts are possible worcester region up towards the catskills and berkshires, and we're looking just outside new york to see the greatest impact of this particular system as it winds up, fuels some of the water from the gulf stream, and that is going to be bring rain to the coast and heavy and wet, but rain picks up and that means a certainty for power outages across the region. >> derek van dam, thank you. you get the sense it's too late. maybe like a couple months ago and now it's too late. >> thinking about spring, so too

late. i agree. just moments ago president biden arrived to san diego as part of a three day trip. today he'll hold key meetings with the leaders of australia and u.k. as tensions with china continues to escalate. >> the president expected to discuss a partnership, part of a 2021 white house plan to increase security in the pacific region. cnn's jeremy diamond in san diego for us. jeremy, give us a sense what we're expecting here. >> reporter: well, listen, john, 18 months ago the u.s. launched the new partnership with australia and united kingdom intended to deliver these nuclear powered submarines to australia. now we're getting an update, a significant update on the progress of that, and accelerated time line. at least three nuclear powered submarines, very much like the sumarines behind me where the president is going to be speaking delivered to australia in the next decade.

and in the meantime what you'll see is increased rotations of british and u.s. submarines to australia before what's set to happen in the 2040s, which is the development of a new submarine between australia and the united kingdom expect today be able to sail in that decade. all of this expected to counter china's growing military dominance and presence in the pacific. the u.s. has really watched china cautiously on this front and increased the u.s. military footprint in other countries including the philippines, for example. when you talk to u.s. officials what's clear this is multipronged strategy. there are these military moves the u.s. is making. at the same time u.s. officials are trying to normalize diplomatic relations with china and trying to establish crucially those military to military communications which u.s. officials say are sorely lacking and heighten the risk of a miscalculation. i spoke to a senior administration official who told me so far china has not been

willing to setup those dialogues u.s. officials are necessary. it's the first stop president biden is making here out west and we expect him to address gun violence in monterey mark and on wednesday the president of las vegas set to address his plans to lower prescription drug prices. >> all right, jeremy, it takes a certain kind of talent to power that military band as if it wasn't even playing behind you. well-done. >> they were playing his actual march, the jeremy diamond march. >> thanks, jeremy. a show of defiance from north korea that's now got the attention of the united states and south korean intelligence officials. the north claims it fired two test cruise missiles from the submarines off its east coast. >> the missiles flew for more than an hour and traveled some 900 miles before precisely -- and that's a quote from them here -- precisely they say

hitting their target. this happened hours before the u.s. and south korea kicked off their joint military exercises in six years. pyeongyang has long raged against these drills. a texas man has filed a wrongful death lawsuit against friends of his ex-wife for allegedly helping her get abortion pills. we'll tell you more about this story up next. my most important kitchen tool? my brain. so i choose neuriva plus. unlike some others, neiva plus is a multitasker supporting 6 key indicators ofrain health. to help ep me sharp. neuriva: think bigger. i'm off to america's best i heard what you said about not overpaying for glasses. two pairs and a free, quality eye exam starting at just $79.95? the exam alone is worth... 59 bucks. i mean, people deserve breaks, right? yeah, brakes...! [out of control]

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wrongful death lawsuit against three women. he claims they illegally helped his ex-wife obtain abortion pills to terminate her pregnancy, which could violate a new texas law that allows private citizens to sue people who provide or assist with abortions. >> this is the first case of its kind since the supreme court overturned roe v. wade. whitney, the ex-wife is not being sued but it's these three friends, these three women are. what penalties could they be facing? >> well, they could face a minimum of $10,000 in damages. this man is seeking a million dollars in damages, and in addition to the three women he's suing he also says that he intends to go after the manufacturer of the abortion pills. so basically what he's done is said everybody along a time line who was involved in this abortion is civilly liable. the witness protection law is setup this does not include the mother. she's carved out. this is the senate bill that

went into effect in 2021. basically what this man is alleging is that in july 2022 these three friends of his then-wife helped her, walked through the process of getting the abortion pills and actually got the abortion pills which resulted he says in the death of his unborn child. here is a direct quote from this lawsuit. under the law of texas a person who assists a pregnant woman in obtaining a self-managed abortion has committed the crime of murder and can be sued for wrongful death. this lawsuit is significant because as we look toward the future of this post-roe v. wade era and the way different states are building their laws around this ruling from the supreme court earlier in 2022, what this really does is seek to solidify the web of liability, who along the time line, who in the process is liable for an abortion. and what's notable here is that the texas senate bill is pretty broad.

it includes anybody who knowingly aids and abets in an abortion, helps induce an abortion, or intends to engage in a conduct outlined in senate bill 8, certainly a case to watch. there's a status hearing in june. back to you. >> whitney wild, thank you very much. please keep us posted. all right, shifting gears here. it is a special time of year, and if you need some help with your march madness bracket, you are not alone. for adults with generalized myasthenia gravis who are positive

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time of the year. they have songs and jingles about this. it's a wonderful time of year. alabama, houston, kansas and purdue are the top-seeded teams for the men's. >> for the women, reigning national champion south carolina who went a 32-0 this season were named the top number one seed. for more on this, cnn's andy scholes is here to give us a cheat sheet -- john doesn't need one. i might need one -- for this year's bracket. what do we need to know? >> scouting report for all the teams. we don't have time. it's fun to pick an upset in the first or second round. but if you really want to win your bracket competition and brag to your co-workers and your friends, you need to be concentrating on the final game, the teams to make the final. you've got to pick the winner. more often than not, the person that picks the team that wins the title is going to end up having a chance to win their

bracket. there's a stat you should follow when filling out your bracket. it's called kinpalm. every champion since 2002 has been in the top 40 in offense and top 22 in defense. these teams right here, they already qualify. all seven of the teams, a solid pick to win the bracket. these four over here, if they play well, they could qualify. those teams also should be in range or in your thoughts. two teams not on that kenpalm, gonzaga and arizona. gonzaga in the 70s in defense, arizona in the 40s. look at this map. since 1997, every champion has been on the east side of that red line. it's been a long time since a west coast team has won the ncaa tournament. who should you pick? if you want to be the safest since 1979, a one-seed has won

26 times. kansas won last year. since 1974, these are the only two teams that have been able to repeat as champions. winning the ncaa tournament two years in a row is a very hard thing to do. where is the tournament this year? houston. who is the betting favorite to win it all? the houston cougars. you have go back to 1988 when kansas won, near their campus. what do you do with all this information? i went to the university of houston. i'm a houston cougar. john, i know harvard is not in it, go with the harvard of the south, the houston cougars to win the national championship. how about that? >> you know that's where i grew up, so i'm not -- >> houston rockets fan, bianna. >> exactly. you've got to have your heartbroken, but still have to love the team. i told you my 10-year-old sports aficionado filled out my bracket. brilliant. >> you're in good hands.

andy scholes, excellent magic wall use. >> appreciate it. tune in tomorrow night for cnn primetime "inside the madness." new ncaa president charlie baker. can the former governor transform college basketball? there are no college basketball teams in massachusetts next. that's tomorrow night at 9:00 eastern time. it's the final few minutes of the trading day. taking a look. regional bank stocks have taken a beating after the svb collapse. we're just a few minutes away from the closing bell.

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at hollywood's biggest night it was all about "everthing everywhere all at once." the film took home seven oscars. the star, michelle yeoh, made history as the first asian woman to win the best actress award. >> key huy quan also took home best supporting actor leading the this moment. >> my mom is 84 years old, and she's at home watching. mom, i just won an oscar! dreams are something you have to believe in. i almost gave up on mine. to all of you out there, please keep your dreams alive. >> what a lovely message. cnn also took home its first oscar with "navalny" winning best documentary. the lead with jake tapper starts right now. >> who is paying to rescue

silicon valley bank depositors? "the lead" starts right now. america's banking system remains safe, that reassurance coming from president biden after the biggest u.s. bank failure since 2008. now other banks are sounding the alarm as their stocks take a tumble. plus, extreme weather closed to coast. a major storm bearing down on the northeast as even more rain keeps california under water, and border surge. crowds try to rush a mexican bridge to get into the united states, plus we're visiting a spot at the canadian border also seeing a spike. ♪ ♪ welcome to "the lead" i'm jake tapper. we start with our money lead. the markets closing moments ago after president biden tried to reassure the american public that their money is safe. the president's remarks coming after two banks went under within a