a very good thursday morning to you. i'm jim sciutto.

>> and i'm erica hill. janet yellen is going to be on the hill where she is going to be talking about the budget, and there is going to be plenty of questions about the budget and she is going to need a calm tone where she tells americans that their deposits are safe. we will bring that to you live. and the moment when a russian jet collided with a american drone causing it to crash into the ocean. we will show you how. we rebbring you to the statf the u.s. economy now. >> matt egan is joining us, and everybody is paying attention to the secretary this morning and the words, and she is getting out ahead of this a little bit with the words telling americans to be calm and their money is safe. >> yes, this is a big moment for

the treasury secretary and she knows that confidence is a fragile thing, and she knows that it has been shaken by the failures, and she wants the americans to know that the money in the bank is safe, and in the prepared remarks, and americans can feel confident that their deposits will be there when they need them, and she points to what she describes as, quote, decisive and forceful actions to what the officials took over the weekend when not one, but two banks collapsed and she points out that deposits in those banks were safe and notably even before the $250,000fdic insurance limit. that is the message of the u.s. officials, and looking at the market, and the market is telling a different story, and the u.s. stocks are opening lower and looking at the bank stocks and the u.s. regional banks are the top line, and the first republic bank is the first

san francisco regional bank is down 10% this morning, and the western alliance, and a pac alliance and these are the significant losses and on top of what is significant losses and clearly concerns remain about those regional banks and credit suisse is up, and not that much when we had the national bank there swoop in with a $50 billion lifeline for credit suisse, and jpmorgan is out with a report this morning saying that they don't believe that the emergency support is enough, and credit suisse is still needing to be taken over, and others are scrambling to put out this fire. >> thank you, matt. and just hours ago, the eurozone hike was raised and the first decision since concerns

spiked about the global banking system. earlier i spoke with the u.k.'s chief finance system chancellor jeremy hunt, and i asked him about the credit suisse loan to shore up the balance sheet. credit suisse is of course a globally interconnected systemic bank and far different from silicon valley bank and are you sure about an economic sense that they have exposure in a financial sense? >> since 2008, we have massively strengthened our regulatory safeguards and last week the bank of new england said that there were full confidence in the u.k. markets and u.k. system, and the reason that we work night and day to find a

solution to the silicon bank issue is to do with the tech sector, because amongst the u.k. subsidiary customers were 4,000 of our tech and life science companies, and we wanted to make sure that their deposits were secure, and that is the motivation, and we were very pleased to secure the sale of the u.k. sale to the hbsc. >> and in that regard to the sale of the silicon valley bang, is it your sense that the situation has been contained in the u.k.? >> yes, we believe in the u.k. that we have a solution that the svb customers are able to access their deposits a normal. i think that it may have taken a day or two for the full banking services to be restored under the new owner hbsc and they are

now supported by europe's largest bank and one of the largest credit worthy organizations in the world. >> you mentioned regulations post-2008 which were designed to prevent that sort of thing happening again, and among them stress tests, et cetera, and what has this exposed about any weaknesses in those measures and given the troubles of the credit suisse, and if this requires a second look to see if the regulations need to be further looked to get to this point again? >> from the regulatory review, the robustness of the rules is going to be from the robustness and solvent, and that is because of the requirements that are put

in place since the crisis of 2008, and from the point of view of our tech sector and the life sciences tech sector, we are the second largest behind the united states, and so we have the largest film and tv series, and we have a budding silicon valley here in the u.k., and what we realized that we need more diversity so that those very important companies have more choices to how they can scale up capitol -- capital, and that is how we want people to scale unicorns and decacorns and not to have to expand overseas. >> yes, you don't want all of the eggs in one basket. and the interest rates in the

u.k. are at 4% and comparable to where they are here in the united states, and are you seeing the cracks in the financial systems because of the rates? >> we believe that the financial system is robust, but inflation is too high, and we want to bring it down, because inflation is bad for families in the u.k. just as it is bad for the families in the united states, and we have set a course, and i announced it yesterday at my budget to bring the budget down to less than 3% within the year, and we believe we are on track to do that, but it is not about the stability of the financial system and it is not bad about the economy, but it is industrial disputes and eats away at the value of the pay pact, and that is a bad thing, and that is why we want to tackle it. >> do these latest concerns about the svb and credit suisse

give a pause to the hike in rates to prevent putting other banks in danger? >> well, we have a very strict policy in the u.k. of saying that the bank of england is fully independent from finance ministry what we call the treasury here, and so they make decisions on the monetary policy uninfluenced by me, and i leave it to them, and since that system has been independent, the they have kept the inflation on the whole low, and i would never get involved with their decisions on the decisions of interest rates. >> and the interest rates is higher here than in the u.k. at 10%, and former secretary larry sommers described it that bank ing is only a fear.

and with your job to help to manage the u.k. economy, is the danger the inflation or the danger of rising inflation rates? >> well, they go together, because when inflation is high, the central banks use the interest rates as a lever to bring down inflation, and of course, that is challenging for the families who see the prices of the mortgages going up, and the businesses seeing the price of their loans going up, but it is the prices of the lesser of two evils to go up, and we do want to go up to high inflation economies that we had in the 1970s, and i think that we all know how dangerous that could be, so, inflation is off setting. >> thank you, mr. chancellor, for coming on.

and thank you for your time. >> thank you, jim. and now, new video declassified by the u.s. military to show a pair of fighter jets, and look at that, forced down a mq-9 reaper drone over the black sea and the military is able to extract this video in the last 24 hours, and the last video is less conclusive and this one, erica, it shows that he did hit it. >> and this is from the pentagon this morning, and natasha bertrand is in the pentagon, and walk us through what we are seeing in this video? yes, it s yes, erica, it is remarkable video. we are looking at the russian fighter jet coming close to the drone and spraying fuel on to the drone, and then the video cuts out, and this is the moment of impact when the jet has impact. and then coming out of it, you

can see that the propeller that is there at the beginning of the video, you can see it is damaged, and that is a result of the direct hit, and this is contradicting the russian account of events. this is over recent days that the fighter jets did not make physical contact with the drone, and acted in a professional manner, and this video is backing up the u.s. version of events that the pilots were acting viciously and dangerously and harassed the drone and directly hitting it. it is unclear at this point what is going to happen to the wreckage of this drone which did fall into the black sea. we are told that the russians have arrived at the site of the crash, but it is unclear whether they are going to contain any of the debris or wreckage there, because the depth is at the sea, and mile deep and the u.s. itself does not have any naval assets in the area to go readily

collect the debris itself, and finally, we are told that this is a direct order by officials within the russian defense ministry for the pilots to take this action and directly harass this drone, so it was not rogue pilots who made this attempt to intercept the drone, and this is a tasking that came directly from the defense ministry, erica and jim. >> natasha bertrand, thank you so much. still to come on the run, the authorities are searching for former chief of staff who skipped out of a court date and what he is accused of doing. and now, the former maryland gov governor is asking for a look

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taking you live to capitol hill where janet yellen is appearing before the senate finance committee and scheduled there to talk about president biden's budget, and you can imagine that question will be involving the bank ing situatio. >> than you for inviting me here today and i'd like the start with the recent developments in the banking system. this week, the government took decisive and forceful actions to stabilize and strengthen public confidence in our financial system. first, we worked at the federal reserve and fdic to protect all of the depositors of the two failed banks.

on monday morning, customers were able to access all of the money in their deposited accounts so they could make payroll and pay the bills. shareholders and debtholders are not being protected by the government. importantly, no taxpayer money is being used or put at risk with this action. deposit protection is provided by the deposit protection fund which is provided by fees on banks, and second, the federal reserve is providing additional support to banking system or the lending facility to help financial institutions meet the needs of all of their depositors. i can reassure the members of the committee that our banking system is sound, and that americans can feel confident that their deposits will be there when they need them. this week's actions demonstrate our resolute commitment to ensure that our financial system

remains strong and that the depos depositor's savings remain safe. now to the topic of the hearing, the 2023 fiscal budget. over the past 22 years, the united states has experienced a historic recovery. in january 2021, the company was in the middle of a calamity triggered by the crow na virus pan pandemic, but the president took historic action through the vaccination campaign, and today, our unemployment rate is near historic lows and we have seen the strongest job gains in history. and now we need to navigate the economy transition from rapid recovery to sustainable growth, and this is including bringing down inflation. we have seen some moderation in

headline inflation, but more work needs to be done. our administration will continue to build on the actions that we have taken to expand supply and provide relief in places like energy and health care. with your partnership, we have also laid a foundation for long term economic growth. in just the past two years alone, congress passed three transformational laws, a generational investment in infrastructure and a stark expansion of american semiconductor manufacturing, and the largest investment in clean energy in our nation's history. the strategic priority of the administration this year is to work with you to effectively implement these laws. we are seeing the early results. in just seven months there has been a wave of investments in clean energy manufacturing

across the country. our new resources for the irs are already paying off. taxpayers are getting drastically improved customer service this year. for example, we have answered hundreds of thousands more phone calls during this filing season than at this time last year. our proposed budget built on the economic progress by making smart fiscally responsible investments. these investments would be more than fully paid for by requiring the corporations and the wealthiest to pay their fair share. fiscal discipline remains a priority in the budget. and we have proposed a minimum income tax on 25% of the taxpayers on wealth of in excess of $1 million. we have proposed a increase of the corporate tax rate of 68%

from the current 28%, and it is coming at no surprise that i hope that congress will implement the united states' part of the global minimum tax deal. on this spending side, we suggested additional investments to boost our long-term growth potential which includes the improving the availability of child care, providing free and universal preschool and boosting the supply of affordable housing, and we are looking at proposed earned tax income and child tax credit incomes which have sense expired. in addition to the proposed tax income reforms we propose this is going to deliver a tax reduction of nearly $3 trillion over the next ten years. thank you.

thank you, secretary yellen. let me begin to emphasize that it is critically important for congress to have questions to ensure full faith and credit of the treasury. and now, when there is a stop gap effort to credit from payments to china and everybody else, and coming off of the town hall meetings, this would not be a good plan, but does the government have some technical capacity to prioritize some payments ahead of others? >> the government makes millions of payments each day, and the systems are built to pay all of the bills on time, and not the

pick and choose which bills to pay. there is a reason that the treasury secretaries of both parties have rejected this incredibly risky and dangerous idea, and it has never been tried before. we are listening to the secretary treasury janet yellen beginning by saying that the u.s. banking system is sound and meant to be words of encouragement as there are fears of exposure of the banking system as the interest rates continue to go up. >> and joining us is our correspondent m.j. lee who of course she was scheduled to be there to talk about the president's budget which we heard there at the tail end of the remarks, but she began to talk about what is on everybody's minds, and the

failures of the two banks and the action taken. what more is the white house expecting from this experience on the hill in terms of the questions that she may be getting. >> yeah, erica, you are right, that it is a hearing that was previously schedule for the treasury schedule to talk about president biden's budget, but the timing of this is so key, and you heard her right off of the top addressing the health of the u.s. financial market and talking about the failure that we saw in recent days of silicon valley bank and signature bank, and she was very clear saying that the banking system is sound. she said that the actions that the administration took in recent days should reassure americans that their deposits are safe. she of course was referring to the sweeping emergency actions that we saw the administration take over the weekend. one backstopping all of the funds of the depositors the, and also the federal reserve creating sweeping is emergency

lending program, but the reality for this administration including for janet yellen is that all of the actions have clearly not been enough to reassure investors and markets and right now at this moment in particular, something that u.s. officials are watching very, very closely of course is the situation with credit suisse. u.s. officials have tried to emphasize that they believe that situation is separate from the situation that is confronting u.s. regional banks, and they are hoping that with some time there is going to be a little bit of calm restored after the news that there has been basically a $54 billion infusion of cash from the swiss national bank, but it is a situation quickly unfolding, but again, the officials are trying to use a testimony like this, and every other sort of u.s. official speaking out against this trying to urge calm and emphasizing that there are not going to be more dominos to fall, and there is no reason for people to panic

right now. >> all right. mj lee at the white house, and thank you. we will continue to monitor that hearing. still to come, the state of texas is taking over now the houston school district. what that means for the current school board superintendent of the eighth largest school district of the nation with a democratically elected mayor by the way, and this is coming up. advantage: me! can't wait 'til i turn 65! take advantage with an aarp medicare advantage plan.n... only from unitedhealthcare.

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this morning, there is now a federal search for a former chief of staff turned fugitive. lloyd mcgraf once worked for larry hogan and skipped out on the court date this week and he has been on the run since. >> he is wanted for allegedly stealing more than 276,000 dlrdz fro -- $276,000 fand is on the run any other information? >> well, he is now wanted for the fbi and a state investigation is under way and the u.s. marshals office calling him a wanted man and he is failing to show up in baltimore earlier monday and this is relating to his time not when he was working for the governor but his job before then when he was working for the maryland

environmental service when he was a state agency, and while he was there, the prosecutors allege that he was working for a series of schemes meant to personally engage himself and according to the indictment, he defrauded the agency of more than $233,000 in the form of severance payment and he defrauded a art museum, and defrauded agency to pay $214,000 in tuition payments and falsified two separate vacations. in court, he had previously pleaded not guilty and he had been out on bond, but importantlysh he cannot be found since he did not show up in the courtroom that week, and his attorney is unaware of those where whereabouts. >> thank you, sunlen. former allies of president trump are now targeting former

governor ron desantis before he has officially launched a presidential campaign. >> an organization called maga, inc. is demanding that investigators look into campaign finance laws, and look into them, and so what specifically is maga, inc. looking into specifically? >> they are pointing into a florida law saying that if you are an elected official, you can't run for another office at the same time, and you have to resign to run, and they are saying that he is a de facto candidate at the same time, and he is operating a shadow campaign and because he is going around the country and doing events in early nominating states, and he is raising more than $10 million after his re-election campaign in november. he has superpacs lining up to

support him and doing all of this while he is still the governor of florida, and they are saying that it is a clear violation of the spirit of florida's law if not a direct violation of the law it. >> so they make a fair argument given the visits that he made to the states that he has gone to, and the speeches that he has made, and so what could come of this? legal penalties? >> well, it is a tough question, jim. tough for anything to come of this, and for starters the legislature of florida which is controlled by the republican party, they are already working to change this law so that it makes clear that the governor of florida can run for president while he is also serving in office. the other thing is that the ethics commission in florida is to take criminal complaints, and he doesn't have a lot of power to go after individuals and mostly can levee a civil fine,

and there is not a ton of this to come, and this is clearly an attempt of escalation and allies to go after one of his top rivals, and when i asked the governor desantis about the lawsuit they called it frivolous. >> and it is the republican legislature to carve out an exception for the sitting governor of the state. >> that is correct. and they have done that in the past, and when charlie crist was potentially in the mix back when he was governor, and so it wouldn't be the first time. >> got it. understood. there is precedent. >> interesting precedent. thank you, steve. >> so, now, still to come. there is alarming cnn data and about a rise of maternal deaths in the united states and on black women in particular is alarming. we will take a closer look at why.

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wealth plan can help get you there. j.p. morgan wealth management. >> a texas-sized takeover. the republican leaders in the lone star state are taking over one of to largest school districts in history and the houston independent school district, and the district however in a city that is of course led by democrats and elected by the voters in the city, and the district officials will be replaced by a new board appointed not by residents of houston and the state commissioner of education. >> and cnn's reporter is there,

and they called this troubling i but not unexpected. why is the state making this move? >> they have the right here under the state law of texas. if at least one campus here in the district receives what is called unacceptable academic ratings for two years in a row, they can close that campus or the commissioner can appoint a board of managers to oversee the district, and the school in question here according to the commissioner had poor grades for five years in a row. and on wednesday, we learned that the state will take over. that means that the superintendent will be replaced, the board of education will also be replaced. that new board of managers will oversee the nearly 180,000

students in this district, and the 25,000 employees. this is the largest school district in the state of texas. the eighth largest in the country, and from state leaders to community leaders, there is mixed opinions. listen in. >> this is a crime. i want to go on the record to say that this is a crime. >> yes, it is. >> it is a crime. it is a crime against public education, it is a crime against the houston community. >> there's been a long time failure by hisd, and the victims of the failure are the students. >> reporter: and it is important to underscore this is coming after a lengthy court battle of the school district and the education commissioner which ended in january and as we now know that the judge ruled in the commissioner's favor. congresswoman sheila jackson lee called this takeover

discriminatory, a she wants the u.s. department of education to step in, and if they don't, she is going to pick up her phone and call president biden. jim and erica. >> adrienne broaddus, thank you. and now there is a new study that shows that the women who died in childbirth rose in 2021. >> and the death of maternal black women is twice as high as white women. the maternal death rate is embarrassing in this country, and the further spike is of further concern, and what is behind this increase? >> that is right, erica. we have been seeing the maternal increase spike in the last decade, and it is embarrassing and the new report shows it is getting worse. what is behind the spike, we can

provide better care postpartum and listening to women after the birth, and also better care after c-sections, and when you are looking at the screen, you will see in 2021, that is the most recent data available, and more than 1,000 women died due to maternal causes which is up from 861 deaths in 2020, and the maternal mortality rate is higher among black women to white women, and black women are three times as likely to die due to maternal causes, and these numbers are showing the situation in the u.s. is only getting worse, jim and erica, and it is surprising, because the u.s. has the highest u.s. maternal death rate among all high income nations, and that is surprising. >> and it is disturb, and let's hope that perhaps it is leading to some action. thank you, jacqueline. still ahead, we know that

artificial intelligence can write essays and pass law school exams and now a.i. could be a game changer in the music industry. cnn talks to grammy award winner david getta of how he is using the technology. i can be free to do the things that i love to do. i hope whehen i retire someday, they say, that guy made e this place a special place to come to school and gave as much as he could to help the community. ugh covid-19? and being overweight makes it more risky. i'm calling my doctor. authorized for emergency use, paxlovid is an oral treatment for people 12 and up... who have mild-to-moderate covid-19 and have a higrisk factor for it becoming severe.

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guettaguetta. you might recognize that

voice as eminem, but that is the work of david guetta. >> and so he was asked to write a style of eminem and so he went to a different site and added in those lyrics and he added in the a.i. and made a deep baked song, and the fans went wild. so now, you reached out to david guetta, and you sat down and did a wide-ranging interview with him, and i am fascinated by this idea, and so i am also thinking that i don't know that the artists would be that excited about it. >> well w david guetta is excited about it, and he is thrilled with artificial intelligence, and he is makeinga album with artificial intelligence, and he thinks it is great for younger musics who want to make hits, but there are

ethical and legal questions about it and copyright questions about it. so you created these songs with a.i. >> well, i don't believe there are laws about this. >> do you believe that there should be laws around this use of artificial intelligence? >> i think that maybe not yet, because i like that it is free and open right now, but at some point, yes, the question is going to be raised. i think that like a.i. is going to be a huge influence on music. >> reporter: now david guetta says he is not going to release the track commercially, but if he wanted to, he would have to go to the u.s. copyright office and file for a copyright, and right now, the u.s. copyright says there has to be a certain

amount of human intervention in a work to make it a copyrightable piece of work, and the question is how much human intervention are we talking about? >> and also, wouldn't he have to get eminem's permission, and it is not his voice, and how does that figure in? >> the a.i. is trained on eminem's voice and style even though what we heard is not eminem's. so this a little bit of the wild, wild west, and the copyright office is going to have to take a look at all of the applications for works of art and music and on a case-by-case basis and sometimes they will rule that, okay, this can be copyrightable, and it is really case-by-case, and how much human intervention is involved and how do you quantify it? >> it seems that everyday, a.i. is bringing up questions that none of us thought about that are is going to demand answers.

>> yes, it is move soging so qu that we are all trying to keep up with it. >> that is why we have you. thank you for joining us today. i'm erica hill. >> and i'm jim sciutto, the real version and not a.i. version. kate bolduan will bebe on after ththis break. ♪ custom home e created for you all. ♪ ♪ now the song is done ♪ ♪ back to living in your wall. ♪ they're just gonna live in there? ♪ yes. ♪ only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

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hello, everyone. at this hour, the video that the public never gets to see, and what really happened when a russian jet clipped a u.s. drone. the banking system is remaining sound is the message from treasury secretary janet

yellen