larry: number one, sell, silicon valley bank, get the taxpayer ident off the hook. then no more left wing special policies in banks then watch elizabeth macdonald. elizabeth: a great show. >> thank you. elizabeth: we have news coming in, white house is scrambling we have a new read how big the problem is with u.s. banks. >> and we have 50 outraged democrats that demand to reinstate bank rules, this

after 50 democrats voted to revise the rules in 2018. >> and just for kicks. what stocks have nancy pelosi and her husband been trading to protect themselves? request us senator roger marshall, house majority whip tom emmer. and byron york, congressman french hill and jason chaffetz. it is california governor gavin newsom riding to the rescue of himself. in the bailout of silicon valley bank, his personal accounts, his wineries, were in svb. unthose wineries, the ones we at the pr -- he kept open. >> and biden family is bracing house oversight has treasury documents on their deal making overseas, former president trump he tops governor ron desantis among g.o.p. voters, i am elizabeth macdonald, "the evening edit" starts right

now. elizabeth: welcome to the show, stocks selling off, dow in s&p down, we have nazdaq up. bank contagion fears are offsetting the cooler wholesale inflation report. credible suisse hits record lows, moving in to step in to hop. u.s. banks have already fenced themselve from that. and kit to junk status they may need government help. will low read in who sale prices stop fed from wreaking more havoc by raising rates higher next week? edward lawrence is live at white house. reporter: markets now say it is a tossup to whether there will be a rate hike or 25 basis points, president was in las vegas. talking when the market of the concerned about the

stability of the economy. the producer price index, came in today that was a little bit softer than expected. showing less pressure on inflation on parts of companies that need to buy to make good, retail sales fell, month over month more than expected. empire state manufacturing survey shows that business activity continued to decline, 45% of those businesses surveyed said that conditions have worsened, we have two fallen banks in the last week. on banks democrat like elizabeth warren believe that more regulation is the answer. >> when we roll back regulations, so that bank executives can use these banks to boost their profits to boost their own salaries to get big bonuses. they are doing it by taking on more risk. banking should be boring, we have a chance here in congress to make banking more boring again. reporter: overall president

biden latest talks pointing, pushing how he is in charge of a booming economy with low unemployment worker wages rising, republicans say he ignores inflation rising faster man wages, representative scalise believes there is an easy fix. >> we said, energy security is at the heart of, that we have been talking about getting our country back on track from an energy security stand point. hr 1, it really focused on helping america be energy independent. reporter: we have not hurt about any pivot from this president on any policies going forward. in las vegas the president made a peach tal -- speech talking about medicare, and talking about raising taxes to save medicare. as rest us were watching the market and concerned about the banks crisis that seems to be bubbling. elizabeth: thank you so much edward. >> joining us from house finish services congressman

french hill and john -- white house reports that white house is scrambling behind the scene, usc, stanford, columbia northwest university calculate this banks face a black swann of two trillion in unrealized watches where are the regulators? >> great to be with you. when we look at case of silicon valley bank. i believe there was a lack of supervision, by san francisco federal reserve bank and cal state regulator, itself ha related to fast rate of growth experienced by this bank, it was a 50 billion dollar bank in 2019, up over 200 billion with a heavy concentration of uninsured deposits, invested in the long bond. that is a interest rate sensitive tonight mayor, i

put management and supervisors on notice that will be subject of a house oversight hearing. elizabeth: you will call in the bank regulators, federal reserve officials and banking regulators at the treasury? >> i think we need to get their perspective on this i was glad to say powell took a small first step saying he wanted an independent review by vice chairman barr of what went wrong. but i have been in this industry for 40 years, you just don't do what they did and not expect a risky outcome in this interest environment. elizabeth: john, what do you think of this. president biden said he will hole -- hold those responsible for the mess but critics say he should look in the mirror. worse inflation in 40 years,

the federate mik rate hikes is wreaking havoc. >> we have to blame rapid inflation we have stimulus driven by covid stick for far too long. and the reason why they have so much stimulus because the democrats. ed to help boost the odds of holding on this the house in recently completed mid term elections. in part it is the fault of biden. elizabeth: what media does not understand, it is about being trustee tracked, signature branch distracted, svb distracted, federal reserve officials in san francisco, distracted by things like esg, and dei and climb climate change. you wonder this is a matter of the people saying,

capitalism, it is a matter was not watching the store, you wonder how far up the food chain does it go. you remember in 2008 from new century bear sterns. now it crypto and tech lenders. >> i think you can't be distracted and thi this is an issue, you saw senator warren saying she wanted banks to be boring again. there was no change that stopped it from being boring, this is a question of management using the wrong judgment in a ri risky rising rate environment. it took unheeded risks with how they did their deposits at that bank, we want the managmanagement

focused on ba bake making money and not being dist -- distracted by the feds. elizabeth: speaking of warren, 50 democrats, 17 senate and 33 house voted in 2018 to revise dodd-frank bank rules. but now 50 democrats say reinstate them. >> well, it is a little bit late isn't it, the horse souis out of the barn, makes me more ask why we were not looking more closely at quality of bank capital, and exposure to interest rate risk, a week oago it was hardly mentioned among banks industry analysts, very

emembarrassing for all parties concerned. we plan to hire something like, 57 thousand new irs agents, maybe we should hire more banking examiners. elizabeth: thank you so much joining us. >> welcome back do the show house majority whip congressman tom emmer, "washington posts" reporting that white house is scrambling behind the scenes fearing an economic melt town, but white house broke government rules insuring all deposits. which u.s. taxpayers be on the hook for the higher costs? >> in this case, i do think that depositors it wise to protect them, but all of them, no, that just ads cost to the system, let's make it clear, the cause of this problem is the biden

administration. nobody is focusing on fact they were told, they took office do not spend this money with the american rescue plan. you will start inflation and light the fire of inflation. they did it with the inflation, they called it the redu re-- reduction. they did it, they drove it by driving double digit inflation, which resulted in the increases that we've not seen from the fed in cost of money with rate increases in decades. that all report together with a situation silicon valley bank where you had a regulator that is supposed to supervise in the institution for a year, and was not giving them advice, look like they didn't even give them direction when they missed a risk manager for 9 months this falls

clon the administration. the steps they took were appropriate but to just cover their rear end. elizabeth: larry summers says this is not time for moral hazard arguments but about re74 stories confidence. then say doing not guaranteed uninsured deposits that destroyed capitalism, white house wants world to know they did not do a bail out, you listen to clinton former official roger altman he said it a bailout. we like your reaction to this. >> i didn't say it has been nationalized. i said they are verging on that because they have guaranteed t the entire deposit base, you then put

federal government and taxpayer in a government place in terms of protection than we were in a week ago. >> if you bought a security that was to make it simple, $20, it is owned by a bank and now worth $five, you give that $5 to the 25 billionbillion dollar fund, you get credit for ten but it is worth 5, this is a bailout. elizabeth: what do you think? >> again, i think that the biden administration broke this, they are now trying to coffcover their rear end, saying they were doing the job they were supposed to do when they drove the double digit inflation and drove up rate hike, they did not have the proper super vision, now they are tray trying to cover themselves,

they almost caused a run on the system. it look like it has been averted. now, now you have this choice. dow continue to raise interest rates to try to get this stubborn inflation under control or do you take a pause in which case inflation the remain with us. the cost of money is going up, i think you were talking about it. it will be harder for businesses to get capital they need to operate. elizabeth: for kicks, show what nancy pelosi and her husband have been doing in their protection stock trading, these are their financial disclosures coming back a month ago. congressman also this point is usually uninsuredy depositors in svb would have gotten the money back from the break up of the svb and asset sales. we're not hearing they will buy it, but moving to bankruptcy, when you back up

uninsured deposits that means bankers roll the dice and gamble with more depositor money with more risky betting to get their stock prices up and more bonuses and pay, is that the way to go? >> let's be careful. this was mismanaged it appears but to last weekend, you talk about a two billion dollar bank which had a 200 billion dollar bank that had a two billi billion dollar loss it still has very solid asset there was a sell pending over the weekend that would have taken care of this, we have to find out who said no and why. if it was the case. because, this is really about taking care of the people that rely on the banking system making sure it can fuel the world's greatest economy, right now it is the biden administration that has broken this, like our eggs, your gasoline, like your heating oil. all of these prices are up, they broke it. they need to change course,

they need to answer for it. elizabeth: congressman emmer thank you for joining us. >> thank you. elizabeth: we have this push in congress to probe why the nih and united states let china over bill them for possibly ten attorneys of millions for -- tens of millions for research at china wuhan lab. >> and byron york, and call governor gavin newsom is riding to rescue of himself. for his wineries and his personal accounts taking a victory lap in bailout of collapsed silicon valley bank, he was a customer of that bank, byron york next on "the evening edit." ♪ ♪ tell me what you want ♪ ♪

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elizabeth: okay this is why people are bad in svb, justice department is investigating the bank executives for their stock trading before the collapse, it is revealing a lot about what red flags could have been caught, kelly o'grady on live in front of a silicon valley bank in beverly hills with more. reporter: great to see you. yes, there is an investigation going on into

leadership stock trading before the collapse. the ceo greg becker sold 3.6 million days before all of the collapse, this is raising eyebrows, but they are all looking into also what lead to this. and all eyes on the svb board we did some digging, for context, companies board provided oversight, these have extensive experience in the financial sector. one was former ceo of barclay's. others held executive positions in retail investment banks one chief responsible for a bank is to manage risk next a feeling svb touted the board's role in that saying risk committee has primary oversight of the company's risk management across all risk categories. they oversee our capital management that point on liquidity is important they made those ri risky bond

investments that something that board should have been monitoring, svb spent 8 months last year without a chief risk officer. it begs the question whether the company was prioritizing risk management. one thing that board did make sure they got right was their environmental social into governance policies with an a rating for esg, a lot of critics say where were priorities? back to you. >> great journalism thank you. >> welcome back to show byron york. okay, what do you make of this, california governor gavin newsom is riding to the rescue of himself, putting out statements taking a victory lap for getting white house to bailout svb. but intercept reporting he did not disclose his personal bank accounts were there and for his wineries and his wife's charity. what is happening here?

>> well he is not practicing something called transparency, clear, we praise the government for bailing out this bank, don't mention they are bailing you out, governor owns three wineries th -- that have been an issue in his political life. they are customers of svb. he is also a customer. and part about his wife's charity, that is interesting, svb donated 100 thousand dollars to his wife's charity after being asked by the governor. there is a close relationship between newsom and the bank. elizabeth: and governor newsom according to reports had close relationships with what was going on with bank over site and regulators this is the guy who kept his winery open during the pandemic while forces the california small businesses to shut down. >> that looked really bad,

his wineries are in napa county, that county was not initially closed it did not have as many covid cases. but what happened is that a lot of the state had shut down, businesses by order of the state. and darned if gavin newsom's wineries were still open and in business. they later did close it in later lockdowns. >> so, silicon valley bank is being criticized as bank for millionaires and billionaires, newsom cheers on biden white house bailing out the depositors there above the fdic t 250 thousand dollar limit this feels shady. >> >> moral hazard all over the place on this, the biden

administration acted perhaps in a panic over the weekend, they have now set a precedent. they have set a guarantee for all deposits in all banks of any size. that is not something that probably congress would want to see happen. elizabeth: byron, how do you say thel lay of the land and bank oversight. taxpayers m pay billions for a lot of government officials to oversee the banking industry, where were they? >> they should be called on the carpet to find out what happened. when this happened, senator warren immediately jumped into the pages of "new york times," to claim, i told you so. some democrats agree with her, although some others who voted against her in 2018, do not agree.

but clearly, we need to do first is find out what happened. we're still talking about days from when it happened. still resolving itself. so, i think first you find out what happened, then if rules need to be changed if people need to be punished do it after you know what happened. >> how about getting people on stick to do their jobs with oversight. step in. that is what the danger zone is. we reported 2 trillion in unrealized bank losses at the banks. they need their foot forward, byron york good to see you. >> thank you, liz. elizabeth: this story, we have outrage democrats they blame trump, now demanding congress reinstate bank rules, we have 50 democrats voting no to basically you know keeping the rules, they want to revise them back in

bet 2018, up next senator roger marshall there is move om this front, will they get a 9/11 style commission to investigate china and the pandemic and the push to probe why nih and u.s. aid let china over build u.s. taxpayers for virus research grants at the wuhan labs, one of the labs where the pandemic may have leaked out of, on the "the evening edit" next ♪ ♪ pay me m my money ♪ ♪ or go to jail ♪ ♪ n trouble with. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish.

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hi, i'm katie, i've lost 110 pounds on golo in just over a year. golo is different than other programs i had been on because i was specifically looking for something that helped with insulin resistance. i had had conversations with my physician indicating that that was probably an issue that i was facing and making it more difficult for me to sustain weight loss. golo has been more sustainable. i can fit it into family life, i can make meals that the whole family will enjoy. it just works in everyday life as a mom. elizabeth: joining us now, senator roger marshall. he is a very busy senator, thank you for joining us. this is one of those stories that feels over the top, you are like, it doesn't feel

like it is registering yet in media. you personally hired a federal investigator diane cutler and looked through 50 thousand pages of document and found potentially tens of millions of dollars in over payments of u.s. taxpayer money research grants to china's wuhan labs? they double billed is that true. >> it is. i reviewed the documents many times, essentially what happens is eco health is a nongovernment entity that colates money from world from u.s. government, used to fund gain-of-function research in wuhan, we found uaaid played for the grant and nih paying for same grant and same scientists, when were working with

chinese military. elizabeth: why weren't they checking with each other? >> that is a great question, eco health lead to the nih, asked them about this, you are getting funding for this already, in a said no, that grant ended but it was in a part 2, it was deceit and horrible use of taxpayer dollars. elizabeth: can eco health be prosecuted. >> absolutely, i am confident that usaid office is work offing up a case against them, we hope that fbi will zone them, we think that the fbi has more information. the fbi was first government agency to say this virus most likely leaked from the laboratory. i think that working together we could prosecute the case. elizabeth: your breaking news on the "the evening edit," does this inc in-- include the wuhan china laboratory where the -- the

virology institutes. >> absolutely, eco health got 122 million from 10 different -- different -- how much,? >> 122. >> to when. >> 2002-2020. portions of that probably tens of millions, were used at wuhan lab, we need to see those and eco health is out of compliance with their grants and we're giving them more grants, they should share the grants with us and ddna they worked with china in the wuhan lab. elizabeth: let me back up, government accountability office. estimates that cost of pandemic to the u.s. was 10 trillion. 10 trillion. so, with shut down of any information out of communist

china, how could federal officials, be morally certain that the pandemic of the not the product of a lab leak, and how could they have been stonewalling the media on how they were funding dangerous super virus research in china, they have been stonewalling "washington post" forever a long time about this, wash"washington post" did their own investigation. >> this was a purposeful cover-up, as we look through the e-mails, i believe there is a preponderance ofs e evidence that show the virus came from wuhan china, and dr. fauci covered it up. you look at smoking guns, number one is geographic location, what are the chances of a bat virus pandemic starting next to one of three laboratories that investigates this. they never gave us number two, they never gave us an intermediate host f -- they never found a grandfather or cousin of

covid virus. there was a perfect protein spike. i would like to go into detail, in a took down dna lab evidence. you take that, it would show that this virus started in wuhan, china. you go through the e-mails purposeful cover-up by dr. fauci. elizabeth: and lack of oversight by part of dr. fauci? adr. collins? >> i think in general, our grants are out of control, congress needs to look at different againsts, why is us aid doing any type of research on viral gain-of-function in china, and why it department of defense funding the same type of research, we need a huge amount of oversight and figure out where the money is going, we'll follow the money. elizabeth: senator marshall,

a pleasure having you on. thank you so much. >> thank you. elizabeth: this news, reports of biden family is bracing for house treasury has in hand treasury document from u.s. banks, suspicious activity reports, they are reviewing them on biden's deal makes oversea. >> and jason chaffetz with outrage democrat blames trump for banking collapses of 3 ba banks. we're staying on the story next on "the evening edit." ♪ ♪ can you play me a memory ♪ ♪ i'm not really sure how it goes ♪ ♪ or what if i can do diabetes differently?

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to dto do you make, former president trump is beating ron desantis in polls. trump is still the favorite. >> it seems right. i guess, i think that ron desantis has a lot to offer, if he decides to run. donald trump, the former president and a lot of republicans they liked the agenda that that donald trump stood for. this still has a long, long way to go we'll see if ron desantis actually getting in the race. elizabeth: staying on this, we've been breaking news on the latest wave of bank failures and crises. we have more on news last night. it is about how the white house is handling crises, how democrats are handling in crises we have 50 democrats, they are outraged

demand new ledg legislation to restore dodd-frank regulations. >> those are not -- i don't know. democrats are engaged in revisionist history, trying to rewrite what happened and didn't happen. and we'll see. i think that board of directors is a big focus here only one of the people actually had some actual background, it looks like the whose who of democratic insiders that were running this bank, there is a lot to learn. i don't know that one piece of legislation would have prevented it or solved it it

looks to me like fed and oversight of which there was a conflict of interest with person from silicon valley bank who is on the board, not doing proper oversight that was there with information that was on the books. elizabeth: you know what is going on when media covers the story and blames trump. when they revise the rules back in 2018, you know this small and mid size banks said we're getting crushed by the cookie cutter capital requirement,s for their smaller banks. that was what the fight was about, but watch senator warren not talking about how 50 democrats, 17 of them senators voted to revise dodd-frank in 2018. >> the way to understand this crisis, it really got three players. the first is congress and president trump. who said let's weaken the

regulations, hit hard. the second part is the regulators, in particular the fed in particular jerome powell the chairman. of the federal reserve bank. who took that change in the laws and boy did he run with it. elizabeth: what do you say? >> you know. we -- you can try -- to try to blame trump and suggest it was anything but bipartisan in its approach, would be wrong. number one, the regulators highwayhow it they end up with such a conflict of interest, in san francisco, you have someone on silicon valley bank who is leading the svb also involved at the fed. that makes no sense. elizabeth: ranking member maxine waters and house financial services

acknowledging that taxpayers will pay for the bill out. >> government said it will not cost anything for taxpayer, how is that possible? could banks just pass that on. >> we're fortunate we have federal insurance program that protects depositors up to $250 thousand that is premious paid in by the bank. >> is there a way that banks could pass it on to consumer. >> you could think about that way and they could raise taxes we see no signs of that at-this-point. of the money was there. >> not sure how they don't see signs of that. they are not examine banks to raise fees. banks raise fees, they are not monitoring what is happening with the fees. >> yeah biden said there is no a that taxpayers will pay for this this bailout,

hogwash it will be the average american, that has their fees raised they will pay and they will be punished, white house giving another misdirection. elizabeth: jason chaffetz we'll have you back on. >> my hot take on day's events coming up. >> congressman pat fallin on who is mystery biden family member who got a cut of millions of dollars in chinese deal making with the biden family. house let's get to our friends now, dagen and sean what is up next on the bottom line. >> thank you. >> a great show. steve moore talking about markets, congressman andy barr. and talking about what the congress will do about svb. >> i would like so see some more mark wayne mullin energy in senate we talk with the senator about his tete-a-tete with a union

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elizabeth: well look who is here congressman pat f fallin from house oversight. now this house oversight you have the suspicious activity reports u.s. banks filed with treasury on biden family deal making overseas, this mystery, who is the new unnamed biden family member. james comer told us about that got a cut from a deal that biden family did with china? >> well, liz thank you. chairman comer will reveal that soon. this is the thing that people have to understand. hunter biden had trouble, he was addicted to drugs and associated with characters, after his dad became vice president he bo came a multibillion dollar international businessman that is odd, then joe biden said he had no idea what his

son was doing, that is a lie. then you have the suspicious activity reports, financial institutions have to file if there is something suspicious or odd. in international, deals a couple if that is what you do biden family has 150, we wanted to see them. elizabeth: did you get all 150? >> not yet. >> how many do you have. >> two years. >> how many reports. >> couple months ago we had two. now we're jan janet yellen said we're on the right track. elizabeth: we'll stay on this, do you know the name of mystery biden family, that is getting a cut? do you know the name. >> yes. elizabeth: you know. >> yes. elizabeth: were you shocked? >> it is interesting. well, i'm shocked by a lot of this.

elizabeth: it is a name we have not heard yet. >> i don't think we should play 20 questions, respectfully. i'll tell you this. we have had access, congress had access to the suspicious activity reports for 20 years. then suddenly whether yellen was brought in joe biden and his administration would got release home to us. elizabeth: we get, that how many -- how many reports did you get? >> mm-hmm. elizabeth: how many number? the number of reports. >> we're supposed to get 150, we will get them all. we don't have them yet. elizabeth: you have a few, you started to review them, is that it? >> correct. elizabeth: okay. >> they are very interesting, yeah. elizabeth: they are. okay, let's stay on this you know how the obama white house went after the trump campaign for foreign lobbying violations. right? >> yes. elizabeth: how come the biden family was never you know called on the carpet for that? hunter biden was in obama state department lobbying

for ukraine company burisma. you know biden family has been inside government doing goodness knows what. they never got a violation, why? >> well, if you know these liberals didn't have double s standards they would not have any at all. it is not fair, it makes no sense, they add up and point to influence peddling and selling access. elizabeth: congressman fallin thank you for playing along for us, we know it was tough for you. >> thank you, liz, god bless. elizabeth: my hot take is coming up next on "the evening edit," don't move, stay right there. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this.

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♪ liz: my hot take. fed rate hikes will they do it again, do it next week? because it is causing bad actors to be washed out with tide. that happened in the subprime mortgage crisis. century american home mortgage, countrywide, names like bear stearns. we have to ask how far up the food chain will this to? it is starting with tech banks like silicon valley bank. crypto banks like signature and silvergate. why this why are they not calling government bank regulators on the carpet? they're supposed to be watching the store. california governor gavin newsom supposed to be watching out for the store.

he pureed for bailout of silicon valley bank. he has personal bank accounts at svb, and three wineries. he kept his winery open when he shut down everyone else during the pandemic. 50 democrat senators voted to easy up on banking regulations in 2018. send us your emails to emac viewers @fox.com. we may feature yours on the next show. we have brian kilmeade, steve moore, miranda devine will join us. we thank you for joining us, watching us tonight. you've been watching "the evening edit" on fox business. that does it for us. time for "the bottom line" with dagen and shaun. good to see you guys. dagen: hi, elizabeth macdonald. liz: good to see you. okay. ♪. dagen: howdy. i'm dagen mcdowell. sean: i'm sean duf.