today president biden is expected to address the second largest bank failure in u.s. history. as federal regulators step in, ensuring people they will have access to their money. catastrophic flooding, a second round of heavy rain is headed to california for already beleaguered areas and as a major levee fails, a startling message from one official for people who don't want to evacuate saying, quote, i don't want to be at your funeral. boating disaster, at least eight people killed when two boats collided off the coast of

san diego, authorities expect it was a human smuggling operation. harsh rebuke, former vice president mike pence slamming former president donald trump for his role in the january 6th attack on the capitol, saying he endangered pence's family. and the oscar goes to "everything everywhere all at once" was the movie to beat as the academy awards celebrates the best and brightest in hollywood. we have the highlights it's monday, march 13th. "early today" starts right now good monday morning, i'm phillip mena. >> and i'm frances rivera. we begin with breaking news. federal regulators working overtime to curb a financial crisis before the markets open this morning officials announcing a new plan overnight to ease fears and prevent panic, saying that all of the depositors at the failed silicon valley bank in california will have access to all of their money beginning at the start of business today. nbc's brie jackson joins us from

d.c. brie, good morning tell us more about how the federal government is stepping in this morning. >> reporter: good morning. well, the message from the biden administration is that american taxpayers and businesses will be protected. silicon valley bank was a leading lender from the -- for the tech industry and had grown into the 16th largest bank in the u.s. with more than 175 billion dollars in deposits. the federal government usually only insures up to $250,000 for each depositor, but in an extraordinary step regulators are lifting that ceiling and say all of the funds will be available today. on sunday regulators also closed the crypto focused signature bank in new york, but say all depositors will be made whole there as well. before these plans were announced, treasury secretary janet yellen insisted this is not the same as the bank bailouts of 2008. >> during the financial crisis

there were investors and owners of systemic large banks that were bailed out and we're certainly not looking and the reforms that have been put in place means that we're not going to do that again. >> reporter: officials are insisting that the cost of covering the deposits will not come at taxpayers' expense they will be paid for in farther out of the fdic's deposit insurance fund, which is paid for by a quarterly fee on banks. some funding may come from selling silicon valley's bank assets now, president biden has said he is pleased with this solution and has vowed to hold those responsible for this mess fully accountable. the president says he will deliver remarks about maintaining a resilient banking system later this morning. frances. >> brie, a lot of jitters, hoping those nerves will be calmed by what the president has

to say thank you. and after his remarks on the banking system, president biden will head to san diego where he's set to meet with british prime minister rishi sunak and australian prime minister anthony alba niece they will discuss a defense partnership and initiatives meant to counter china's growing military influence, including a plan to deliver nuclear-powered submarines to australia. be sure to stay with nbc news, lester holt has an exclusive interview with the uk prime minister in his first american network interview, parts of the interview will air first on the "today" show then on nbc "nightly news" with lester holt. california bracing for more rain and snow this week. over the weekend the central coast was hit with catastrophic flooding evacuations are under way after a levee was breached officials warn the tap water is now unsafe to drink. here is steve patterson. >> reporter: pounding hail in central california as wild

weather pummels the west. >> i felt scared because it felt noisy like there was a tornado out there. >> reporter: in fresno several funnel clouds saturday but no tornado touchdowns a failed levee in monterey county swamping the community, the sheriff urging people to follow evacuation orders what you're warning to people that do not want to leave? >> for people who don't want to leave, i've got to tell you, i don't want to be at your funeral. i don't want to read about you in the papers about the loss of life >> reporter: rescuers pulling more than 150 people to safety already. this manlifted from danger by the california highway patrol just south salinas. so far the sheriff's office has helped more than 2,000 people evacuate the high water. >> the water is unsafe to drink so you don't have drinking water, people can't survive without clean drinking water so

staying put does you no good, it does your family no good, it puts everybody in danger. >> reporter: the breach as much as 150 feet wide, officials say conditions are too dangerous to inspect the levee on the ground as evacuations continue. some are staying put, hoping the water doesn't continue to rise >> me and my family chose to stay at the last minute. if we lose power that's when we're going to choose to leave >> and our thanks to steve for that report. let's bring in nbc meteorologist michelle grossman who is tracking these storms for us good morning. >> good morning. unfortunately we're going to see another atmospheric river event setting up, more wet weather out west, already seeing this at this hour. it's going to take shape later on today into tuesday. radar showing us where that snow is falling, where the rain is falling, these are in places that do not need more wet weather. unfortunately we're going to see it once again to start out the workweek 17 million people impacted by flood asserts from crescent city

to eureka, san francisco, down to bakersfield, the green is where we're looking at flood alerts concern about flash flooding, in the pink that is the highest level of a threat risk brookings, eureka, cheek can a and reading. that's today tomorrow looking at the chance for flash flooding into southern california north of los angeles, monterey, you are under that alert as well. we are expecting a lot of rain in some spots up to 7 inches we will talk more about the rain, more about the snow and also the timing of the storm in just a few minutes. >> thank you, michelle. in san diego eight people are dead after two migrant boats capsized authorities are searching for survivors. they believe this was part of a human smuggling operation. here is jesse kirsch >> reporter: at least eight people are dead in san diego and possibly more than a dozen are unaccounted for after authorities say a pair of suspected smuggling boats capsized some of the victims were mexican according to the consulate. >> this is the -- one of the worst maritime smuggling

tragedies that i can think of in california, certainly here in the city of san diego. >> reporter: officials say a spanish speaker called 911. >> that person reported that there were approximately 15 people and eight people on two vessels that had overturned. >> reporter: officials say high tide made it harder for lifeguards to reach the victims with low visibility limiting overnight searches by air. eventually first responders discovering two overturned boats, finding adult bodies on the beach and in the water. >> there's long and short holes so if you step into those holes those rip currents will pull you a i long the shore and back out to sea. >> reporter: with conditions improving today the search expanding. >> sadly this tragedy continues. >> reporter: officials did not say where the boats came from but suspect this was human trafficking a crime they say has skyrocketed in the area recently with 23 people being killed at sea in southern california since

2021 alone. >> this is not necessarily people trying to find a better life these people are often labor trafficked and sex trafficked. >> reporter: lives perhaps already under duress, now cut short, jesse kirsch, nbc news. the united states military has begun joint enterprises with south korean forces, the drills are expected to last for 11 days and mark the biggest in five years. they will involve live artillery and simulations of war scenarios. kim jong-un's regime has already responded, the north korean government released these photos through state media, they say this shows a test of two strategic cruise missiles fired from a submarine let's check back in with michelle who has your monday forecast and a lot she's watching. >> great to see you. really busy to start out the workweek, at least monday, tuesday and wednesday. today in the west another atmospheric river event setting up, to the east a nor'easter out west heaviest snow favoring

part of the northwest, persistent rain across northern california, especially where you see the reds, oranges, the yellow tomorrow we will see showers stretching into southern california, so wet there once again and winds could exceed up to 70 miles per hour or over that, with he could see some power outages and then this will be on the move by wednesday as we see that storm system moving off thugh the rockroiesee some , 59 degrees 68 in san antonio. all right. it's monday, that means we will take a look at the week ahead in just a bit. >> thank you. denny's is giving away free coffee for daylight saving time. the chain offered reward members a digital could you bone for a free cup of coffee today between 6:00 a.m. and 2:00 p.m

the digital deal is valid for in-store dining only dunkin' also offering a special perk a free beverage up to $5 worth on an order of $15 or more on grubhub this week. we are back in 60 seconds with a march madness preview. forming vice president mike pence had harsh words for his former boss. his message for donald trump d. ♪♪ (laughing) nice smile, brad. nice! thanks? crest 3d white. 100% more stain removal. crest. plan a didn't work out? get plan b one-step. plan b helps prevent pregnancy before it starts, and it won't impact your ability to get pregnant in the future. find it yourself in the family planning aisle no prescription, no id. i've got this. ♪♪ hate it when a car freshener hits you with an overwhelming blast of perfume? febreze car vent clips work differently. febreze gives you consistent freshness that starts just right and stays just right for 40 days.

upgrade to febreze car. when cold symptoms keep you up, try vicks nyquil severe. just one dose starts to relieve 9 of your worst cold and flu symptoms, to help take you from 9 to none. for max-strength nighttime relief, nyquil severe. leading the nuts, former president donald trump is heading to iowa today as he looks to secure his hold over republican primary voters. trump's visit comes after a blistering critique from his vice president mike pence. nbc's allie raffa has the details. >> reporter: in his most blistering criticism yet former vice president mike pence laid into his former boss at a washington dinner saturday night for the danger he faced as a result of former president donald trump's pressure campaign to overturn the 2020 election. >> and i hope mike is going to do the right thing i hope so.

>> reporter: president trump was wrong. i had no right to overturn the election, he said. his reckless words endangered my family and everyone at the capitol that day and i know that history will hold donald trump accountable. the one time unwavering trump ally not mincing words, but the event did not allow any cameras. pence not so subtly mulling his own bid for the white house as former president trump prepares to make his 2024 iowa debut, the visit coming days after florida governor ron desantis made his own trip to the early caucus state. desantis not yet an official candidate in another key early primary state, nevada. >> i'm optimistic about our state and florida, but i'm optimistic that we can see success in other states. >> reporter: mr. trump spending his weekend huddling with lawyers at his mar-a-lago home, preparing for next steps in a manhattan probe investigating a 2016 hush money payment, his former attorney michael cohen made on his behalf, to former adult film star stormy daniels

cohen set to testify before a grand jury with signs a possible indictment may come soon mr. trump also invited to testify, has denied any wrongdoing meanwhile, another expected 2024 contender, president biden, taking criticism from within his own party amid reports his administration will approve a controversial oil drilling operation in alaska, marking a potential reversal of a campaign promise not to allow any drilling on federal lands. environmentalists now furious, while alaska's lawmakers believe the project will bring new jobs to the region. the white house is pushing back on those reports, saying interior secretary deb holland will make an independent decision on the project. that final call by holland who fought against the endeavor while in congress expected in the coming days. >> thank you after nearly five months of madness in college basketball the men's ncaa tournament is all set. big ten champion purdue is the

top seed in the east followed by big east champion marquette. out west, number one kansas has to battle with howard in the first round. alabama is the number one seed overall for the first time in school history in the midwest two schools from the lone star state occupy the top two seeds, the action will tip off tomorrow with the first four in dayton, ohio, the winners there will earn their spot in the round of 64. on the women's side south carolina is the number one overall seed, the undefeated gamecocks look to repeat as national champions virginia tech, indiana and stanford hold the remaining one seeds. mikaela shiffrin just slalomed her way into the history books, she stands alone after a record-breaking world cup win. r > and a historic making flight foone family a father and son navigate the skies together they're banking, with bank of america. see cousin jimmy over there? his girlfriend just caught the bouquet so... he might need a little more help saving.

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slowing down coming up on "today" debunking four of the most popular sleep myths. a recent flight from las vegas to louisville will forever be special for one family. for the very first time the pilot got to fly with a little help from his son who served as his co-pilot kennedy hayes in louisville has the story. >> i grew up, you know, putting on my father's uniform and wanting to go to work with him. >> reporter: john mark james jr. has been waiting his entire life to share the sky with his father thursday on u.p.s. world port's runway that moment arrived. >> this morning was very special. now, you know, knowing that i would be flying with my father >> reporter: their first trip, las vegas to louisville. >> when we both sat in our seats we knew what to do, so he was just there to be my captain. >> it went as smooth adds silk. >> reporter: captain john james

says his son grew up learning the ups and downs of the aviation industry, still quickly caught the flying bug, making it his mission to earn certificates, degrees and training needed to become a ups pilot, too. >> in other words, he was self-motivated i didn't have to push him. >> reporter: modeling dedication behind the badge, john james started his career at u.p.s. 33 years ago. >> having traveled the world and flown many airplanes with many different people, but today was the best flight of my life. >> reporter: a first of many shared flights, the father/son duo says they're ready to travel around the world together. >> i'm proud of this young man right here he is an awesome son and awesome pilot. yes, it is and he -- the sky is the limit for him. >> our thanks to kennedy for that very cool story. >> dad was doing something right. coming up, michelle is back with a preview of your weather this week. and the speech at the oscars that has everyone everywhere

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welcome back on this monday. it's a busy start to our workweek weather wise. we're watching two systems, one on the west coast that's going to be more wet weather, rain, heavy snow into the west once again quiet through the middle of the country and chilly temperatures in the 50s and 60s today. a nor'easter developing in the east by wednesday we are looking at the west coast staying wet, so soggy throughout portions of california into the pacific northwest, the intermountain west and into the rockies. spring warmth throughout the southern plains, we will see temperatures once again back into the mid 70s that will be nice. lingering flurries in the northeast as that nor'easter spins off the coast there. friday no relief in the west, still wet with works of california into oregon, also washington with some rain, also snow strong storms throughout the south, we are looking at a chance for severe weather and snow in portions of the upper midwest. the biggest movements in

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try nervivenerve relief. there was no stopping mikaela shiffrin on saturday which happened to be exactly 12 years since her first race on the alpine world cup the 28-year-old skier won her 87th career victory. this win broke an alpine world cup record that has been held for over 30 years by a swedish skier. the multiverse converged on dolby theater for sunday night's oscars. >> and the oscar goes to "everything everywhere all at once."

>> harrison ford was on stage to present his former indiana jones co-star ke huy quan and the cast and crew of "everything everywhere all at once" the academy award for best picture just one of seven prizes that the dimension-jumping epic took home on hollywood's biggest time daniel kwan and daniel scheinert were awarded best director for their work in the film they became the third duo in the history to receive the honor the film walked away with best film editing, best original screenplay and three of the night's four acting prizes. >> jamie lee curtis won, making sure to thank her parents, tony curtis and janet lee during her speech michelle yeoh made history by becoming the first asian woman to win for best lead actress and ke huy quan topped off his seemingly impossible award season run for best actor when

giving what many considered to be the speech of the night. >> my journey started on a boat, i spent a year in a refugee camp and somehow i ended up here on hollywood's biggest stage. they say stories like this only happen in the movies i cannot believe it's happening to me. this -- this is the american dream. >> and the night also saw the culmination of a years' long comeback for brendan fraser winning best lead actor for his portrayal of charlie in "the whale. other highlights included performances by lady gaga and rih rihanna. but it was the song from the epic indiana film rrr that walked away victorious as a rouser performance of the number, the show won the award for best original song it was the first song from an indiana film to win in that

category a thing that will stick out is ke huy quan and brendan fraser, their speeches and how much it meant to them. >> i loved seeing ke huy quan and harrison ford hug each other, it brought me back to the pairing for inana jodine

right now at 4:30, cleanup under way. the work happening now as another atmospheric river is set to arrive tonight. meteorologist vianey arana is breaking down a timeline and when the wet weather will hit your neighborhood. >> all eyes on wall street this morning. the fallout following the collapse of svb and when customers can get full access to their accounts. also, the second bank now impacted. this is "today in the bay," streaming live on roku, xumo, and online. a good monday morning to you. i'm marcus washington. >> laura garci h