right now, the treasury department, federal reserve and fdic jumping in to rescue in the 11th hour to protect silicon valley bank and signature bank

depositors president biden in remarks this morning addressing the moves by his administration >> america's going to have confidence that the banking system is safe your deposits will be there when you need them. i instructed my team to act quickly to protect these interests. no losses will be born by the taxpayers. >> i'll break it down with larry summers. the president's heading to san diego this hour with meetings where the british prime minister and australia's leader, highlighting the sale of nuclear submarines to our allies to counter china's indo-pacific power. and donald trump heading to iowa today following the footsteps there with likely challenger, ron desantis and days after his former vice president, mike pence, made his most critical comments yet over

trump's role on january 6th. good day, everyone i'm andrea mitchell in washington depositors at the failed bank breathing a sigh of relief after the u.s. government led by the treasury department, federal reserve, and fdic, extended protections. the biden administration also announcing similar protections for the bank of new york janet yellen and jerome powell say american taxpayers will not be on the hook for any of the losses joining me now is nbc's jake ward in northern california and cnbc's senior economics reporter, steve liesman. so, steve, take us through how the regulators worked all weekend, how the markets are reacting, but importantly, where the money is going to come to cover the deposits that are now going to be protected beyond

what is federally injured? >> right, andrea so it was aweekend i guess wit shades of the great financial crisis maybe not as hairy as one has experienced before, but what they did is they were staring down the barrel at a possibility of a broader run on the banks. the silicon valley bank was victim of a bank run concern about the safety and soundness of the bank. depo depositors starting withdrawing. they insured the uninsured depositors, the ones over 250 in silicon valley bank and signature bank they recapitalized another california bank, first republic, and sent an implicit signal of a guarantee for other uninsured depositors at other banks. they also put together a special fund at the federal reserve

where banks could go and borrow at somewhat easier terms if they have a run on the bank, they can get more liquidity to meet those demands if depositors are leaving the banks. the market was a little skeptical this morning it's turned around a little bit. there's still some concern some of the banks are substantially down with concerns about those banks that are still out there as for the cost of the funds, the extent there are additional costs, andrea, for making those uninsured depositors whole, it will come from the deposit insurance fund, which is a fund paid for through assessments on thebacking industry. that's why i believe at this point, president biden can indeed say it should not cause taxpayers any additional funds >> just a couple of follow up points though. there was concern about republic about other regional banks the difference between 2008 is

because of moves that had been made, the large banks are required to keep more money on hand in case of a problem. so the big banks, this is the 16th biggest silicon valley, that's not going to be affected, but there's a big but here what about the ripple effects? we know that dodd frank and the president referred to this today, was changed it was softened. that's been one of the issues we're going to hear about from adam schiff. >> yeah. it's an interesting question as to whether or not had this bank been subject to the more strict rules that has been in place before the change was made during the trump administration and by congress. if that would have been caught there are some unique aspect to this bank that made it difficult to find the issues it was a bank that had strong concentration and depositors it was strongly concentrated in

the tech industry. did not have good management of its balance sheets it would appear whether or not it would have been found i guess we'll let the postmortem figure that out i think the broader issue is to extent to which there's concern about the banks and whether or not the federal reserve indeed went far enough in implicit guarantee on insured depositors. >> one of the questions since you're our resident fed watcher, there's criticism that bank regulators at the fed didn't see this coming. why were they so surprised at the bad management of higher interest rates from silicon valley and also pressure now on the fed not to raise rates, which is necessary for inflation, they say, but saying that higher rates are going to cause more problems than other banks. >> i think there's criticism that comes to two levels, andrea the first is that whether or not the leadership of the fed in the

aggressive rate hike cycles should have seen this coming and perhaps gone more slowly they were staring down the barrel of a big inflation problem. whether or not they should have expected fall in the financial system, i think that's a valid criticism. then you get down to the supervisory level, the regulators who were looking over the books and should they have seen the lack of interest rate hedging or poor management should they have figured out a bank like this with a heavy concentration of deposits. by the way, they have a lot of uninshired deposits. 87%. that means you've got a bunch of sprinters as depositors. at the first sign of trouble, they ran other banks, its size is 40% the deposit base is much more stable which means less likely of a run on the banks. in general, when you have a large percentage of uninsured

depositors, your deposit base is more flighty the bank has more risk as you suggest, there's a good argument that perhaps the supervisor should have seen that >> steve, thank you so much. and jake, jump in here on how the concentration of their investment in the tech sector is going to affect the tech sector. it's heavily invested there. both in massachusetts and california and whether it's going to affect a lot of the green start ups whether it's going to have a big impact on climate change >> this is a really peculiar creature silicon valley bank was the place you went as founder who has in theory a tremendous amount of venture capital. you've got all this money from investors but you have no way to prove you should be given a loan for a house or a lineover credit f or extra cash.

as a result, it cut off money making opportunities saying that this was a peculiar set, a very 22nd century set of circumstances. the kind of bank it was, not to mention the social media panic set off. but now, they worry about this question of whether we have anything that protects us against this in the future and whether we might see something like this again when the wrong set of factors come together >> thanks so much. and joining us now from california is congressman and democratic senate candidate, adam schiff. well, congressman schiff, a couple of things have come up today already that executives from this bank took bonuses on friday, made stock trades to

limit their exposure to this is this something you're looking into and what about correcting the changes in dodd frank that took place during the trump years? >> it is something i'm looking into and in fact, i plan to introduce legislation to claw back those earnings from these delayed bonuses. from stock trades that were beneficial in the run up to this run on the bank. i think we have as the decision that proceeded this one indicates, it my view, a failure of oversight as well as a failure of the bank's management and they need different r remedies in terms of a failure yeoversig, i think we need to strengthen dodd frank we need to strengthen the regulatory and oversight requirements on banks like svb, but also this was a management failure. we have the wrong incentives

that incentivize management to take risks with their depositors' money. and to the degree that it's baked in to a bank executive's mindset that well, if all goes wrong, maybe we can count on there treasury to bail us out with the bank fee supported funds that's the wrong incentive so the legislation i'm working on would call back this executive compensation bonuses, stock sales so, that comes to these rescues. >> does this tell you that elizabeth warren, bernie sanders were right about banking regulation >> i think there were certainly right that weakening dodd frank was a mistake and i think we need to strengthen it. we will be analyzing the degree to which that repeal of a portion of dodd frank in 2018 contributed to this. but certainly, the problem, the

danger of systemic issues like this hasn't gone away. and that ought to tell us that we need to move in the direct of stronger oversight and regulation, not weaker and that is something i'm discussing with the ranking member on the financial services committee about a broader package of reforms to address this recurrent problem i think we also need to look at fdic insurance and more than just depositors, but non-profits and payroll for workers to make sure those things are protected against these management practices. >> yeah. well i'm sure that this is an issue that you pretty much agree with katie porter. one of your rivals let's say for that senate bid right now in california but what do you do about the house republicans? >> well, i would hope, but who knows, that in light of this you know, run on now two banks and

panic among others, that there will be bipartisan support to look for remedies to once again strengthen oversight and regulation but, look. the republican party has been consistent really only on one thing. most of the ideology has gone out the window in the year of trump, but the one consistent thing pre-trump, they answer to their wealthy donors and so i am skeptical of how much republican support we're going to get, but we need to try to get this done and in the house right now, we can't do it on our own >> tell us about your briefing with the treasury yesterday and what questions were being raised and how satisfied you were >> i think that treasury in the two briefings that i participated with treasury, fdic, initially were trying to maintain a strong face that they're in a much better situation now than in the 20, the last meltdown and that they

were really i think frankly down playing the systemic risk, but then quickly reached the conclusion that the risk was profound and they needed to take a bold step to try to deal with it i think most of us in the delegation remain very concerned with the, what this will do to the entrepreneurial economy, but also that we've created the wrong incentives here and these incentives for, as we saw with svb, to invest in these securities that were long-term that were vulnerable to interest rate changes, that may have been very profitable for the bank in the near term, and it was. but it put all the depositors including a lot of people who didn't even know that the payroll was handled by svb, really deeply at risk. so i think among our delegation, we want to make sure that those small businesses and non-profits

are protected, but we recognize the more, the broader need and that is this bank did serve a valuable function within the entrepreneurial economy in california we need someone to step into that role, but we need them to do it far more responsibly than svb. >> congressman schiff, thank you very much. and joining us now is larry summers, former treasury secretary to president clinton, former director of the national economic council in the obama administration thanks very much for being with us what would you have done in this situation? >> i think the authorities got it about right given the magnitude of the problems that were being faced there was a absolute need to restore confidence both to protect against runs against many, many banks across the country. and to assure that people could get their payroll checks,

businesses could continue to function in silicon valley i think the broad approach that was taken to close svb while supporting its depositors and to make available support for the banking system more broadly, i think that was the right approach and i think it will insulate the economy from the largest part of all of this. i think there are all kinds of questions that need to be looked at management as best i can judge is pretty irresponsible about managing risk. i don't understand how that could have escaped the attention of supervisors i think they're all set of questions about the way we do bank accounting and bank monitoring when the value of their assets fluctuate, that are going to need to be looked at

very carefully in the future and that they're on many different institutions i think stress testing, which is what we do to kind of make sure the banks are safe, is still a very imperfect science and we keep being surprised by the stresses that the real world turns up and we've got to do a lot more about that. and very fundamentally, andrea, we have to face the fact that what we have just seen is that a bank that was not a mega bank, 16th largest bank in the country with less than 1% of the country's banking assets, when it faced failure, it was necessary for the whole system, albeit with taxes on other banks, to step forward and provide a broad rescue and if that's true, what that says is that we can't rely on

market discipline because there's always going to need to be a rescue and that speaks to the need for much stronger regulation i think the steps that were taken in the legislation that was referred to earlier, but also a range of specific steps that were taken at the federal reserve system and in the regulatory agency during the trump years, were very problematic. i think there's a lot that can be done without new legislation simply with proper recognition by the relevant regulatory authorities going forward. to keep them subject to more rigorous stress testing. to not look at appraised values

of things, but to look at what th they're selling for in deciding the health of banks. >> there's a lot to unpack there. let me go to your last point that regulators, the federal reserve, the fdic, they can do more about regulation. don't have to worry about getting dodd frank, but they can take a closer look at the way they appraise and stress test and should have been >> i think that's absolutely right. i'm very optimistic that michael barr, who was recently came in to the position of being the vice chair of supervision of the fed who has a lot of experience. he was involved in authors dodd frank from the treasury department he worked with me back in the clinton administration in the treasury department and he's been studying these matters for

the last 20 years. i think he has a major opportunity and a major obligation to really provide leadership to the entire regulatory system because what's happened here raises very fundamental issues about how we judge an institution to be in good standing and how much testing we subject institutions to i think there's no question that we all have a stake in the banking system but after what we have just seen where basically the u.s. government has signalled to all the depositors, large and small in all the banks, that their deposits are going to be safe, that's a sign that we can't rely on market

discipline now we're going to have to rely much more on regulatory discipline. and that places real responsibilities on the regulators >> one quick question. goldman sachs economist is already saying this means that the fed can't raise rates again because higher interest rates were the cause of the problem. should the fed pull back on its inflation fight? >> this is one of those weeks where we're going to learn a lot and the fed doesn't have to make that decision for another week i certainly hope that this is not going to change monetary policy from the non-inflationary path that it needs to be on. this may mean some tightening of credit conditions sort of like tighter monetary policy generates. it's obviously appropriate for the fed to take account of that,

but if we were to slack off with respect to inflation because of these shocks, i think we would be making a serious mistake that would be leading to larger problems down the road >> larry summers, thank you so much, as always. really appreciate your expertise. >> good to be with you, andrea >> you, too. heading west amid the banking crisis, the president making a previously scheduled trip to california for meetings with the british and australian prime ministers today on ways to counter the potential chinese military threat. you're watching "andrea mitchell reports. this is msnbc. with models that fit any lifestyle. and innovative ways to make your e-tron your own. through elegant design and progressive technology. all the exhilaration, none of the compromise. the audi e-tron family. progress that moves you.

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also of course dominating his trip today the president will also face climate concerns in state crippled by historic snow and drenching rains. a massive levy breach this weekend. all this amid climate activists decision joining us now from -- california kelly o'donnell and peter baker. so take us through the pictures. they've been devastating from that region. another storm system is taking aim there and fears that flood waters are contaminating drinking wells >> yeah, andrea, here, they have been told not to drink or only to drink bottled water because the water is contaminated due to

the breach the entire town is under water 1700 residents were told to evacuate and since then, water is still going through this town even now, officials haven't been able to assess the level of the damage to the homes because they can't get there. as this point, residents don't know when they'll be able to return home. right now, crews are working to fix that breach, but they say it could be days before that happens and now another atmospheric river is expected tonight, which they say they're worried could lead to more reverse crusting, which means more damage how homes, more flooding, more highways and road closures and possibly more contaminated water throughout the region >> thank you so much kelly, the recovery is just one of the crisis the president's dealing with h e criticized the trump administration today for weakening parts of dodd frank that might have prevented what's

happened to svb and signature bank take a listen to that part of his morning speech >> unfortunately, the last administration rolled back some of these requirements. i'm going to ask congress and the banking regulators to strengthen the role of the pbank to make it less likely to happen again. and to protect american jobs and small businesses >> so kelly, talk about this balancing act president biden is managing with not only a possible re-election bid, obvious concern they were trying to reassure people without really reassuring them, even when the treasury secretary went on cbs yesterday morning and it didn't work and they couldn't find a buyer so they had to move >> as you have laid out the collection of issues the president's dealing with, it gives you a sense of how complicated the portfolio for the president is right now white house officials have just given us sort of an insight of how he was briefed on this banking issue over the weekend

from his chief of staff and director of his national economic council from secretary yellen and giving us the tick-tock of how he was brought up to date when he's talking about that rollback of part of dodd frank which dealt with the stress testing for banks that would a lower threshold of assets, so it would deal with a regional bank like svb in the case the president, of course, is trying to give people a sense of confidence so there isn't this contagion that would spread. economic new ss such a driver for how people feel about how a president is doing, how a president is judged. the expectation is president biden would run for re-election at a time when other, a lot of other things that are strong about the economy in terms of the picture. he's also been dealing with inflation, which has come down a

bit. and things like gas prices that have peaked and levelled off so they're trying to keep a handle on this and not let this get away from them because we have seen how it played out in 2008 and how devastating it was at that time these are different facts and circumstances, but they want to be ahead of this at the same time, he's got a complex set of issues. foreign policy, as well as the natural disasters. a lot of his plate as he heads to california. >> indeed. and peter, the underlying goal of today's meetings are to counter china's dominance. listen to what the prime minister told lester holt. this is a new clip >> is china a threat >> it represents the biggest threat to our economic interests and is a systemic challenge to the world order. that's why it's important we take steps to protect ourselves against that in the uk, we've blocked hostile

investment, semiconductors and we'll continue to do what is necessary to keep our country safe >> peter, as you were writing this weekend, china just brokered a major deal, the first china's ever brokered, in the middle east between iran and the saudis in a move you say quote, upends mideast diplomacy and champions washington washington was really taking a backseat in addition, the submarine pact, how else are the u.s. and u.k. working to counter china >> you see china playing now far beyond its own area. we've always worried about what was happening in the south china see, taiwan, but now we see china playing a brokered role. we are now seeing them playing you know increasingly in neighborhoods where they never used to. they're in africa, south america, other parts of the world as well.

the concern, they're playing three dimensional chess. that russia needs for its war in ukraine. secretary blinken has warned them not to do this. this is coming just a few weeks after the chinese spy balloon. we're at a really interesting moment in terms of u.s. china relations. obviously there's a real priority placed in washington and london in terms of how to keep china from asserting itself in parts of the world where it can make trouble as far as the americans are concerned. >> peter baker, thanks so much and to kelly you can see more of the interview tonight on "nbc nightly news" with lester holt the trump roast. former vice president pence taking his former boss to tech, but not on camera. that's next. you're watching "andrea mitchell reports" on msnbc.

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the likely 2024 election, gathering of journalists and politicians saturday night and said president trump was wrong, i had no right to overturn the election and his reckless words endangered my family and everyone at the capitol that day and i know history will hold him accountable. he added what happened that day was a disgrace and it mocks decency to portray it any other way. pushing back on tucker carlson and others who tried to whitewash the insurrection pence is publicly fighting a subpoena from the special counsel requesting he testify about donald trump joining us now, "washington post" deputy national editor, phil, who heard those comments

as i did michael steele, former white house press secretary to president obama, robert gibbs. i don't know if you guys were there, too, but phil and i were commenting immediately afterwards it was startling to hear a dinner where usually the speakers are just joking about themselves and they'll say a few words about how important the freedom of the press is, but this was a deliberate turn phil >> yeah, that's right, andrea. it felt quite news worthy. we've not heard pence reputeuate his former boss as he did saturday night saying history will told trump accountable for his actions on the 6th and taken together, i think pence's comments indicated he is very much preparing to run for president and preparing to challenge his former boss. you heard in that speech that pence is trying to position himself as sort of an adult figure

as a more honorable conservative republican than trump is by talking so directly about january 6th and really speaking the truth about what happened that day but you know, we should point out this was behind cameras. it's now been two years since january 6th and it's taken pence this long to stand up to trump as directly as he did saturday night. we'll see if he speaks as strongly when he's facing voters in iowa or new hampshire or south carolina >> michael, he did joke about himself a bit. about his straight image straight in terms of religious conservative, evangelical. he joked about trump's ego, saying it was so fragile he wanted his former vp to sing wind beneath my wings at their weekly lunches is pence trying to separate himself? >> he's trying to have a little bit of cake and eat it, too.

where he can push out against the common narrative inside the gop that january 6th was nothing more than a casual day on capitol hill to press a little bit more the point that yeah, my life, my family's life and the lives of many others on the hill that day were in jeopardy he can do that he can say the words, but we're all looking for the actions. and right now, andrea, the actions lie in going before the grand jury or going, you know, before any legal body that's subpoenaed him to say hey, this is my side of the story. and until he does that, these are just words because the reality of it is you can't tell me that your life was threatened and with authorities that are investigating the threat to your life ask you to testify to that, you look for ways not to do it so was your life really that threatened

was it that important? you're just saying the words so this is the space the vice president finds himself in now as he's sort of contemplating a presidential run with the backdrop of a maga base that tried to kill him. so you know, yeah, your move, mr. vice president what's it going to be? >> and robert, there were also somewhat critics called home phobic undertones. pence made fun of buttigieg for ta taking paternity leave used the word maternity and judged his leave for the recent problems with planes and trains. clearly not the case >> i think it's an example of what he's trying to do, which is play a little bit of both sides here i think everyone can appreciate that mike pence said what he said to do it in a room full of

tuxedo clad journalists with no cameras 26 months after the fact seems a little ironic. it seems to be also though that this is probably a decision by him to occupy a different lane in this nominating contest he understands that he can't be a little bit different version of donald trump. he's got to be something different. the question is is he ready, willing and able to actually see that through because what phil and michael have said and set up is somebody that says one thing in one room and a different thing in another and we know that donald trump made a killing eating that up in 2016, running against the establishment and against typical politicians. so it will be interesting to see does mike pence become somebody different than we've seen before or try to play this both ways. >> does he get a nickname? maybe he already has one, but phil, you're the trump watcher

here trump will also be in iowa tonight. seems he's playing catch up to desantis on the issue of education. that desantis is sort of playing for all its worth. >> yeah, clearly the last two years, desantis has built a policy record in florida. it's a very controversial one, but it's a record and it positions him out front on this esh of education and the cultural wars over schooling and books et cetera in a way where trump has been sort of a distant opener the last two years. he's no longer in office, but he's also not really doing anything on the policy front or advancing any ideas other than sharing his grievances on social media. clearly, he's trying to catch up to desantis when it comes to some of these policy ideas >> phil, michael, and robert, thanks to all of you the showdown why donald trump says he won't

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would. what do you expect alvin bragg is going to do now >> this was just an invitation to the former president. not a subpoena, which would require him to show up and decide whether to search so, of course, there's no way they really thought he was going to come in anymore than in special counsel mueller's probe, which was didn't expect the president would come in and testify. of course, with james, he took the fifth. so now there's really just a question of will the defense lawyers go in to make some sort of presentation to try and forstall what looks like the inevitable, but that should really be the last thing before bragg makes a complete, final decision about what to do, but it looks like that is basically happening. >> i don't know if you agree

with this, andrew, but barbara mcquaid was telling us last week of the four investigations of trump, which one which could lead to an indictment, would be the least important case >> yeah, i do agree that if you looked at the january 6th insurrection charges, those would be i think the most serious because it fundamentally goes toward our democracy and democratic institutions. next would be the mar-a-lago case and the third would be this one. but i do think it's important to think about how a prosecutor looks at this, which is not relating the crimes that donald trump might be guilty of when compar comparing them to each other, but rather how to they compare to what they normally do for people who have committed those crimes are they treating him like anyone else. >> what about the timing of this

you agree with a lot of people who said, joyce vance telling us as well, that the parade of witnesses suggesting that the d.a. is close to doing something. >> yeah, i agree with joyce and barb never a good idea to be against their views. they're so experienced and wise. there's just no reason to have asked donald trump whether he wants to voluntarily come in if bragg decided he was not going to bring a case. now, it doesn't mean he's made up his mind conclusively, but that's such a big step on such a large stage that it's hard to imagine unless he hears something extraordinary that they hadn't thought of that he's going to be going forward. just not going to be tempted though to say exactly when because that's anyone's guess. >> and we should point out that in changing you know, this does not involve all the different justice department protocols,

the policies against indicting someone who's a candidate, he's a declared candidate, or anything else because it's a state case not a federal case >> yeah. the other thing to note is not only does a federal pardon not work at any state case, whether it's georgia or here, but unlike in georgia, there isn't an effort to try and get rid of the prosecutors. the case can really stick if there's conviction >> andrew, thank you so much and rising tensions. a warning from the west as china could play an even greater role in the war in ukraine. you're watching "andrea mitchell reports. this is msnbc. and's best. the only eggs with more fresh and delicious taste. plus, superior nutrition. because the way we care is anything but ordinary. ♪♪ ♪♪ giorgio, look. the peanut butter box is here.

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the ukraine war. if that were to happen, what should the response be >> that would be a very worrying and dangerous development. i think the strong message that the uk and the u.s. have all said to china, but to any country, is not to support russia in this conflict. they are clearly the aggressor, they've broken the law what they're doing is clearly appalling and no other country should be trying to support them. >> would you support sanctions against china. >> with sanctions it's always done best coordinated with allies for sanctions to be effective we have to do them together. >> joining us, former ambassador to russia, michael mcfaul. the "wall street journal" is reporting president xi is planning to meet with president putin next week and will speak to ukraine's president zelenskyy for the first time since the start of the war is china trying to play a peace

m make /* maker here? >> i doubt it, andrea. i think it's good he'll finally call president zelenskyy it's been over a year since the war started, after all china is not an honest broker. china is firmly supporting russia not firmly that's an overstatement. they're not denouncing resolutions at the u.n. general assembly, but they're not denouncing putin's war. as you just heard, there's still real concern from the united states and other countries that china might provide military assistance to russia so it's hard to see how china could be a mediator between russia and ukraine when it's on one side of the war. >> how do you read what europe and the u.k. would do regarding sanctions and what the british prime minister said? the u.s. has threatened sanctions against china if they were to go ahead with what they're considering according to

u.s. intelligence and arm russia europe depends on that chinese market the u.k. is even trying to open better ties, exports to china. >> he did not answer the question, right? he wanted it to be coordinated we announce sanctions together, not all by ourselves, for the points you just raised it would be a major, major change in world politics if china provides arms to russia while they're october paying and invading a european country. that's something brand new i hope it doesn't happen i applaud the biden administration for warning the world it might happen. maybe it won't maybe that will lead to deterrence if it does, there has to be a response there has to be new sanctions against china. what the form may be will be the lowest common denominator. there would have to be some kind of response to what i think

would be a major shift in international politics. >> you're such a strong supporter of ukraine in this war and the extraordinary of the ability of ukraine to are stand russia, we just heard bill burns, who i know you respect highly, former ambassador to moscow, he said putin is in this for the long game. he thinks he can outlast ukraine. how does ukraine last? >> well, i'm worried, too, because putin doesn't have to answer to anybody. he doesn't care about slaughtering his people. look what he's doing in bakhmut. he thinks that we'll lose interest, that the west will say, well, there's no outcome here let's disengage. that's why i think year is so critical ukraine needs to go on the offensive, push putin back and demonstrate to the world that

he's losing, because if they don't do that this year, i worry that they will not be able to sustain a long war so we should do more, more weapons, more sanctions, to have a breakthrough this year, not years down the road when i fear we'll lose interest and the ukrainians might not have the capability to keep fighting. >> we only have 30 seconds do you worry that france and germany are beginning to soften and push towards some sort of negotiated solution? they seem to be saying that after the munich security forum. >> only zelenskyy can negotiate on behalf of his country, a negotiated solution. he's willing to do so. he's pout out his peace plan there's one guy that hasn't, vladimir putin so far he's shown no interest in negotiating a settlement and an end to this war. >> ambassador mike mcfall, thank you very much. that does it for this edition of "andrea mitchell reports." follow the show online coming up, chris jansing will

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♪ ♪ good day i'm chris jansing live at msnbc in new york city the markets have been all over the place today trying to make sense of the collapse of two massive banks over the