barr. this morning, i along with senator round and other members in the community asking senator powell and explaining why the feds enhanced the provision and potential standards to silicon valley bank, or any some of the science bank, using the feds existing authority. we have also learned from public reporting that fed supervisors began flagging problems at svb as far back as 2021. now, i understand that we have a lot more to learn about the fact that have transpired. both the bank in any management failures. i expect that we are going to see that all factored in as part of a review. as you begin that review let me ask you, do you agree with chairman powell statement last week? it is quote, clear, that we do need to strengthen supervision and regulation? >> yes, i absolutely agree with that. >> lastly, what i would love to know, mr. greenberg, as we think about should we raise the federal deposit insurance, what percent of account holders, how much is private versus business, whatever cos

maria: that was fed chair -- fed vice chair michael barr during senate hearing and barr stated he firsttomers try today withdraw all of the bank deposits in just two days. joining us to talk about florida banker association and ceo alex sÁnchez, great to see you. thanks so much. i want to get your takes on the hearing because we have another hearing. financial services committee is going to have a hearing on top of senate banking yesterday. >> we have the strongest, highest capitalized banking system in the world, by far, not even close and what we saw in the 3 banks that failed recently, there was no other bank in the united states like those. signature and silver gate and heavily into crypto. there was no relationships there with customers. so i think, you know, as americans -- as the noise settles down we are learning that, look, everyone is taking a calm and realizing that we have the best banking system in the world. maria: and we know that the banking system is well capitalized because they do testing around capitalize and after collapse new rules came out to ensure that the capit

barr you were quoted quite extensively. her saying you get it correctly here is out of direct quote? >> the natural question why it wasn't there a textbook case for enforcement? >> supervisors looking at the bank identify the problem with the bank. did they identify them with enough level of urgency to the escalade appropriately it's an incredibly fair question i expect we will find will have more of an emphasis of supervising using the tools we have and putting it in place more promptly when they see problems at banks there supervising. >> of a number of mri. he didn't do anything other than write a letter. did not seemed like there is any enforcement, where is the stick? >> has exactly the right question. normally the supervisory process when the issue in mra or mr aa the bank promptly takes care of those matters. in this case obviously did not take care of them in such a way that prevented the failure. >> it seems like they believe you guys often you did not do anything. that's what it seems like for reading all of this

barr, when review nominated for your job? i appalled as i do not have the date in my head it was the spring of last year progressed you know when you're confirmed your job? >> i guess i took my post up in july of last year july 2022. >> july of 2022, so between january 20, 20 georgia one in july of 2022 who is in charge is vice chairman supervision at the federal reserve? >> there was no vice chairman for supervision during that time. >> when that happens, what is the feds a process for delegating that authority to another member of the board of governors or staffer or how does that work? >> i apologize i do not know the technical answer to that question. we'll have to get back to with written request if you get back to me. forcing torah colleges from the charm of administration we did not have a vice chairman of supervision from generate 2021 until july of 2022. that is precisely the time frame colleagues when this is banks and business strategy went awry. and it was under supervisory concern by the san francisco fed. i just

that is something barr will face questions about.your opinion, is that something that should have been identified by the office and bank examiners that check out banks? >> this is a basic 101 of banking. this has to do with the ability of the bank to control the interest rates are moving effect. when interest rates move, the value of treasuries varies. if interest rates are moving because the fed is changing the path of the federal funds rate, this provides a real set of opportunities for the institution to manage. that is exactly what happened. we know the fed began raising interest rates quite a while ago. it was really at that point in time when the supervisors would have come in to the institution and really started to check. do a bed check to make sure that the banks understand the interest rate risk. signal. interest rates will move. do you know how to manage this? >> all right. this is a committee hearing. we have heavy hitters in the room. let's take off the table with grandstanding. who are the senators to watch and what lin

again, the fed -- again, vice chairman barr spoke to this, as well.ady have the discretion to impose more stringent capital and i will-- and liquidity. so we expect them to move forward on that. it will be lengthy, kelly, to your point. this is not necessarily something happening in realtime. there is a rule-making process, and there are processes in place that the fed will have to adhere to. vice chair barr was very clear that he does expect to move forward, and fdic chair reiterated that, that they believe more regulation is in important. we'll have to wait and see what the fed is putting together. what this a gap in regulation if the liquidity recovery ratio had been applied to this bank, would this have not happened? we'll have to wait for their report. but i think the general sense is more regulation is coming. the last thing i'll say, kelly, that could have a read through from an economic growth perspective. banks are pulling back on their lending activity. that could really have reverberations for the economy, as well and something the fed will

barr? >> i was asked at the meeting your describing to discuss one risk to the financial system, and that was with respect to the climate risk. >> let me ask the question one more time. auto sectors not important to the copperheads of monitoring of the stability of our nation's financial system, the debt ratio, the uninsured ratio? is that not important? >> the standard factors we think about in banking among those factors are interest rate risk and liquidity risk. those are core issues that we do in the bread-and-butter supervision every day. >> do you not consider the uninsured ratio as part of a fact of systemic a risk? >> we look with respect to michael credential supervision of individual firms we are looking at their liquidity risk. one element ofl the liquidity risk is the extent to which they rely on e uninsured deposits. that includes uninsured deposits from financial entities, uninsured deposits from operating businesses, and then their insured deposit base. there is a core part o

and under, again, vice chair barr's leadership. and i'm confident that it will produce a satisfactory result. >> ok. we'll go to jennifer for the last question. reporter: jennifer with yahoo finance. question, how do you view financial conditions right now? if it chokes off growth, as you say you're watching for, would that situation warrant a rate cut, what situation would warrant a rate cut, and has the bank falt urs prompted discussion -- failures prompted discussion of the balance sheet? chairman powell: we haven't talked about changing the balance sheet implementation. that's not something we're discussing as of yet. we're not seeing any signs there. sorry. then the question before that was -- just give me a -- reporter: curious how you view financial conditions now and if credit were to tighten, would that prompt a rate cut? chairman powell: so financial conditions seem to have tightened and probably by more than the traditional indexes say because there's indexes are focused a lot on rates and equities. and they don't necess

barr and durham kept pressing in abusive ways. i hope your subcommittee well investigated. when doj prosecutor robert left skin, who represented two witnesses before the durham probe told the new york times he was shot. this stuff had my head spinning, he said. when do these guys drink kool-aid? who served it to them? amazingly, when prosecutor is participating in this case chase actually came into possession of evidence of a real offense from italian government officials of a potentially major financial fine, committed by donald trump, how diorama suddenly deputize to investigate it. the full investigation mysteriously disappeared without a trace. trump's enablers now warn the subcommittee not to examine the dunham durham dropped a vocal as a case study and dangers representation of the justice function, but to think of the baton from the defeated and demoralized durham team. to keep the wild goose takes going today. third, the former president had no qualms about weaponizing our nations law enforcement and military against first amendment activity for his political purpos

and bill barr especially.hen he was attorney general over whether the mexicans or the americans were doing enough to get a handle on the drug cartels. but when he was other than general in questions 2019, bill barr met with president lopez obrador in mexico to try to work out an arrangement, and that didn't come to much. and barr has spent a lot of time on this issue, and if nothing else the fact that the he is talking about taking military action towards mexico suggests that the establishment in washington has lost patience and they're getting ready to default to the answer of taking military action. it would not solve the problem, but with i think we're going to have to start facing the possibility that something like this could happen. not under the biden administration, i think they feel they've got enough on their plate with russia and china, but clearly pressure is building for taking unilateral action. >> what about the idea of labeling them foreign terrorist os? what would that free the united states g

when bill barr came in basically to protect trump a the u.s.justice department, did that effectively set i motion the chain of events o the timeline that led to thi indictment today >> it did, and it's partly thi crazy theory that sittin presidents cannot be indicted. this office of legal counsel opinion in the justice department that came up so man times in the mueller investigation, it came up agai in the cohen case, and if we had a more functional congress that would be, i think, reform that would help our democracy, the president aren't immune from prosecution or investigation in all form by the justice departmen mother in office now we are here today. was trump clearly, and when th cohen papers trump was individual one, can alvin brag convince a manhattan jury that was true beyond reasonable doubt. and you mentioned the threats. we can talk about that more, but that is the concern here a critical player in this tria is gonna be the judge and ho you give donald trump a fair trial. i completely agreed with wha was said earlier by andrew let'

joining me now, indiana congressman jim bangs and kentucky congressman, andy barr. both members of the select committee on china. congressman banks, this was fantastic to force this hearing in primetime. what will come out of this hearing legislation wise? >> well, laura, it is great to see democrats finally come to the table and talk about the threat that's china. we talked about a wide array of issues and the committee hearing that just wrapped up moments ago. it was great to hear democrats and republicans question the witnesses and talk about everything from the threat of the chinese spy balloon and espionage and human rights abuses and the uighar slaves of china. my hope is to raise awareness, this week, i introduce to build a sanction for china for flowing fentanyl into our country. they are responsible for a hundred thousand of lives. there are a lot of topics that we covered. it is my hope that the awareness will lead to action and in this new house -- >> well, it has to. >> that's what i expect. >> it has to lead to action, otherwise, it is another show hear

after barr became attorney general in february 2019, he worked to kill further investigations related to those payoffs. and suggested that mr. cohen's conviction on campaign finance charges itself be reversed. even though six months had already passed since cohen had entered a guilty plea. amazingly, after cohen was imprisoned for a year, and then being transferred out of prison to home confinement during covid-19, barr in the doj intervened to block his transfer because cohen would not immediately accept, as a condition of his ankle bracelet home confinement, not to engage in first amendment activities. specifically, of writing and publishing a book about donald trump, or saying anything in public on tv or social media about donald trump. cohen had already been home for two weeks, when this unconstitutional demand from doj appeared and when he and his attorney dared to ask questions about it, three federal marshals showed up with handcuffs and shackles, he was returned to the otisville correctional institute, there, he spent 16 days in solitary confinement, before they're able to get

i'm looking forward to michael barr's review and his findings, which we're all going to take seriously the minneapolis fed we have conversations with our bank supervisors and then with the banks about these risks all the time. it doesn't mean we're not going to make mistakes or that we're perfect but across the federal reserve that bank supervisors have been focused on these since the interest rates began sflast year. >> senator warren said she doesn't have confidence in mary daly, the san francisco fed president. do you? >> i do. i know mary daly exceptionally well and worked with her for the last several years. she's an outstanding public servant committed to helpin all of us fulfill our mission. we have to look at the findings vice chair barr comes out, take those findings seriously and make changes on those findings. i know mary daly and my colleagues at the federal reserve are doing their best. >> you have experience in banking crises from your work back in -- with t.a.r.p., the rescue program in 2008. i wonder, what you think now, do you think there needs to be more regulation? s

rep barr: you said the fed will not be a climate policy maker. but when they drafted --compensation policy to align with values in the context of climate risks. it appears that the federal reserve wants to begin implement in climate policies. there seems to be a disconnect between your statements publicly in the rules that the board is putting forth for comment. chm powell: i feel strongly that climate change is an important issue that needs to be addressed by elected people. it's not something we have been charged with by congress. we do have a narrow >> did the board voted to approve the creation of that program? chair powell: i don't think so >> i'm concerned one governor acting without consensus is a problem. i would urge you and your colleagues to continue a consensus oriented approach. i yield. >> we will now go to the ranking member of the house intelligence committee, mr. himes of connecticut. >> thank you for your careful conduct of monetary policy independent of the political desires that circulate in this building. independent monetary

michael barr is right about that. that is a major league management failure.ons were roled back under the trump administration in 2018, making banks like silicon valley bank with $212 billion of deposits more or less except from this serious scrutiny that larger banks with more than $250 billion of deposits face. i think the fed itself -- michael barr may not want to say this, but the fed itself bears some responsibility for this for allowing 13 years of zero interest rates to go on unchecked in this country and not expect there to be the unintended consequences that we're now seeing happen pretty much every week. >> okay. the unintended consequences and the question is, though, how will these executives pay for this? because i want to go back to just how ridiculous this was. this letter specifically we should file under, yes, this actually happened. in 2021, a letter signed by silicon valley bank's president to its investors, to its clients, has a line in it, quote, we remained well positioned for rising rates with an asset sensitive balance sheet. the exact

nbc's alice barr is live in washington.racking every late-breaking development of this story. alice. >> reporter: garvin, this is really the ultimate late-developing story. it's something that we've been waiting for to see what was going to come out of this secretive grand jury process in manhattan. and three sources starting just a few hours ago confirming to nbc news that former president trump has been indicted. now, what he has been indicted for, what the charges are, right now we do not know because the indictment is still under seal. and until it's made public, we're not going to have all the detail. we do know the charge or charges stem from manhattan district attorney alvin bragg's investigation into a hush money payment to adult film star stormy daniels during the 2016 presidential campaign. daniels claims she had an affair with mr. trump a decade earlier in 2006, a claim that he has repeatedly, forcefully denied. it is not clear yet when the former president will actually turn himself in to authorities and what th

michael barr is the nations top banking regulator. he told the senate the fed is weighing whether or not to install new rules. barr says as phoebe's interest rate model was not line with reality. blaming management. barr says the fed alerted them of the risk well in advance. tuesday's hearing was the first in silicon valley being fell earlier this month. it was the second largest bank to fall in u.s. history. >> governor newsom signing a bill that he says will hold oil companies accountable. this allows the state to create an independent will watchdog division with subpoena power and allow the california energy commission to impose financial penalties and will companies found to be price gouging or are earning excessive profit margins. the division will also be able to refer cases to the attorney general for prosecution. republicans have long argued the proposal will lead to higher prices and they say it was rushed through the legislature. >> they don't have your back. so i want to thank each and every member of the legislature for ha

michael barr saying svb's failure is a textbook case of mismanagement. the overdue actions it took on strengthening the balance sheet sparked the uninsur uninsured depositor's run on the bank failure. joining me now, bill haggerty is here it's great to have you this morning. thank you so much for being here. >> good morning, maria. i want to thank you for having he me. before we start, i would like to say something about the tragedy in nashville. i know you already covered it this morning. but it was just a tragic act of evil, unspeakable evil. the results have been catastrophic. we're all mourning for the victims, for their families, for the covenant church community, for all of our community. i want to acknowledge the heroism of nashville police department who were amazing. they were immediately on the scene and dealt with a very tragic situation so thank you for letting me acknowledge that before we get started. maria: our condolences to all of your constituents and the people of nashville. it is a horrendous situation. what can be done now? what are

convictio on campaign finance charges be reversed and by mid 2020, barr an donald trump, fired berman so, essentially, barr and trum made sure that the potential case never materialized agains the ex president around th hush money payment to stormy daniels. so here we are now, more tha six years after the paymen took place, after michael cohe has been in and out of prison, and it looks like donald trump may actually be charged. this time it wouldn't be on th under federal law, it would be under state law instead of federal. but the same set of facts an hear, and so is the same witness at the heart of it all of course if this comes to fruition the credibility o that witness will be a point o attack from trump and his team they point to the fact tha michael cohen has also pleaded guilty to lying to congress, the real estate project that the trump pursued in russia. he lied for the person liste in court documents i individual one, whom cohen identified in court is donal trump. michael cohen's former persona attorney for donald trump he's the author of the book revenge how donald trump we

d fed' culpability to the barr investigation that's going on, the barr inquiry and will come banking obstacle course that eventsÑi haveqxd cr here. >> for sure. we were talking during the press conference where when powellr explicitly said, thelp actual e expected effects of that credit tightening that people around the tablee1 and at the meeting wouldçór noteworthy. spent a year saying we won't anticipate inflation gettinglp better. we need to see it in the numbers. there is a conveyance of flexibility mandated by this momentxd we're in. >> a lot has been written -- there's a lot of economice1>d literature.lpn9probably eight+■ economists at the fedr their ph.d. in the inflationary or growthi] effects of credit tightening. it's a thingp,■ they study a loo there's going to be plenty of inputs to models and this and watch this. see what happens to thefá regiol banks and the smaller banks, which provide quite a bit of lending to businesses in this country. they were already pulling back somewhat and they're going to is goingjf to monitor this. as he said during the pr+y conference this

. >>> breaking headlines from fed vice chair of supervision, michael barr. steve liesman's got it.hey, steve. >> hey, carl. yeah, vice chair for supervision, michael barr, saying the fed is evaluating whether the application of more stringent standards would have prompted the bank to better manage the risk that led to its failure. by way of context, he's talking a lot about right there the 2019 changes to the dodd/frank act. he does seem to suggest that, perhaps, had those changes not been made -- i will tell you some of the banking industry disagree with this, but barr is suggesting that maybe had these changes not had been made, the bank would not have failed. the bank system he says is strong and resilient and well capitalized. the fed is committed to ensuring all deposits are safe and continues to monitor conditions in the banking system. i want to go through some of the tale of the tape here, which is maybe potentially interesting here. he says that silicon valley bank was assigned a new team of supervisors in 2021. they were issued three warnings of ineffective oversight in m

michael barr among those testifying. he's calling the collapse, quote, a textbook case of miss management. the barr appearing alongside the fdic treasury and nellie liang. the three will also be testifying in front of the house financial services committee tomorrow and the ranking member of that committee joins us now on a first on cnbc interview. california congresswoman maxine waters. congresswoman, welcome back to the show. it's good have you. >> thank you. delighted to be with you. >> my first question is, where is gary beckert? did you call on the ceo of svb? aren't there questions about why he he sold stock? >> i'm sure we'll have an opportunity to do that, but our first hearing is going to be with our regulators. we want to know what happened at the fed, did they pay attention? we want, of course, to have the treasury involved and fdic. first let me just say, the reason for getting them not only do they have the responsibility for the kind of oversight that, of course, could prevent these kind of collapses, but th

i agree with congress must -- with congressman barr, we should not be like china. the chips act is as far from that as we can possibly get. host: ylet's take a look at thes act. itays 53 billion dollars in grants for semiconductor manufactur renewed focus on chid competitiveness with china? guest: i think a couple of things have produced a harmonic convergence of events. first, as i mentioned, before the pandemic, it brought into focus how dependent we are on china for things, ranging from edison to ppe, to semiconductors. i think that caused a bit of shock to the system. i remember this ship being stuck in the swiss canal and having to fly back and forth across the world, maybe we can simplify this a little bit. i think the theory changed a little bit as well. i will say, i have known for some time and policymakers are making up -- are waking up to the fact that the commonest party, xi jinping, he wants to use the west and our technology, use our consumer base. he wants no other part of western values. he wants to re-create a chinese state that is both powerful, d

deescalate what had been the politicization of the justice department under his predecessor, bill barr. we know that during the trump administration, attorney general bill barr took a number of steps to give credence to investigations that donald trump wanted to happen. we also know that there was an effort afoot within the trump white house to use the department of justice as an instrument in the effort to overturn the 2020 election. so it's a little bit rich for josh hawley to talk about the politicization of the justice department under this administration given the history. that having been said, the appointments of both of the special counsels are an easy way for merrick garland to say we are taking this out of politics, both of these gentlemen are either the declared candidate for the republican nomination or the incumbent president. it's totally appropriate. >> democrats have been actually -- have criticize the fact that there was a special counsel in president biden's case because those cases were so different. >> correct. i think merrick garland is trying to take himself out o

chair powell, you, vice chair barr, and many others have recently identified that the banking system is well capitalized and strong bank capitalization remains robust during the shock of the pandemic, and related shutdowns of economic activity capitalization of large financial institutions weathered severe stress testing mandated by the fed and despite all of that, as also previously mentioned by chairman mchenry, vice chair barr insists on conducting a review of capital rules. i'm concerned that this review is being conducted in a silo and that the findings will not be made fully available to the public taking an approach in the context of this holistic capital requirement review would make it impossible to conduct a transparent rule-making process, denying the public information necessary to consider and to comment. i think this is just simply not appropriate in this situation, and i'm concerned by the lack of clarity, i think, is the best word, perhaps at this point, by the vice chair a couple of questions. you've served on the fed board for over ten years since the financial cris

vice chair michael barr said they would need to do a rulemaking proceeding to change their rules. they are having to implement the 2019 economic growth and consumer protection act. it will be the realm of regulators discussing and getting public comments on how to tighten up this monitoring regime. ed: sarah, of the technology policy city with instant reaction to the senate banking committee hearing. thank you so much. a changing of the guard at rideshare lyft. our conversation with david risher. that is next. this is bloomberg. ♪ - [mo] if you're thinking about going back to school, this is for you. ♪ - i ended up spending less money my entire time at snhu than i did in just one year at my other university. - [juan] my time at snhu has given me more confidence. now i can go for that promotion. - if you're ready to go back to school... you can do it. southern new hampshire university has changed my life. and it can change yours too. ♪ - [announcer] visit snhu.edu. the new chase ink business premier card is made for people like sam who make...? ...everyday products... ...designed s

bill barr wanted to attack the facilities, the secretary of defense didn't want to.s something you do quietly using special forces. dan crenshaw, a former sale. they introduced the authorization for military force we can use to go to the mexican government saying you can't handle this, we'll handle it for you. we'll handle it for you. we will be nuances and use drones. we are going to take out these processing facilities and take out the cartels and their leadership and they are killing 100,000 americans a year and holding your government hostage. brian: it looks like china leads the world in 47 of the 100 top technologies. we are losing in the classroom and in technology. >> 10 of the top 20 tech companies are in china. our government is trying to introduce antitrust legislation to hobble our big tech companies. we have to get serious about it. the chips act was a first step. but we need to do more to stay ahead. if we lose the technology war we'll lose our competition with china and lose our way of life. brian: the president has no problem taking on the gun lobby.

former attorney general bill barr is here, the author of "one damn thing after another." graham i suggested this yesterday, the solution to the cartel problem is to declare foreign terrorist organization and sick the u.s. military after them. here is what he said. >> isis were al qaeda in mexico that lobbed a rocket into texas would wipe them off of the planet. they are doing that times thousands. >> again, he is looking for the terrorist organization organization but general barr, it doesn't matter what you call it. >> that is right. the issue isn't what you label them or designate them as peer the issue is how you actually deal with them or treat them here at about lindsey's bill proposal does not only designate but authorizes use of military force. but i do think just designating them by himself and being active with that really wouldn't do very much. >> sandra: the white house must be pushing back on the notion as well. this is karine jean-pierre on the designation. here is where they stand, listen. >> look, designating these cartels as if this would not grant any add

i appreciate everything that ag barr said, because he is on the money. biggest hostage is the mexican government and ours who refuses to do anything. ending ally that the cartels have is our government for doing nothing to stop it. and you know, i was just in mexico last weekend and i wonder what other americans were there during that weekend that did not have a safe trip that i did. that did not enjoy the seamless experience that i did. it's frightening, these poor americans in one of them mentioned a relative that she was concerned about her safety before she went, not just about the medical procedure, but about the safety and mexico itself, and unfortunately her greatest fears were realized. >> kayleigh: kevin, yesterday's reaction before the news of the casualties, but let's listen to what karine jean-pierre said on this. >> we are closely following the assault and kidnapping of four u.s. citizens in mount omarosa in mexico that these attacks are unacceptable. our thoughts are with the families of these individuals and we stand ready to provide all a

barr says svb's belated effort to fix the balance sheet made things worse. customers should use your current branch until you hear from first citizen's. if you have loans from sill law -- silicone valley bank, make your payments as usual and the terms will not change. the collapse rattled the banking industry and triggered a collapse in confidence among investors and depositors. it lead to action by the fdic and other regulators to act hoping to prevent a wider flop. they will be meeting tomorrow and they will have hearings. this will be the first hearing of several to talk about the bank's failure. in santa clara, justin andrews, back to you. >> thanks, justin. and the new-found stability is helping wall street give a bit of a boost. it is up right now 323 points. and the dark cloud may be lifting off the banking industry, but not so much of the bay area. jessica is tracking yet another -- another storm on the way. >> and it is landing on a tuesday for the third tuesday in a row. it is kind of interesting if you put it that way. clear blue skies above the g

in washington, alice barr, nbc news. >> all right, thank you, alice. >>> tensions between the u.s. and china continue to escalate. today china's foreign minister warned the two countries are headed for, quote, inevitable confrontations and conflict. china believes the u.s. is trying to suppress beijing and that a clash can only be avoided if the u.s. changes its course. the tension has been high between the two countries recently. the u.s. shot down that chinese spy balloon. china agitated over america's continual support for taiwan as well. >>> okay, still to come, brace yourself. a strong warning from the fed that says interest rate hikes could climb even higher. after a large group of veterans were told they could no longer eat and gather at a diner, they are at a new one. why it's so important to their healing. >>> i'm chief meteorologist jeff ranieri. you can see the stronger storm lining up later on this week. i'll have the datedup r >>> the outlook is not positive, what the chair of the federal reserve told lawmakers about the economy. jerome powell appeared before the senat

in the wall street journal, former attorney general william barr has joined the debate, he wants moreressive policy inside mexico including the use of capabilities. the death toll grows, the poison keeps flowing at all the president does is call for stricter penalties for fentanyl trafficking and checks on vehicles on the southern border just not doing much. he's treating is treating fentanyl as a law enforcement issue. bennett and william barr believe it's a national security issue which would dress to fired drastic action. deal with the cartels the way they deal with terrorists. they are terrorists who corrupted our southern neighbor and poisoned 100,000 americans which we cannot tolerate this. the inaction of the administration is encouraging more drastic solutions. military action has been put on the policy table. let the debate begin because we are being terrorized as william barr writes, the head of the snake is in mexico. second hour of varney just getting started. ♪ stuart: let me introduce you to a real victim on our program this monica rebecca tragically lost her two sons to

the fact that sort of shocked me, really, out of the hearing today was when michael barr,fá e fed vice after losing 42 billion in deposits on thursday, the bank management told regulators one1 friday morning they thought 100 billion more might go ouá3 the door on fridant so 85% of your depositsi] could move that quickly. i do think that's a game changer for thinking about the stickiness of deposits, especially the business deposit stickier. know, our own steve liesman was flabbergasted by that as well, and tweeted as much, which begs the question, (hm■ not like mobile banking, nick, is new. does the fed not appreciate the degree to which moneye1 moves i our system? and ifxd not, how in the world would that be possible? >> well, yeah, it seems very likely that people didn't appreciate howjf quickly the moy could move. this is a bank that didn't seem to be an obvious distress onq tuesday. after that announcement of the capital raise on wednesday night, alle1 hell broke loose o thursday. the other fact that got my attention, which was in martye1 grudenberg's testimony, the chair of the fd

tiktok owing anand it's still . >> congressman barr, what'sory. taken us so long? i mean, pompeo is on the ingraham angle three plus years ago, saying that every parent should delete tic-tac from their kids phones.. >> that was three years ago. well, again, laura , just like congressman bank said, it's it's nico see to see finally democrats see the threat for what it is . and tock is a threat. t and kudos to secretary formerag secretary pompeo for calling it out years ago whenrats democrata weren't on board. but this is an all encompassing threat we have seen for decades now, economic aggression fromono the chinese communist party, whether it's unfair trade practices, the theft of intellectual property, forced transfer of technology, the human rights violations inn chin va, the aggressive hostilis towards the democracy in taiwan, the ripping up of an international treaty with hong kong, and one ofd the underappreciated dimensions of the aggression from the ccp against the west is economic i warfare. >> and so thisonomic select coe to take a very close look, not jus

in washington, alice barr, nbc news. >>> on the democratic side, if governor newsom is thinking about the presidency, californians aren't so positive about it. about 70% of state voters don't want to see him on the ballot. just 22% were in favor. quinnipiac university polled more than 1,000 voters across the state and also asked them about other top ex-like gun control and immigration issues. governor newsom, by the way, has not made any announcement about presidential aspirations so far. >>> a drop in covid cases but that may not be the full story. it was confirmed covid cases and deaths are going down globally. the last 28 days a 76% drop in cases and 66% drop in deaths compared to the prior 28 days. the w.h.o. did caution this is probably an underestimation of true numbers attributing that to reductions in testing and delays in reporting any covid cases. >>> observing international airport is bouncing back from the pandemic but still has a ways to go. around 11 million people passed through in 2022, up from 8 million passengers in 2021. the numbers are still far below 2019 when 13

with fdic chair martin group grun berg and michael barr among the witnesses.ed by barr yesterday, guys, to talk about what fed was talking about prior to the collapse. certainly there will be a lot of questions this morning about why the extended insurance on this issue and whether or not that's going to happen again. >> i just want to know why gary becker isn't at the testimony. we need to hear from him. remember the former svb ceo who was apparently unavailable for the hearing and i think he's going to get more calls to come to washington. the guy who collected millions of dollars worth of stock sales in the two years leading up to this, 3.6 million in the few weeks leading up to this in february and who lobbied for loser regulation and who is now called out not necessarily by name, but david, the fed, at least, according to their vice chair of supervisor, mr. barr says there was classic mismanagement at the bank for risk and interest rates. >> wave talked about the duration -- we've talked about the duration risk they chose to take on at the bank. something

in washington, alice barr, nbc news. >>> the first lady says the proposal by a republican presidential hopeful is quote ridiculous. talking about last month, nikki haley saying politicians over 75 should have to take a mental competency test. that call came while announcing her candidacy for presidency. first lady jill biden brushing the idea off in a cnn interview. she pointed to the rigorous schedule of president biden as proof of his stamina, and the first lady said she's all for her husband running for reelection, but she's leaving it up to him. >> there was a special moment today with the president at the firefighter's conference that we just showed you. the president was greeted off stage by conference attendees, briefly chatted with one fright there, and all of a sudden he could be seen swapping neckties. and the president continued to shake hands and selfies with the crowd. we don't know why they swapped neckties, but they did. >> that's bonding. >>> still ahead, five months since that video went viral of the bikini clad woman getting out of the san jose fire truck and walking

terrorizing our citizens and authorizing the military force in the predecessor attorney general bill barrriting op-ed supporting that move and were doing this alongside representative dan crenshaw we know what it means to treat the groups like the terrorist groups like they are there like isis than they are the mafia. >> that the op-ed this weekend by bill barr, the u.s. must defeat mexico's drug cartels that we could no longer tolerate narco teller under terrorist cartels i made the point a couple times that these drug cartels are using armament similar to the military to mexico huge tanks and guns and that's what our border patrol, a face-off with. pre-teresa operation killed or wounded fo 615 mexican soldiers and shut u shot off their aircraft until the mexican dilatory withdrew. again in the 1990s, we were running around the world trying to arrest al-qaeda and treating them as a law enforcement until we realize the hard way the national security threat that they were and begin targeting them with military assets. that's the same approach in mind ship that we need when it comes to the

in washington, alice barr, nbc news. >> thank you. another domino falls in the on going banking crisis. the former parent come of silicon valley bank filed for bankruptcy. svb financial group no longer controls the bank. the fdic took the bank over last friday. but svb financial does own other businesses besides the bank. it will be placed in the bankruptcy process as they try to pay off an estimated $3.3 billion of debt. bankruptcy filings sets up a likely battle between the banks' creditors and fdic. each side wants the money svb financial gained from selling off the other assets. chuck todd says this collapse could have bigger consequences than just the immediate financial impact. >> well, i think they're going to do is i think you'll get a new piece of legislation. president biden talked about coming up in a way to maybe make sure banking executives are held criminally account, create a procedure that maybe you claw back their money or salaries. if they -- if their bad management, you know, tanks a bank like we see here. >> when w

bill barr was again a very loyal lieutenant for years.hey all repeatedly told the president, look, we just don't see any evidence of election fraud. so the president's repetition of this without evidentiary, without factual foundation starts to look like wise, starts to look like deception. so those people, very directly, bear upon his intent. >> does it matter if the president just felt in his bones it was fraud? >> no. it doesn't matter at all. [laughing] because again there's no basis for that. again, if he could point to something company could point to any in allegation that at any leg and any traction, then you could argue that he had some kind of good faith belief that what he was saying on the ellipse during that incendiary speech have foundation. but again there were a lot of people that look really hard fo the evidence and never found it, his people. to me it was spirit he was listening to another set of lawyers. >> there is came crazy. that's not my word, that's bill steffy and words. we'll step you must trump campaign manager