Biden to address Americans this morning after two banks collapse

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Monday 03.13.23

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By Alexandra Meeks

The cast and crew of "Everything Everywhere All at Once" accept the award for best picture at the 2023 Oscars on Sunday at the Dolby Theatre in Los Angeles.

Oscars

The 95th Academy Awards were presented Sunday in Los Angeles, with historic wins for "Everything Everywhere All at Once." The film took home the Oscar for best picture, capping a sweep of the night's major prizes. Michelle Yeoh's performance in the film won her the award for best actress in a leading role, making her the first woman of Asian descent to win an Oscar in the category. Her co-stars Ke Huy Quan and Jamie Lee Curtis took home the best supporting actor and actress trophies respectively. Separately, "Naatu Naatu," from the movie "RRR," took home the Academy Award for best original song, the first win for an Indian film production in the category. Other notable triumphs included Brendan Fraser as best actor for "The Whale," Ruth E. Carter for best costume design on "Black Panther: Wakanda Forever" and CNN's "Navalny" as best documentary feature. And don't forget the red carpet highlights either.

SVB collapse

President Joe Biden plans to address Americans this morning about his administration's emergency response to the failure of two banks over the past few days. This comes after tech lender Silicon Valley Bank collapsed Friday in the second-largest failure of a financial institution in US history. (The Biden administration on Sunday guaranteed that those impacted by SVB's collapse will get their money back starting today.) In a related action, the government shut down Signature Bank, which was teetering on the brink of collapse in recent days. Wall Street investors were relieved by the intervention after markets tumbled late last week, but some analysts say smaller banks that are disproportionately tied to cash-strapped industries like tech and crypto may be in for a rough ride.

Floods

Residents in storm-battered California are bracing for another atmospheric river event Monday, with many areas still flooded from heavy rains last week that caused extensive damage and at least two fatalities. It's the eleventh such river event to hit the US West this winter weather season. More than 17 million people are under flood watches across California and Nevada early this morning, with rainfall totals of up to 8 inches possible across parts of northern and central California today, forecasts show. Officials in the region are urging residents to monitor their forecasts and take proper sheltering measures to remain safe.

Oil drilling

President Biden is also expected to announce sweeping new protections today for federal lands and waters in Alaska. According to an administration official, Biden will declare the entire US Arctic Ocean off-limits to future oil and gas leasing and will announce new rules to protect over 13 million acres of land in the state from drilling. The move comes as Biden prepares to green-light a massive oil drilling venture known as the Willow Project. The expected approval is a victory for Alaska's bipartisan congressional delegation and a coalition of Alaska Native tribes and groups that have hailed the project as a much-needed new source of revenue and jobs. However, it is a major blow to climate groups and other Alaska Natives who argue it will undercut the president's ambitious climate goals and pose health and environmental risks.

Immigration

A large group of people approached a US border entry point in El Paso, Texas, Sunday in an apparent attempt at mass entry into the country, US Customs and Border Protection said, causing disruptions along the US-Mexico border and forcing authorities to erect barricades. CBP officers "implemented port hardening measures" after the group made a formation and approached the international boundary, border officials said, and "no breach occurred." Large migrant groups also disrupted two other border crossings Sunday, CBP said, causing temporary traffic disruptions that subsided later that evening.

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