The U.S. government has not yet been able to find a buyer for Silicon Valley Bank, setting up a decision by the U.S. Treasury and Federal Reserve to backstop all uninsured deposits before branches open on Monday morning.
State of play: The Federal Deposit Insurance Corp. spent the past several days frantically searching for a large financial institution that would take over SVB, or at least the commercial banking business at the center of its collapse. Bids were due earlier on Sunday.
Some Republicans say changes to entitlement programs, like upping the retirement age to prolong the initiatives, should be "on the table."
The big picture: Entitlement reform is a politically potent topic — and it's one that could be a key part of presidential candidates' messaging ahead of 2024.
Massachusetts lawmakers are seeking a briefing from the Federal Deposit Insurance Corp. (FDIC) on the collapse of Silicon Valley Bank, Axios has learned.
Why it matters: The FDIC's takeover of the nation's 16th largest bank is being felt deeply in Massachusetts, which has the second-most SVB branches after California.
Marshall Cohen, who most recently led the Democratic Governors Association as political director, is joining KMM Strategies as a partner and opening its first D.C. office.
Why it matters: The West Coast-based political media firm works with several Democrats who will be in highly competitive races in 2024 — including Sen. Jon Tester (D-Mont.) — and in red states where Cohen has spent the last decade helping Democrats make unlikely gains for the DGA.
Clockwise from top left: Rep. Matt Rosendale (R.-Mont.), Kari Lake, Rep. Warren Davidson (R-Ohio) and Doug Mastriano. Photos: Lev Radin/Pacific Press/LightRocket, Tom Williams/CQ-Roll Call, William Campbell and Michael M. Santiago
Senate Republicans have been gifted a historically favorable map for 2024, but they are again facing the risk of problematic candidates emerging in must-win races.
At least eight people are dead after two fishing boats capsized off the coast of San Diego, California, authorities said at a San Diego Fire-Rescue Department press briefing on Sunday.
Driving the news: Officials were alerted to the incident by a 911 call at around 11:30 pm local time on Saturday, SDFD Lifeguard Chief James Gartland said.
There are three primary ways to avoid a U.S. banking crisis tomorrow morning, all of which involve reassuring Silicon Valley Bank depositors that all of their money is secure and available.
Best case scenario: The top option is that a large financial institution steps up to buy Silicon Valley Bank, or at least its commercial banking unit.
House Speaker Kevin McCarthy (R-Calif.) on Sunday morning said that the Biden administration "has the tools" to handle the crisis at Silicon Valley Bank.
Former President Donald Trump should drop out of the 2024 presidential race if he's indicted, former Arkansas Gov. Asa Hutchinson (R) told USA Today in an interview published Saturday.
Driving the news: It was revealed earlier this week that Trump has been invited to testify before a New York grand jury as part of the Manhattan District Attorney's Office investigation into hush money payments to adult film actress Stormy Daniels.
The big picture: Menendez's remarks come after reports this week that Biden was considering reinstating the controversial policy, setting off criticism from some Democrats and immigration activists.
Former Vice President Mike Pence slammed former President Trump during a speech at the annual Gridiron Dinner Saturday night, saying that history would hold the former president accountable for the Capitol riot.
Why it matters: While Pence has criticized Trump's actions during Jan. 6 before, his comments Saturday were his sharpest rebuke to date.
U.S. Treasury and Federal Deposit Insurance Corp. (FDIC) officials plan to brief members of California's congressional delegation on the collapse of Silicon Valley Bank, Axios has learned.
Why it matters: SVB, based in Santa Clara, Calif., is the nation's 16th-largest bank, making this the largest bank failure since 2008.
Lawmakers want details on the FDIC takeover of the bank, and the agency's plans to prevent SVB's failure from rippling to other banks.
The FDIC is a government agency that insures deposits in U.S. banks up to $250,000 per depositor.
The details: California congressional offices were informed late Saturday that Treasury officials would brief lawmakers by Zoom at 1 p.m. ET Sunday, according to two sources familiar with the matter and a copy of the invite viewed by Axios.
Before that, California lawmakers were to be briefed by the FDIC late Saturday, according to one of the sources. That briefing initially was planned for Saturday afternoon but was postponed.
The latest: After taking control of SVB on Friday, the FDIC said in a statement that its branches would reopen Monday, and insured depositors would have "full access to their insured deposits no later than Monday morning."
Those with deposits greater than $250,000, the FDIC's insurance limit, will receive "an advance dividend within the next week," the agency said.
What they're saying: The bank's failure on Friday prompted lawmakers to call for the FDIC to address concerns about the impact on SVB customers' personal finances and the financial system as a whole.
"I have heard from scores of constituents who have not received their paychecks because of this crisis, putting their mortgages at risk," Rep. Eric Swalwell (D-Calif.) said in a statement.
"If regulators do not act quickly," Sen. Alex Padilla (D-Calif.) tweeted, "the Silicon Valley Bank collapse will have widespread ramifications for small businesses, start-ups, and nonprofits trying to make payroll — as well as on our broader economy."
Freshman Rep. Kevin Mullin (D-Calif.) tweeted, "My colleagues and I are asking the FDIC and other relevant federal agencies for a briefing and full clarity to SVB depositors."
The backdrop: Rep. Maxine Waters (D-Calif.), the ranking member of the House Financial Services Committee, organized bipartisan briefings for committee members on Friday with officials from the Federal Reserve, FDIC and Treasury Department, a source familiar with the matter told Axios.
