Business

2 bank failures have the federal government taking extraordinary action

11:28am March 13, 2023

NPR's Leila Fadel talks to Nobel Prize winner Douglas Diamond, who studies why banks fail, about what the collapses say about the stability of America's banking system.

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"We must get the full accounting of what happened and why," President Biden said of the banking crisis, speaking in the Roosevelt Room of the White House on Monday.

Biden reassures bank customers and says the failed firms' leaders are fired

11:13am March 13, 2023

by Bill Chappell

President Biden also said insiders and investors won't be bailed out, but that companies that used the bank will be able to pay their employees and bills.

Silicon Valley is breathing a sigh of relief after Biden's remarks on the bank crisis

10:15am March 13, 2023

President Biden spoke this morning about the government's efforts to protect the banking system, after two regional banks collapsed in recent days.

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Morning news brief

10:15am March 13, 2023

Federal officials seek to restore public confidence in the banking system after Silicon Valley Bank collapses. The Oscars were handed out Sunday night. Former President Trump will campaign in Iowa.

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Biden administration steps in to save customers of Silicon Valley Bank

8:15am March 13, 2023

Federal officials are attempting to restore public confidence in the banking system after the collapse of Silicon Valley Bank.

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Ayako Marsh Miranda says that as a Black woman, she represents 0.7% of all appraisers in the U.S. She'd like a federal mandate for anti-bias training in the field.

Racial bias often creeps into home appraisals. Here's what's happening to change that

5:01am March 13, 2023

by Jennifer Ludden

Black and Latinx homes are more likely to be undervalued by real estate appraisers, who are mostly older white men. New recruiting and technology aims to change how appraisals are done and by whom.

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A worker tells people that the Silicon Valley Bank (SVB) headquarters in Santa Clara, Calif., is closed on March 10, 2023. Federal regulators took extraordinary measures on Sunday to backstop all deposits at SVB after the lender's spectacular collapse.

Economy

The U.S. takes emergency measures to protect all deposits at Silicon Valley Bank

9:23pm March 12, 2023

by Bobby Allyn

Federal officials made the emergency announcement Sunday amid panic from depositors over the state of uninsured deposits.

Treasury Secretary Janet Yellen arrives for a hearing on Capitol Hill on March 10. On Sunday, Yellen said the government wouldn't bail out Silicon Valley Bank.

Janet Yellen says the federal government won't bail out Silicon Valley Bank

2:08pm March 12, 2023

by Joe Hernandez

The California lender was taken over by regulators after a "run" on the bank. The Treasury secretary says the U.S. won't come to the bank's rescue like it did for others in the 2008 financial crisis.

FILE - Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021. Oil giant Saudi Aramco said Sunday, March 12, 2023, it earned a $161 billion profit last year, attributing its earnings to higher crude oil prices.

World News

Four takeaways as oil giant Saudi Aramco reports a huge $161 billion profit

1:09pm March 12, 2023

by Aya Batrawy

The world's biggest oil company has announced it made $161 billion in profits in 2022, a whopping figure for the corporation and its main shareholder, the Saudi government.

Economy

What the collapse of Silicon Valley Banks says about the stability of U.S. banks

8:54am March 12, 2023

by Ayesha Rascoe

NPR's Ayesha Rascoe talks to Anat Admati, professor at Stanford University's Business School, about the collapse of Silicon Valley Bank and what it says about the stability of the U.S. banking system.

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