At least eight people have died after two boats capsized near the shore of Black’s Beach in San Diego County, California. Rescuers responded to the scene and found eight victims in the water, but were unable to access the beach due to the high tide. The cause of the incident is still under investigation and the San Diego Fire-Rescue Department has offered its condolences to the families of the victims.
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Treasury Secretary Janet Yellen Rules Out Federal Bailout for Silicon Valley Bank Following Collapse
Treasury Secretary Janet Yellen Rules Out Federal Bailout for Silicon Valley Bank Following Collapse
Treasury Secretary Janet Yellen has ruled out a federal bailout for Silicon Valley Bank following its collapse, and Shalanda Young, the director of the White House Office of Management and Budget, has stressed that the US banking system is more resilient now due to reforms. Rep. Ro Khanna of California has urged the Biden administration to take "decisive action" to protect depositors and ensure access to accounts Monday morning.
Key takeaways: The Federal Deposit Insurance Corporation (FDIC) is responsible for insuring deposits up to $250,000. Treasury Secretary Janet Yellen said the federal government would…
Silicon Valley Bank has suffered a bank run, with customers withdrawing $42 billion in deposits, leaving the bank with a negative cash balance of $1 billion. The FDIC has taken control of the bank and will pay customers their insured deposits up to $250,000 on Monday. Treasury Secretary Janet Yellen has addressed the situation, saying the government may need to intervene and take emergency measures.
At a congressional hearing on Thursday, Norfolk Southern CEO Alan Shaw pledged to improve the company's safety culture and make East Palestine and surrounding communities whole following a February 3rd train derailment that released toxic chemicals. Shaw refused to commit to a number of specific actions proposed by senators, such as supporting new rail safety legislation and temporarily halting stock buybacks, leading to disappointment from Senator Tom Carper. Shaw responded by saying that Norfolk Southern is committed to safety first and is working closely with local, state and federal agencies to ensure the site is cleaned up safely and thoroughly.
Treasury Secretary Janet Yellen said Sunday that the federal government will not provide a bailout for Silicon Valley Bank's investors, but is "concerned" about the impact to depositors and is working to address their needs. Silicon Valley Bank, a go-to bank for US tech startups, collapsed Friday morning and was taken over by federal regulators, making it the largest US bank failure since Washington Mutual in 2008. It is unclear what will happen to the bank's customers and investors, but financial regulators are working to address the needs of depositors.
Residents of a Northern California agricultural community were forced to evacuate after the Pajaro River's levee was breached by flooding from an atmospheric river. This storm is the second to hit the state in the past few days, bringing heavy rain, mountain snow, and the threat of more flooding to northern and central California. Emergency personnel are working to secure the area and protect residents from the flooding, with 15 million people under flood watches in California and Nevada.
Four astronauts returned to Earth on Saturday night after a successful five-month mission aboard the International Space Station. Led by NASA's Nicole Mann, the first Native American woman to fly in space, the crew had to deal with a pair of leaking Russian capsules and the urgent delivery of a replacement craft. The mission is a testament to the hard work and dedication of the entire team, and a reminder of the progress that can be made when we work together.