Thousands of tech CEOs and founders have signed an "urgent" petition calling for relief from the federal government after Silicon Valley Bank's collapse, the second largest in U.S. history. The government has responded by guaranteeing all customers access to their full deposits, providing some much-needed relief. However, the tech industry is still reeling from this "extinction-level event" and its long-term effects remain to be seen.
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Shares of regional banks in the US slumped on Monday, as investors sold off their stocks in response to the collapse of SVB Financial Group and Signature Bank. This has raised fears of possible bank contagion, despite the additional funding from JPMorgan Chase to help First Republic Bank meet withdrawal demands. SVB catered to tech startups, internet and software companies, as well as firms in the life science and health care space, and had $210 billion in assets.
Following the second- and third-largest bank failures in U.S. history, the Biden administration and federal regulators announced emergency measures to backstop customers’ deposits, even those that weren’t insured. Despite the emergency measures, Wall Street’s confidence in regional banks remained shaky, causing the S&P 500, Dow Jones Industrial Average, and Nasdaq composite to dip or rise, respectively. Investors are uncertain about the future of regional banks and are watching to see if the emergency measures will be enough to protect customers’ deposits and stabilize the banking system.
The Biden administration is considering updating the nation's racial and ethnic categories for the first time since 1997, based on the more than 4,600 comments submitted by various individuals and organizations. The changes are part of the administration's goal of creating a more equitable society, and the decision is expected to be announced in the near future.
Senate Minority Leader Mitch McConnell has been discharged from the hospital after being treated for a concussion and a rib fracture. He will now go to an inpatient rehabilitation facility for physical therapy before returning home, and his concussion recovery is progressing well. McConnell is the longest-serving U.S. Senator in Kentucky's history and is the most senior Republican in the Senate.
President Joe Biden, Australian Prime Minister Anthony Albanese, and British Prime Minister Rishi Sunak have announced the purchase of nuclear-powered attack submarines from the U.S. to modernize Australia's fleet in response to China's military buildup.
A coalition of media organizations is pushing back against U.S. District Judge Matthew Kacsmaryk for holding a hearing without proper public notice in a closely watched case involving the abortion pill. The lawyer for the news outlets argued that this attempt is unconstitutional and "undermines the important values served by public access to judicial proceedings and court records." Judge Kacsmaryk is known for his controversial decisions on a variety of issues, and the media organizations are now challenging his decision to hold a hearing without proper public notice.
Key takeaways: Signature Bank was one of the largest banks in the United States, and its sudden collapse has caused shockwaves throughout the banking industry.…