Biden to address Silicon Valley Bank collapse in speech reassuring markets – live updates

Failure of bank last weak sparked fears of financial crisis, as US government announces plans to stabilize situation

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Good morning, US politics blog readers. We’re going to hearing from Joe Biden first thing this morning at 9am ET, after last week’s collapse of Silicon Valley Bank sparked fears of a crisis that could destabilize the world’s largest economy. The US government worked over the weekend to prevent that from happening, by announcing it had taken steps to make sure account holders at the now-shuttered California bank would be able to access all their money starting today, and announcing a new Federal Reserve credit line intended to fortify other institutions that are teetering on insolvency. Expect to hear plenty from lawmakers and 2024 presidential contenders about whether the moves are appropriate, or if Washington just pulled off another bank bailout. Perhaps more importantly, pay attention to the reaction on Wall Street when it starts trading at 9.30am – if markets plunge or more banks see runs on the deposits, the Biden administration may have to step in again.

Here’s what else is happening today:

Biden is traveling to San Diego for a meeting with the prime ministers of Australia and Britain and the announcement of a massive deal for new submarines.

Donald Trump’s former lawyer Michael Cohen is testifying before a Manhattan grand jury investigating hush money payments he made for the former president.

Mike Pence strongly rebuked Trump for his actions on January 6 in a weekend appearance, saying history would hold his former boss accountable for the insurrection.