The daily business briefing: March 14, 2023

Regulators scramble to show the banking system is safe, Biden administration approves a controversial Alaska drilling project, and more

Protesters holding signs calling for blocking the Willow drilling project
(Image credit: Celal Gunes/Anadolu Agency via Getty Images)

1. Bank stocks dive as government insists banking system is safe

Bank stocks plunged on Monday after the collapse of Silicon Valley Bank and Signature Bank. President Biden tried to reassure Americans that the banking system was safe despite the second- and third-largest bank failures in the U.S. history, all within 48 hours. Shares of First Republic fell 62 percent despite funding from the Federal Reserve and JPMorgan Chase to shore up its finances. The Federal Reserve announced it would make money available to "to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors." "Your deposits will be there when you need them," Biden said.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.