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WASHINGTON – Just as the annual, college basketball tournament kicks off, the nation’s capital is reeling from a different kind of March madness.
The news started Friday when California-based Silicon Valley Bank, the country’s 16th largest bank, collapsed after large groups of depositors withdrew money from the bank over concerns about its standing.
Back in Washington D.C., former vice president Mike Pence criticized former President Donald Trump Saturday saying the former president should be held accountable for the Jan. 6 attack on the Capitol.
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Here’s what else you may have missed:
Silicon Valley Bank collapses
Silicon Valley Bank failed after depositors withdrew their money over concerns about the bank’s financial position. It is the largest failure of a financial institution since the financial crisis in 2008.
The bank ran out of money and the Federal Deposit Insurance Corporation, or FDIC, took control last week of its assets. Federal regulators also took over the Signature Bank of New York after assessing that it presents a systemic risk as well.
More:Silicon Valley Bank assets seized by FDIC in largest bank failure since 2008
Why did Signature Bank fail?
State regulators closed New York-based Signature Bank on Sunday, marking the second bank failure in three days.
Signature Bank, which was popular among cryptocurrency companies, failed largely because investors pulled their money out in a panic after the Silicon Valley Bank collapse.
Pence says history will hold Trump ‘accountable’ over Jan. 6
Pence criticized Trump Saturday for the role he played in the Jan. 6 attack on the Capitol, calling the insurrection a “disgrace” and said history will hold Trump “accountable” for his actions that day.
Trump pressured Pence to overturn the election by asking him to throw out electoral votes and then criticized the former vice president during his rally on the Ellipse for not doing so. When rioters breached the Capitol, they changed “hang Mike Pence.”
Pence, during remarks at the annual Gridiron Dinner, a gathering for Washington journalists and dignitaries, said Trump was wrong.
“I had no right to overturn the election. And his reckless words endangered my family and everyone at the Capitol that day, and I know history will hold Donald Trump accountable,” he said.
More:Pence says Trump ‘endangered my family’ on Jan. 6
More:Capitol Police Chief Thomas Manger blasts Fox News’ Tucker Carlson over Jan. 6 video
Nancy Pelosi and husband attend Oscar party
Former House Speaker Nancy Pelosi attended the Vanity Fair Oscar Party alongside her husband, Paul, who was viciously attacked in his home last October.
Paul suffered a skull fracture and was knocked unconscious after the attacker broke into the couple’s San Francisco home asking “Where’s Nancy?” He spent a week in the hospital and underwent surgery for his injuries.
The Pelosis walked the carpet Sunday — Nancy wearing a gold, floral-sequined gown and Paul wearing a black tuxedo and fedora.
More:Former House Speaker Nancy Pelosi, husband Paul Pelosi spotted at Vanity Fair Oscar Party
The 6 best (and worst) Oscar moments: Lady Gaga strips down, Jimmy Kimmel roasts Will Smith
Biden addresses nation on banking crisis
President Joe Biden reassured Americans that they can have “confidence” in the banking system and that no losses will fall to taxpayers. They will instead come from fees that banks pay into the Deposit Insurance Fund.
“Every American should feel confident that their deposits will be there, if and when they need them,” he said.
Biden also said managers of the banks would be fired and he is asking Congress to pass reforms and prevent this from happening again.
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