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Weather Channel now six feet of water imagine cars can act as battery-powered lamps these hyper-realistic simulations show you what the weather will look and feel like before it happens feel the forecast streaming on CBS News PBS

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60 Minutes Sunday on CBS Well, good morning and welcome to CBS News in the

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, it's seven o'clock here in New York City. I'm Anne-Marie Green and here's a look at the stories grabbing our attention right now. We are following a

major

financial crisis involving the Silicon Valley bank, now President Biden. is taking extraordinary measures to prevent a possible banking crisis, tell you about it, plus flooding, mudslides and rescues underway in parts of California, we'll have the forecast as another storm threatens the region tonight, no one got slapped , that's good

news

, except the Oscars.

They were filled with memorable moments and historic victories will have all the highlights of Hollywood's

biggest

night, plus Donald Trump's former lawyer Michael Cohen is expected to testify before a grand jury today. The main focus will be on the alleged money payments home organized and made in the name of the former president, how this could affect Donald Trump and possible criminal charges, and as the world marks three years since the start of the pandemic, CBS News is delving into the origins of covid, so what I have found so far is evidence. That points to double billing for possible theft of government funds, which is concerning, especially since it involves dangerous pathogens and risky research.

Later this hour we're going to dive into an investigation examining whether the US was double-billed for projects in Wuhan, China, so stay with us We're going to follow the money well on that today President Biden will address what What the federal government is doing to prevent a potential banking crisis in the wake of the second-largest bank failure in U.S. history. California's Silicon Valley bank, Jared Hill reports. on what steps are being taken now Federal regulators say they are taking emergency steps to ensure that depositors of the now-failed Silicon Valley Bank, or SVB, have access to all of their funds starting today they say they are taking similar steps for investors of Signature New York bank that

collapse

d yesterday I have been working all weekend with our banking regulators to design appropriate policies to address this situation The SVB bankruptcy on Friday was a

major

concern for the technology and wine companies that financed its

collapse

followed by close by the firm Banks raised concerns about how this could impact other financial institutions.

Treasury Secretary Janet Yellen assured clients on Face the Nation that the American banking system is truly safe and well capitalized. It is resilient, according to a joint statement released by the Federal Reserve, the Treasury Department and the Federal Depository. Insurance Corp are acting in a manner that fully protects all depositors. Regulators insist the plan will not include the use of taxpayer dollars since the two failed

banks

have not been bailed out. Lawmakers on both sides are hopeful that they can be acquired, that would be the ideal situation. and our delegation that spoke with the FDIC last night made it clear that it is attractive for someone to want to buy it, it is just a timeline of where to move forward and the Administration has tools to deal with this.

There's also a new push by some House lawmakers to extend temporary lines of credit to bank depositors to help with essential costs like payroll Jared Hill CBS News okay, for

more

on this we want to bring in Ouija Jang , she will join us from the White House so we only know the steps taken. On Sunday they were the most extensive government intervention since the 2008 financial crisis, but you know, it's pretty limited. That said, there will be critics, and there will be people who will praise the president for this decision, what could we hear from him? Well, Emery, we're hoping to hear from the president this morning on this and I think what he's going to try to do is reassure people that this is under control, try to keep the markets from moving too much and to your point, Anne-Marie, um .

Perhaps critics will say that

more

could have been done, but this all happened very quickly and over the weekend one of the main priorities was to find a buyer to take over this bank and it seems that the UK Treasury has just announced that the largest bank in the country, HSBC. In fact, he's buying Silicon Valley Bank and that should alleviate some of the concerns, but you certainly know this is something we haven't seen in a long time, so I think the president is going to have to project confidence, we're going to have to reassure people. that the Treasury Department, you know, took very quick action to make sure that customers there had access to their money because that's really at the heart of all of this.

Can these companies have the funds they need to pay their bills? pay your employees and I think we'll hear a lot of that from the president and also a lot about accountability about how to prevent these things from happening again, yeah, for the people because you mentioned how quickly this happened for the There are people who say yeah, I found out on Friday and suddenly you know this all happened over the weekend, don't worry, we're going to dig a little deeper into this story later, meanwhile, Ouija the President is heading to California, what? What do we know about the visit?

Well, Anne-Marie, he's got a lot on his agenda, it's not just California, it's quite a Western turn, but yes, he's going to California to meet the prime ministers of the United Kingdom and Australia. and they are expected to talk a lot about defense, especially as tensions have increased with China in recent weeks, so he will have a trilateral meeting there and make comments before heading to Monterey Park, which is the site of the devastating mass. The shooting occurred during the Lunar New Year, so he will be there to talk about gun rights, meet with those affected, meet with the community and then he will head to Las Vegas where he will talk even more about his agenda on restricting drugs. prices, so this is a very busy trip and it's timely because he will be there while California deals with this banking crisis, so while he is there, we don't have any additional stops that we know of, but he could certainly add something to his agenda to address this even more, although I'm expected to comment on that collapse here at the White House this morning very, very quickly, another thing is that the administration announced that they have decided to limit drilling on 16 acres in Alaska and the Arctic Ocean, but for On the other hand there is an expectation that the administration will approve an 8 billion dollar Willow oil project in Alaska, it sounds like two different approaches to conservation or whether or not you know you know that oil is where we are going, what does the administration?

Well, the administration is rejecting that project so far, they say that no final decision has been made and that it will be up to the Department of the Interior and the secretary there, however, of course, the secretary works for President Biden, so that um. You know he'll have his name on any decision, especially since it looks like that approval will go through activists. You know, they're sounding alarm bells saying this will be a massive, detrimental disruption to the president's climate plan, but on the other hand. On the other hand, some congressional leaders and people who live in Alaska say this project is really necessary to create new income, create new jobs and offset the rising fuel prices that not only Alaskans but also Americans are experiencing. feeling and, therefore, while a final decision has not been made.

Your point has been made. Emery is really a difficult situation for the president because he has to remember what he promised during the campaign, which was this extensive Progressive Climate Action Program. Of course, the White House insists that that is still in the works and that it has not signed off. disabled in any drilling plans as of this morning thank you point of clarification I said 16 acres I meant 16 million acres limiting oil drilling thank you very much sure a powerful nor'easter is expected to bring strong snow showers and gusty winds to parts of the tri-state area starting tonight, i.e. this area I guess, in the meantime, people in California are bracing for more destructive weather after another atmospheric river It caused major flooding and landslides over the weekend, washing out roads and forcing the evacuation of more than 8,000 people in the centre.

California, a River Levy failed, prompting dozens of rescues. Another storm today is expected to bring even more rain and snow, so let's bring in meteorologist Jordan Steele from our partners at The Weather Channel with the latest on Jordan, what can we expect? Well, good morning, Anne-Marie, happy. On Monday, it seems to you like the country is plagued by two storms right now: we have the one you mentioned in the Northeast, we'll get to that in a second, but we also have this new atmospheric river event setting up in the West and I want to start in the west because we have a pretty serious situation there with all the runoff and all the flooding that we've been seeing and mother nature is not giving us any respite, so we'll start with the moment here.

Throughout the day today we still have some rain activity in Northern California, but that new atmospheric river will enter the central California coast that has already seen so many problems and into Southern California while our snow level is above 7000 feet, so we are only getting snow on the highest peaks of the Sierra mountain range while everyone else is getting hit by more rain and all that rain will exacerbate the river flooding situation. Now you mentioned the storm in the northeast, so let's get to that for us. Along the I-95 corridor we will start with rain today, but then cold weather will prevail, that will happen tonight into tomorrow morning.

You can see all the cold weather seeping in and that means we could see some snow. and a good amount of snow, especially in the Berkshires and areas just inland, but I think we could skirt the I-95 corridor with some accumulated snowfall totals here as well. Now, for more in-depth coverage, you can watch the Weather Channel. on cable or live on your favorite TV streaming devices Anne-Marie, another busy week for you again, oh yes, you're going to be busy. I'm going to be warm and have an umbrella, thank you in Hollywood, everything everywhere was everywhere. at the Academy Awards the film entered the night with 11 nominations remaining with seven statues including best director and best picture Tanya Bacchus is in Los Angeles with more than the most important night in Hollywood everything everywhere at once gets seven awards Oscar at the 95th Academy Awards including best picture I have a lot of faith in our stories, these stories have changed my life and they have for Generations, it also won best director, editing screenplay and three of the four awards for the best performance.

Michelle made history when she was named best actress in a motion picture. starring role she is the first Asian to win the award and only the second woman of color. There are many who have felt invisible and unheard. It's not just the Asian community, this is for the Asian community, but for anyone who has been identified as a minority. We deserve to be heard we deserve to be seen we deserve to have equal opportunities to be able to sit at the table the film's co-stars Ki Hui Kwan and Jamie Lee Curtis one for their supporting roles former child actor Kwan stopped acting 20 years ago because he didn't see opportunities for Asian actors my journey began on a boat I spent a year as a refugee and somehow I ended up here on the

biggest

stage in Hollywood it was also Curtis's first Oscar she acknowledged her late actor parents she just wanted the Oscar the The award for Best actor went to Brendan Fraser for The Whale.

This has been incredibly rewarding, affirming and humbling. I'm thankful there were no incidents during the more than three and a half hour show, unlike last year when actor Will Smith slapped comedian Chris Rock on the Oscars stage, host Jimmy Kimmel addressed the slap during his monologue opening if anyone in this theater commits an act of violence at any time during the show they will be awarded the Oscar for best actor and Lenny Kravitz performed a moving tribute to those the industry lost last year. Well, that was Donya Backus reporting that the brackets are set and we are just a few days away from March Madness.

Let's take a look at the teamswho made the cut and the huge amount of money. The Americans plan to bet on this year's college basketball tournament and there is also new research involving that laboratory in Wuhan, China, which is at the center of the covid-19 laboratory. League theory, new information from Congress started it and what the US government could have paid. for twice, okay, hey, welcome to the elevation. I thought he was a boyfriend and I stepped back and said, oh, you're the queen, she'll be with me every moment he's alive. I just wanted to see if you're going to Disneyland with me today I look at him and he's smiling.

I will remember that for the rest of my life they told us that when he was going to be born he would only live 30 minutes, it is truly a miracle that he is with us. today, the lift broadcast now on the free CBS News app when you wake up in the morning we want to be your go-to team in our places I'm not going to work in the morning I'm going to have coffee with my two good friends and we talk about the world . Your morning routine. Make CBS

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better. A CBS original documentary. I always tell people that Twitter wouldn't be Twitter without black Twitter, it's just us communing with each other and it becomes a conversation.

I don't want to be left out people really started to recognize the power of activism on Twitter based on That tweet, the hashtag Oscar Señor Blanco was trending around the world. If anything has really driven black Twitter it's been humor, if your food isn't It's not right or we'll tell you about that too, but we tend to create change, create culture and be cool, that's how movements happen on black Twitter and they go beyond that black Twitter, the Twitterverse that changed a generation and is now broadcast on CBS News for free. app, you're ready, a generation of children opens on CBS reports.

I just want to be like a normal kid, they are worlds, their struggles, their voices, what if I was like a lot of people like to insult and make you feel ashamed for being proud? who are you now broadcasting gender I didn't realize you could change your gender by realizing how you feel you can be a boy and sometimes you feel like a girl sometimes you feel like redefining who you are, identifying as fluid transgender non-binary and queer It's the idea of ​​gender being a thing of the past and always being yourself, no matter what others say.

I love you oh boy gender okay now streaming on the free CBS News app stories that report or you can be very old at 60 and you can be very young at 85. Inspire how we unleash the power within ourselves to be who we want to be and brighten your day. The best part of fame is making people feel good. He always sends people home. Happy. Make every day a little more. As Sunday Morning Here Comes the Sun is streaming now on the free CBS News app, the news doesn't always have to be depressing. What do you like about running?

It can be uplifting. That human connection we create on stream every night is incredibly important. The United States and South Korea today launched their largest joint military exercises in years. Officials say the 11-day drill includes field training exercises and a computer simulation in response to North Korea's growing nuclear threats yesterday in an apparent protest of exercises North Korea said it was testing. fired two cruise missiles from a submarine off the east coast of South Korea, instead of the South Korean military confirming the missile launches as harsh and rough weather forced the Coast Guard to suspend the search of survivors after two migrant smuggling boats capsized off the coast of San Diego, we're going to tell you what authorities believe happened to some of the people who are still missing and today in the red and blue congressman Brendan Boyle of Pennsylvania, who is the ranking member of the House budget committee, we will discuss President Biden's budget plan and you can stream more in red and blue starting at 5 p.m.

ET, we'll be right back thanks, CBS Original Documentary Briefs Controversial Congressman George Santos, Why Won't He Answer Our Questions? How did he get elected? Thank you very much and God bless you and God bless the USA. Good Santos campaign was a campaign of fabricating deceived lies and who he really is. I knew him as Anthony Devalder from Queens really who he is. He is a fraud. I compare him to the Tinder scammer of people who know him. the truth the facts the lies he would say he was worth a hundred million dollars is an incredibly cynical episode in American politics Beyond the satire, have you ever seen anything like this?

No, I hope I never see him again. Deceit's campaign is now streaming for free. CBS News Application, she dazzled on and off the court as a businesswoman. Thank you for joining us on tennis superstar and businesswoman Person to Person. Serena Williams. A CBS original documentary. I asked my students what we are going to do about racism in the United States. Declares backlash over teaching about racism in American schools. I don't think it has any place in the classroom. We can pretend to say that no, we're not racist and we're all great people, or we can start doing what it really is.

It was a really hard job to tackle. How did you lose your job? I made the statement that white privilege is a fact. Does it help diversity and inclusion when different people's stories and experiences are incorporated? It enriches education if you don't talk about something that doesn't go away or separate us anymore, what schools are doing to our children in the name of anti-racism is, in fact, teaching them racism. The intention is to put us in this war against each other. A CBS Original Documentary Reports Airing Now, Thank You. An original CBS documentary reports that under the law it is necessary to verify the power of the Supreme Court.

Judges who are not of the Supreme Court. Five albums said no, she has no right, that's not right. Calls to fix the courts and follow the politics of the moment. Republican. All judicial appointments have tended to go in one direction and Democratic-appointed judges tend not to participate in anything even though there are only nine judges, it takes five of them to make the law of the land. Does it have political impact through political intention? It's probably not true. If the American people don't trust their court's ruling, that's a real problem for our democracy. A CBS original documentary airing now when you wake up in the morning, we want to be your go-to team.

Your morning routine just got better. CBS Morning, Chinese President Xi Jinping made Taiwan a major focus at the end of today's meeting of the National People's Congress. During his speech today, he called on China to actively oppose what he called Taiwan's successionist activities. CBS News Senior Foreign Correspondent Elizabeth Palmer is following this with us from Tokyo, yes this was really interesting, it's clear that Taiwan remains in the crosshairs of Xi Jinping and the Communist Party. Liz, what else can you tell us about what these Chinese leaders said? In particular, it should deal a good blow to Taiwan, he reiterated something. she said many times that China will strive for full reunification, as you said they will try and oppose secessionist forces in Taiwan.

He said that, in fact, they would repel all foreign interference, but he didn't say that we are going to use the Army, for example, to recover it or we are going to do it by the end of the year or even by the end of the decade, so it is just there, uh, it's clearly a goal, but there were a lot of other things. in the speech that indicated that his real priority is the security and stability of China after a rather difficult time, covid has taken its toll on the economy, so he was trying to project a strong China, a China that is, like he called her, her rejuvenation is underway. be prosperous and he went back to something he said before that he wants to address inequality and try to distribute wealth.

He also didn't do what he did last week and that was criticize the United States specifically for what he called surrounding China and suppressing it, so it was a wide-ranging speech, a speech that sounded confident and it wasn't a terribly aggressive speech, it was pretty even. , so you mentioned security and stability, let's take each of them as it relates to security during your speech. He also spoke about the need to develop and modernize China's military to build a great steel wall. What does that indicate about China's foreign policy ambitions? Well, it might indicate more about your poetic phrasing or your speechwriters' poetic phrasing.

We've known what China is going to spend on the military next year since last week, when they actually produced some figures of around $250 billion, that's a lot of money, but it's still only about a third of what that the United States spends. We know what they are going to spend. We'll probably spend it on a third carrier this summer near destroyers, new fighter jets with artificial intelligence to guide missiles, but the real question is what are they going to do with it. Certainly, China wants to project strong borders and wants to be able to defend itself. the real question is how under what circumstances would it be used offensively and there's no way to know, but it certainly has a lot of people around the world on edge, okay Liz, thank you very much, okay, so at least eight people are dead .

After two boats carrying migrants capsized off the coast of Southern California, a 9-1-1 call began this urgent search near San Diego on Saturday night. The caller said there were 23 people on the boat and authorities say some of the survivors may have escaped ashore after the boat capsized. The Coast Guard suspended the search, however, a fire department official said. San Diego discussed the incident yesterday. This is one of the worst maritime smuggling tragedies I can think of in California, certainly here in the city of San. Diego reports that human trafficking off Southern California has increased by more than 700 percent since 2017.

And we're taking a look at the Republican field for the 2024 presidential race and a telling moment for a potential candidate during the end of week that former Vice President Mike Pence aired. His strongest criticism to date of former President Donald Trump and his role in the January 6 attack said that history will hold Trump accountable for his actions and that his quote reckless words endangered the lives of the second family and everyone. those who were at the Capitol that day meanwhile. Trump's former lawyer Michael Cohen is scheduled to testify before a grand jury here in New York City today.

He is part of an investigation into alleged hush payments made on behalf of the former president during the 2016 presidential campaign. Cohen already served prison time for campaign finance. rapes after arranging payments to two women who allegedly had affairs with Trump Trump, however, has denied those affairs. It is now 7:26. Here's a look at some of the big stories we'll be following for you in the next half hour. The results are from the second autopsy of a protester killed by police in Georgia, what lawyers for the victims' families say, evidence shows the moments before activists shot, and also two US government agencies.

They footed the bill for research at a Chinese medical laboratory. Our Catherine Heritage is on the case and everything everywhere at once had a great night at the Oscars, we will tell you about the story of the movie stars who won and the other important moments at last night's ceremony abroad in the money today, business analyst Jill Schlesinger is here to help. How can you start making the best use of your money if you have a match from your employer? Don't give that money away dollar dollar Jill y'all CBS Tomorrow starting at seven in CBS original reporting documentary The massacre in our nation's schools has become painfully repetitive now, one child plus school shootings have parents fighting angry I promised my daughter that I would fight, this will continue to happen and the teachers will take lessons and how to defend yourself, that's it and we approach the exercise.

Whether it's you or them, it shouldn't be your teacher's job to protect your life, but will the battle over gun control people be afraid of losing their gun boom be the hardest lesson in the entire exercise you do? You have to shoot an adult. Are you prepared to have to kill one of your students? Guns in the Classroom is now streaming on the free CBS News app after decades in the public eye and public service. Women, what is the bravest thing you have done in your life? We go person to person with Secretary Hillary Rodham Clinton and Chelsea Clinton now streaming free on CB listening to zap, they are ready, a generation of children opens up to reports ofCBS.

I just want to be like a regular. child, they are worlds, their struggles, their voices, what if I were white? Many people like to insult and make you feel ashamed for being proud of who you are. Now it conveys freedom of expression. It is evident that there is a wave of censorship throughout the country. Partisan debate in schools College campuses have not been a place of intellectual diversity for a long time. Our loud voices silence a generation. I don't feel comfortable speaking. I started to realize that I wasn't even discussing things in class. I was maintaining everything. my thoughts for me are the kids okay Free Speech now streaming on the free CBS News app as weather turns extreme storm will hit more than 60 million people every second count Millions face icy ride CBS News and The Weather Channel bringing virtual weather technology so advanced so real there's a problem in the forecast ice buildup you'll have time to prepare take precautions before you go out feel the weather forecast when it matters most on CBS mornings in our places bright faces when you wake up In the morning we want to be your reference team.

I'm not going to work in the morning. I'm going to have coffee with my two good friends and we talk about the world. People from all corners of the United States face challenges that everyone seeks. some kind of connection just raise your hand and say hello I'd like to help come together to find solutions we're going to do something about it your stories are our stories welcome to the ion America broadcast on the free CBS News app Mondays at 8 p.m. welcome Back to CBS News mornings, it's now 7:30 and here's a look at some of today's top stories.

Fighting has intensified in the Ukrainian town of Buckmut. Both sides say the death toll has risen and this comes as Reuters reports that Chinese President Xi Jinping is expected to be expected. traveling to Russia next week for diplomatic talks with Vladimir Putin we are learning more about a deadly shooting involving an environmental activist in Atlanta officials say police shot and killed Manuel Páez Taran, 26, after the protester shot a state trooper. In January at the site of a proposed police training center, lawyers for the Terence family say a second autopsy reveals that the activists had their hands up when they were shot to death.

The full autopsy report could be released today in Houston, Texas. Radioactive material is missing. Officials say he was last seen at a work site on Thursday. These cameras are now typically used in construction to take images that can detect cracks and flaws during the construction process. Officials say the radioactive material is hermetically sealed inside the device and should not pose a significant public threat. Foreign federal regulators have announced they are taking emergency measures to ensure that clients of the collapsed Silicon Valley Bank have access to all of their funds. starting today and President Biden is expected to speak soon on the situation Errol Barnett reports that the fall of Silicon Valley Bank was sudden and Swift at the beginning of the year had almost $210 billion in assets and fell to its knees in less than 48 hours, so every time a bank won especially like Silicon Valley Bank with billions of dollars in deposits fail, it is clearly a concern.

My svb story started during the pandemic. When the Northern California region and its burgeoning tech industry were flooded with billions of dollars in venture capital, money deposits into SVB nearly doubled between 2020 and 2021 to nearly $200 billion. dollars in cash and with interest rates at historic lows, the bank invested in something that is generally considered safe long-term treasury bonds and then what happens is interest rates went up and the value of those bonds went down, so that the value of the bank's assets declined last Wednesday SVP announced losses of almost $2 billion that alarmed people says Berkeley Professor Ross Levine All of these depositors at the bank were told by venture capitalists that the bank could be in trouble so all the deposits at the same time went to take they took out their money and there were just no funds there, we started hearing that there were some liquidity problems at svb on Wednesday night and Thursday morning Vanessa Wu was an advisor general of Rippling, a workforce management platform that handles payroll, which was an svb customer, what happened On Friday we saw that funds associated with payroll salaries associated with 66,000 workers were leaving our account and never reaching the employees and that's because federal regulators had shut down the bank, so on Sunday night the Treasury Department announced an extraordinary plan.

Reserve and FDIC, the Federal Deposit Insurance Corporation, say they will ensure that depositors have full access to their money today, a measure they insist will not cost taxpayers a dime when I read the news. I certainly felt very relieved. Vanessa Pham founded Asian food startup Omsum with her sister Kim, all of her company's money was tied up in SVB. We didn't know come Monday what we would have access to in terms of funds to be able to do basic things like invest in inventory, run the business, pay for our equipment okay, so for more information on this we want to bring in James cerawicki, uh, join us to us now, he's a Fast Company contributor, okay, speaking of Fast Company, talk about a quick story, the way this all played out, I mean, on Friday I saw a couple of headlines and I was like, yeah, it sounds kind of interesting and then suddenly over the weekend everything accelerated so let's start with this.

Treasury Secretary Janet Yellen was on Face the Nation and talked about this, I guess, encouraging common sense. let's play some of your sound, let me make it clear that during the financial crisis there were investors and owners of large systemic

banks

that were bailed out and we certainly are not looking and the reforms that have been implemented mean that we are not going to do that again, but we are concerned about depositors and we're focused on trying to meet their needs so I think a lot of people know what they think about is the last banking crisis and that's where they went and I think she was. trying to reinforce the idea that this is not the same, can you talk a little bit about the difference between the last banking crisis and what we're seeing here?

Yeah, I mean, I think there's a couple of things, one is just that the last banking crisis was a massive system-wide problem right where the biggest banks in the country, in fact, you could say most of the banks in the country. country had made all these bad loans, mostly bad mortgages, and as a result, there were massive losses. In the entire system, this is very different, first of all, Silicon Valley Bank is a very unusual bank; It's actually not similar to other banks in the United States because it was very concentrated in the technology industry and was really dominated by corporate accounts and as a result, only a very small percentage of the people or companies that had money in Silicon Valley Bank they were protected by the FDIC, so if you have money in a bank and you have up to 250,000 in a bank, you're safe, it's not like that.

It doesn't matter what the bank is, you're safe because those funds are FDIC protected, they're insured, so you don't have to worry about that, at SC CB it was a very different situation and I think their issues are really distinctive. the technology industry and then to these decisions they made to buy these long-term bonds that got them into a lot of trouble. That being said, I think the big concern and the reason why the Fed, Treasury and FDIC stepped in The question was that once people start to panic, then you can have bank runs even when there actually isn't a good reason for bank runs, yes, and that's why he intervened to make sure that didn't happen in another kind of, you know, what they call.

Regional banks um and I think this plan essentially does that, yeah, because it's actually a 40 year old bank, it's pretty stable, it's like the biggest bank I've never heard of. I think most people had never heard of it until this weekend. but it was the panic that really caused the problem people immediately started trying to withdraw their money. So here we have government intervention. What does government intervention mean for those with active accounts and what does it mean for investors? for the depositors, they will basically be compensated, so anyone who had money in Silicon Valley Bank, that is, as a depositor, whether they are a company or a wealthy individual, the FDIC will essentially compensate them, the government says it is No They are going to involve taxpayer money, what they will do instead is basically evaluate other banks' money and use it if necessary to turn depositors into full-fledged investors.

Basically, they will be eliminated, which they should be. so the bank's stock went to zero or will and is essentially going to be wiped out and it's also likely, although this wasn't entirely clear, that anyone who lent money to the bank not as a depositor but as a bondholder. or something like that will also be eliminated and that is another big difference between today and 2008, that's what Janet Yellen was talking about in that clip that you played where in 2008, the shareholders of the big banks, you know, were not eliminated, in fact, when the government put money in, uh, it actually helped the shareholders, that's not happening here and that's a really important difference, but the depositors will basically be compensated, so they're not going to lose money and in theory I think they should get their money very quickly, what was a big concern in Silicon Valley was that even if they eventually got their money back, it was going to be frozen and that's not the case, they should have access today, is what they say, um, James.

Thank you so much. I appreciate it. Thank you so much. Turning now to California, where millions of people are bracing for another severe storm tonight. Wet weather over the weekend caused devastating flooding. At least two people died. Thousands have been forced to leave their homes. CBS News Correspondent Carter Evans is in Springville, California, that name is Springville, because of the type of weather you're covering, Carter, how's it going? Well, where I stand. Yes, it used to be a road. You can see some asphalt. Here it was devastated by the heavy rains and melting snow that flooded the communities, but I want you to think a second time about these huge rocks and trees, imagine the force of the water that was shaking them everywhere and flooding houses, entire neighborhoods submerged afterwards. of heavy rains.

Rains flooded parts of California I think I could see them we have Vision Nearly 200 people had to be rescued by first responders and the National Guard over the weekend Monterey County officials issued multiple evacuation orders last night along the Salinas River that stretches for nearly 30 miles in In the city of Pájaro, a levee bridge forced thousands of farm workers like Isaac Martínez to evacuate their homes and will likely lose their jobs over the summer. I work in the fields kicking berries, yes, and I think this year will be whatever the waters are. too high California grows more than a third of the country's vegetables and three quarters of its fruits and nuts, all threatened by constant flooding this winter lettuce strawberries the main crops grown in these fields there will be an impact on the food supply of our nation Rapidly melting warm downpours overwhelmed rivers in the Sierra Foothills in the Central Valley causing major flooding in Springville water reached the bottom of that green trim on the house right there Crystal McGee and her husband fled when the water began enter your house. we left everything we had to leave everything and um there are photo books that are on the ground in the mud and you know those are things that can't be replaced well we have a break in the weather right now that's a good thing. news, but it won't last long, another atmospheric river is approaching California.

Rain is expected to arrive later tonight and continue drenching these already flooded communities through Tuesday. Emery Carter, tell me about Springville, then you'll know if it's time to clean them up. Or is it preparing for another attack? I think they feel like they have to be ready for another attack right now. The thing is, there are a lot of people in communities along this river here that are removing the furniture. their houses were flooded, they're pulling out the rug for that kind of thing, but they know that when it rains again, this river here is going to swell and probably overflow again, so most people we talk to are prepared. for more water in your homes is terrible, uh Carter, thank you very much, of course, so we have new details toshare with you this morning about an investigation into US funding of a research laboratory in Wuhan, China, at the center of the pandemic, about which you are raising questions. how closely previous administrations tracked the use of money Senior Investigative Correspondent Catherine Herridge has more from Washington We're gathering evidence here and gathering facts Former federal investigator Diane Cutler spent two decades fighting white-collar crime and fraud in medical care during the pandemic. her attention to U.S. government grants that supported coronavirus-related research in China.

How many records has she seen? My collection certainly exceeds 50,000 documents. Records reviewed by CBS News indicate that the US government may have paid twice for projects at Wuhan Laboratories through the National Institutes of Health and the US Development Agency. International or USAID categorized it and then broke it down from there, this included possible medical supplies, equipment, travel and salaries, so what I found so far is evidence pointing to double billing, possible theft of government funds. It's worrying, especially because it involves dangerous pathogens and risky research, while intelligence agencies can agree on how the pandemic that killed more than 1.1 million Americans began.

The FBI and now the Department of Energy have found that an accidental lab leak is plausible and not potentially via infected animals at a nearby Market in recent congressional hearings on the origins of covid-19, former CDC director He said money from multiple U.S. government agencies supported high-risk virus research in Wuhan. I think not only the NIH did it but also the state department, USAID and DOD. Following the money brings us closer to understanding the origins of Cobit 19. Following the money always seems to work in investigations. Republican Senator Roger Marshall hired Cutler and took her records to USAID's internal watchdog, which opened its own investigation, the details of which have not been previously reported. what needs to happen next we need this 911 style commission.

I call it apolitical, apolitical, we need to get this out of Washington D.C. Sources familiar with the grant records did not dispute the CBS News reporting. In a statement, a spokesperson for the USAID Inspector General declined to comment on the existence of a specific open investigation. Why should American taxpayers care? I think there are 1.1 million reasons why American taxpayers should care. If a plane crashes, we want to know why the plane crashes. We do everything we can to do that and the hope is that we don't have another plane crash for the same reason. Well, one movie dominated the Oscars last night, taking home seven awards.

You won't be surprised, they also took home best picture and the Oscar is going. Well, you know, a little suspense is coming. We will hear it from here starting tonight. Co-host Kevin Frazier, who was on the champagne carpet, will tell us about the history-making wins and the stars who waited a long time to take them. home your first awards people from all corners of America face challenges everyone is just looking for some kind of connection just raise your hand and say hello I would like to help come together to find solutions let's do something about it your stories are Our stories are welcome to ion America streaming now on the free CBS News app.

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Some American conservatives like what they see. Victor Arbonne has done a tremendous job and then kept the country safe from him. CBS reports exploring their growing alliance. I have come to Texas, we should join forces, so there are a lot of positions here, a lot of young people here and what it means for American democracy, Premier Orleans will be accused of everything. type of thing simply because he does not accept that liberal lie, he defends conservative Christian values ​​to summarize the mother is a woman, the father is a man and leaves our children in peace and end of the discussion, a new conservative Alliance that is now streams on the free CBS News app When the weather turns extreme, the threat of severe weather and dangerous tornadoes is expected to last.

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That human connection that we create on the broadcast every night is incredible. major at the Oscars last night everything everywhere at once won seven awards including best picture and best director Entertainment Calls Tonight Kevin Frazier was on the champagne carpet and he also got up early for us or maybe late I'm not sure what is it for you Um Kevin, thank you very much, you know, personally, as an aside, the jury is out on the champagne carpet, I'm not sure if I wasn't feeling it as much, but it's okay, it was okay, it was okay, uh, good morning how are you?

I'm great, you know, it's been a good day so far and it was a long night, Anne-Marie, but you know what, this is what the movie looked like at the time, um, everywhere, everything at once, it was on everywhere, at the same time. Last night it picked up award after award, including three acting awards, best director, and the biggest award of all, best picture, and the Oscar is for everything everywhere. Winning best picture was the culmination of a Golden Knight for everything, everywhere, suddenly a modern version of mother. -daughter relationships that put their characters in a multidimensional world with the fate of the universe at stake as the mother, Michelle I, 60-year-old best actress winner, has been making movies for decades, but this was her first Oscar nomination and Ladies of a Pasture Prime I.

I spoke to his co-star, a brilliant Jamie Lee Curtis, before the ceremony. I decided to dress like an icon. She had nothing to worry about. Jamie, winner of best supporting actress, Curtis tearfully recognized her parents, actors Tony Curtis and Janet Lee, and my mother and my skurs. in a different category I just want an Oscar stories like this only happen in movies winning best supporting actor for everything everywhere suddenly kiwi Kwan says he's living the American dream was a child star who also starred alongside Brendan Fraser for more than three decades ago, oh my goodness, I asked Fraser about that before he won best actor in The Whale.

I told him when I first saw it, we're still here, man, we're still here, one person who wasn't there, actor Will Smith, excluded from Academy events. For a decade after last year's slap, host Jimmy Kimmel made it through the show without incident saying he wanted everyone present to feel safe if anyone in this theater commits an act of violence at any time during the show, they will be will award the Oscar for best The actor was allowed to give a 19-minute speech. Jimmy really was fantastic and you know this is only the third time in Oscar history that a movie has won three acting honors.

A Streetcar Named Desire and Network were the last films to do so and we also have To recognize the other big winner of the night, the German film All Quiet on the Western Front won four Oscars, including Best International Film Anne-Marie, as well Let's delve into some of the biggest

winners

: Michelle Michelle Gill, the first Asian woman to win best actress, and then Brendan. Fraser is right, this is the first time he has won an Oscar. They've both been around for a long time and have had different journeys up to that Oscar stage. Can we talk a little about their differences?

They both sounded incredibly grateful to have reached this point. Yeah, think about this 15 years ago, the two of them were together in The Mummy, but you know, like you said, they've taken two very different paths and you know Brendan was a bona fide star and things dried up a little bit in Hollywood. So this was very important for him and this role, this leading role in The Whale, was a big leap for him. They did a great job with all the prosthetics and he really gives you an Oscar-worthy performance, as for Michelle. She's been fantastic all the time, but in supporting roles, you know, let's not forget she was in Crouching Tiger Hidden Dragon and she was at the Oscars in 2001. uh, she was a Bond girl and who can forget that she just stole frames in um locos rich asians very good in that movie, so it was great to see these two get back together 15 years later.

It was also great to see Halle Berry give that statuette to Michelle and I because there are only two women of color who have won best actress and they were both on that stage at the same time, it's chilling, we're going to run out of time, so I'm going to address some other things. Black Panther would always have five nominations if the movie had made it. uh 1-1 Ruth Carter uh won her second Oscar becomes the first black woman to win two Oscars um she's costume designer extraordinaire she's amazing congratulations to her yeah that definitive story she did there and any other surprises for you last night uh Austin Butler didn't win.

I shouldn't take anything away from Brendan Fraser, but he seemed to have all the momentum heading into Oscar season from the beginning. It was all about Brendan, but that was at the smaller um he was during the smaller film festivals. When it came time for the Oscars, we thought Austin Butler was going to take that and also Angela Bassett, she and Jamie Lee Curtis were neck and neck, um, for best supporting actress. Jamie Lee got the nod, but I thought Angela might get it last. night, yeah, yeah, I think a lot of people did well, so they gave me a little more time to talk to you because I passed on a question, but I'll go back and look for it and excuse me if I'm wrong if I mispronounce the name. uh, I won an Oscar for best supporting actor, yes, I made a speech.

I want to play a little sound. I'm sure my mom is 84 years old and she's at home watching Mom. Oh, I just want an Oscar. My journey began on a boat where I spent a year. a refugee camp and somehow ended up here on the biggest stage in Hollywood. They say stories like this only happen in movies. I can't believe it's happening to me. This is the American dream. I love it. It's the American dream. I mean, imagine this. You're a kid and you go to an audition, but it's not your audition, it's for another family member and you end up being cast in a big movie like Indiana Jones and from there he also starred in Encino Man, but after that he became coordinator of specialists and he was doing other things because these roles didn't exist for him anymore, he had already aged, he was the pretty boy, but then it didn't translate and now here he is, he gets this role in everything, everywhere, at once. becomes a monster hit and marches through awards season and takes home all these awards from the beginning, he was the guy and it's really affirming to see someone come out of nowhere and win, it's the American dream for him winning this Oscar, yes.

I don't want to go into what happened last year, but I would like to say that this year's Oscars I think helped put all that behind us, these are a feel good Oscars, yes, the musical performances were fantastic, even the inmemorium. everything was great Lady Gaga did something like ungaga, she showed up in ripped jeans and basically no makeup, so it was a great night. Rihanna was amazing the last person on the carpet, but she was great, so it was a great night. Anne-Marie Kevin. said sometimes that's not unusual for Rihanna she shows up maybe the queue line UhKevin thank you that's what a superstar does that's Rihanna thank you uh now it's 7 57 here's a look at what's coming up today President Biden to meet with Australian and UK leaders expected in California later today announce a plan to arm Australia with nuclear-powered submarines.

It is part of a security pact between the three countries to defend against China at 1:30 p.m. Eastern time. A special panel discussion on the impacts of the pandemic on American life and businesses three years after Kobit 19 was first declared a global emergency. Tonight we'll hear from a doctor who was on the front lines and people who became entrepreneurs during the outbreak. We will delve into the impacts of the pandemic on the workplace. CBS News Prime Time with John Dickerson is airing a weeklong series called The Shifting Workplace that debuts tonight at 7 p.m. ET and before all that during our 9 a.m. hour.

We're going to talk to the head of a healthcare startup whose business can't pay employees due to the Silicon Valley bank collapse. President Biden is also expected to speak on this sometime after 9 a.m. Eastern time. Thank you, a CBS original documentary reports that the nation of Hungary is evolving toward autocracy. If you define an AutoCAD as something that people can no longer get rid of even when there are elections, it is definitely a self-cut. Some American conservatives like what they see. Victor Arbonne has done a tremendous job. and then you have kept your country safe.

CBS reports exploring their growing alliance. I've come to Texas, we should join forces, so there's a lot of boots here, a lot of young people here and what it means to American democracy, Prime Minister Orbel. He has been accused of all kinds of things simply because he doesn't drag that liberal lie that defends conservative Christian values ​​to sum up the mother is a woman the father is a man and leave our end of the discussion a new conservative alliance now