SVB Collapse Fallout: Regional Bank Stocks Plummet Despite Govt. Rescue Plan, Pres. Biden Says U.S. Banking System "Safe" 3/13/23

Carl Quintanilla, Jim Cramer and David Faber engaged in wide-ranging discussions about the fallout from the Silicon Valley Bank collapse -- including what's at stake for investors and how it might affect Fed interest rate policy. Shares of regional banks including First Republic plummeted despite action taken by federal regulators to backstop all depositors in both SVB and crypto-focused Signature Bank, which was shut down by New York State regulators. In remarks from the White House, President Biden insisted the U.S. banking system is "safe." Also in focus: Pfizer"s $43 billion deal to acquire cancer drug maker Seagen.