Daily Briefing: Nuclear-powered submarine deal with Australia
The United States will help provide Australia with nuclear-powered attack submarines. Also in the news: How Silicon Valley Bank's collapse has created ripples in the banking sector and President Joe Biden has OK'd an enormous oil drilling project despite a viral petition to stop it.
🙋🏼♀️ I'm Nicole Fallert, Daily Briefing author. Happy Pi Day!
Now, here we go with Tuesday's news.
Nuclear submarine deal to counter China’s growing influence
The United States will spend billions of dollars expanding its ability to produce nuclear-powered attack submarines as part of a landmark security deal with Australia and the United Kingdom. The deal will provide Australia with the submarines, which can stay underwater longer than conventionally-powered ones and are harder to detect. Pending approval from Congress, the U.S. will sell at least three – and as many as five – Virginia-class submarines to Australia, once its navy is trained and ready to receive them. Read more
How the Silicon Valley Bank collapse is affecting other US banks
Before last week, there was little reason to suspect that you couldn't withdraw as much money from your bank account as you'd like at any given time. But as panicked customers rushed to SVB branches and crashed the bank's site once it became apparent that it was in trouble, many began to wonder if their money was safe where it was deposited. That fear directly flowed to Signature Bank, contributing to its collapse on Sunday.
What happened: SVB was taken over by the Federal Deposit Insurance Corporation on Friday after depositors, fearing the bank would soon become unable to pay its debts, began withdrawing money at an alarming rate.
Federal regulators said depositors from both banks will get all their money. The Federal Reserve, the Treasury Department and the FDIC said regulators took the unusual step of guaranteeing the deposits because SVB presented a systemic risk to the U.S. financial system.
Biden stipulated that "no losses" stemming from the collapse of the Silicon Valley and Signature banks would be borne by taxpayers. He said he would ask Congress and federal regulators to tighten banking rules to make it less likely that a major failure happens again.
Silicon Valley Bank's failure is the second largest since the 2008 financial crisis and came after struggling tech companies made a run on the bank, withdrawing cash at a rapid pace and forcing the bank into a position where it had to sell bonds at a loss to cover the withdrawals.
Here's a graphic explainer on how the SVB bank collapse went down.
More news to know now
Biden seeks to increase gun background checks in an executive order he'll sign in California Tuesday.
A Nor'easter is bringing winter weather to portions of New York, New Jersey, Pennsylvania and New England.
Moscow wants to renew a Ukraine grain deal for a shorter term.
Norfolk Southern's new safety measures are ''not robust enough,'' top safety officials say.
On today's 5 Things podcast, USA TODAY Health Reporter Karen Weintraub looks at a possible link between face blindness and Long COVID. Listen on Apple Podcasts, Spotify, or your smart speaker.
What's the weather today? Check your local forecast here.
Biden approves massive oil project in Alaska
The Biden administration approved the controversial Willow oil project, clearing the way for one of the largest new oil and gas developments on federal land in Alaska in 20 years despite fierce opposition from environmental activists. The move came as President Joe Biden also signaled sweeping future action to bar offshore drilling on 2.8 million acres in the Arctic Ocean in an appeal to critics who said he betrayed his commitment to fight climate change. The $8 billion project marks a shift in the Biden administration's handling of major fossil fuel projects after approving few without congressional or court intervention. Read more
Willow project critics go viral with petition pressuring Biden.
'Cop City' protester's hands were raised during Georgia fatal shooting, attorney says
A private autopsy found a 26-year-old environmental activist who was protesting the construction of a police and fire training center near Atlanta had their hands raised when they were shot 14 times, attorneys said Monday. Manuel Paez Terán, who went by the name Tortuguita, was killed by police Jan. 18 after allegedly shooting a state trooper as law enforcement attempted to clear protesters from the site of the proposed Atlanta Public Safety Training Center, called "Cop City" by its opponents. The family and their attorneys urged the city to release more information about Tortuguita's death. Read more
How should you respond if you see police violence? Training session seeks to ease doubts.
Just for subscribers:
Why the 2024 Iowa caucuses could make or break Donald Trump's presidential campaign.
Confusion, bravery, awe: What really happened after train derailed in East Palestine, Ohio.
Why more Cubans are choosing to immigrate to Arizona over Florida.
20 years ago, a girl survived a deadly Yonkers fire. Her story has gone untold until now.
A No. 1 seed. Big Ten titles sweep. Yet, Purdue is still getting dissed.
These articles are for USA TODAY subscribers. You can sign up here.
US women’s soccer team on winning fight for equal pay
Today is March 14, Equal Pay Day. As women break glass ceilings in various industries pay for their accomplishments often don't equal that of their male counterparts. For their tireless work to end pay inequity, the entire U.S. Women's National Team has been named a USA TODAY Women of the Year National honoree. On behalf of their teammates, forward Alex Morgan and defender Crystal Dunn spoke with USA TODAY about their fight for equity. Read the story and learn more about the Women of the Year program here.
One more thing
Ever wonder why you get really hangry?
Here are five cool things to ask ChatGPT, from business names to recipes.
Why did NCAA women's tournament selection committee stick it to Iowa?
Should I book my summer travel now? Travel experts share how to find the best deals.
The Oscars shined a light on the deteriorating condition of imprisoned Vladimir Putin opponent Alexei Navalny.
Photo of the day: USA in step to advance in World Baseball Classic
Team USA obliterated Canada 12-1 in seven innings on Monday night, and now need only a victory Wednesday night over undermanned Colombia for a one-way ticket to Miami for the quarterfinals of the World Baseball Classic. It would have been different if Great Britain didn’t shock Colombia earlier in the day, averting the possibility that Team USA might have to defeat Colombia by more than seven runs Wednesday, but now, all they have to do is win. Read more
Team Nicaragua's Duque Hebbert signs contract with Detroit Tigers after striking out trio of MLB stars.
Nicole Fallert is a newsletter writer at USA TODAY, sign up for the email here. Want to send Nicole a note? Shoot her an email at NFallert@usatoday.com or follow along with her musings on Twitter. Support journalism like this – subscribe to USA TODAY here.
Associated Press contributed reporting.
This article originally appeared on USA TODAY: Pi Day, Equal Pay Day, China, banks, oil in Alaska, Georgia, Oscars, Baseball Classic: Daily Briefing
