SVB Collapse

President Biden on Monday said the banking system is safe, as he stressed steps taken to limit the fallout from the collapse of Silicon Valley Bank and shore up confidence in the financial system, while some lawmakers called for re-examining rules for midsize banks, as the WSJ reports.

SVB Fallout

Several midsize U.S. banks scrambled to reassure customers that they were on firm financial footing Monday, following regulators’ stunning takeover of two failing banks in the span of three days, as the NYT reports.

Russia Suffering Heavy Losses in Bakhmut

Ukrainian President Volodymyr Zelensky said his forces are continuing to inflict heavy losses on attacking Russian fighters in the besieged front-line city of Bakhmut, where Kremlin-backed mercenaries concede the fight is growing more difficult as they approach the city center, bombarded by artillery and tank fire, as The Washington Post reports.

Executive Education

Inside DOD’s FY 2024 Budget provides key insights from CSIS experts and practitioners on what the Biden Administration’s FY 2024 budget and strategy documents reveal about strategic priorities, major budget movements, force structure adds and cuts, and acquisition program changes.

Video Shorts

Check out CSIS’s new series of video shorts: “The Recap,” “Data Unpacked,” “Testify,” “What's Happening,” “Preview,” and “High Resolution.” And don’t forget to subscribe to the CSIS YouTube Channel!

In That Number

2

North Korea launched two underwater cruise missiles from a submarine, the regime said Monday, ahead of the start of large-scale joint U.S. and South Korea military drills this week.

Source: WSJ

Critical Quote

“The banking system is safe.”

— President Joe Biden

iDeas Lab

North Korea’s Sohae Satellite Launch Facility has seen significant development over the last year. CSIS’ Victor Cha and Joseph S. Bermudez Jr. use satellite imagery to provide close-up analysis of the changes.

The Andreas C. Dracopoulos iDeas Lab at CSIS enhances our research with the latest in cutting-edge web technologies, design, and multimedia.

Optics

(Photo credit: Anna Moneymaker/Getty Images.) U.S. President Joe Biden gives an update regarding the collapse of Silicon Valley Bank in California in the Roosevelt Room of the White House on March 13, 2023, in Washington, DC.

This Town Tomorrow

At 3:00 p.m., the CSIS Project on Nuclear Issues hosts IAEA Director General Rafael Mariano Grossi to discuss efforts to ensure the safety and security of nuclear facilities in Ukraine.

Earlier, at 8:15 a.m., the CSIS Economics Program holds a conversation on the future of data free flow with trust (DFFT).

Later, at 11:30 a.m., the CSIS Trustee Chair in Chinese Business and Economics hosts Joanna I. Lewis to talk about her new book, Cooperating for the Climate: Learning from International Partnerships in China's Clean Energy Sector.

Video

CSIS's Daniel Fata sat down with Gabrielius Landsbergis, the Minister of Foreign Affairs of Lithuania, for a conversation on the 2023 NATO Summit in Vilnius, Ukraine, and other bilateral strategic priorities. Watch the ReCap here.

Podcasts

CSIS's Mariana Campero and Brookings's Vanda Felbab-Brown discuss the evolution of Mexico’s cartels down with Guillermo Valdes, former head of Mexico’s Center for Investigation and National Security.

Listen on Spotify & Apple Podcasts.

Smiles

Alexa is such a cool device when it comes to playing music. I often say an artists’ name and ask Alexa to play something by them just to see what Alexa plays first. I can never figure out why Alexa plays what it does. I would think if you asked Alexa to play “Tom Petty,” it would go right to one of Petty’s classics like “Learning to Fly,” “Refugee,” or “Runnin’ Down a Dream.” I asked Alexa to play Petty this morning, and it surprised me with this obscure Petty tune.

I invite you to email me at [email protected] and follow me on Twitter @handrewschwartz

The Evening is my daily guide to key insights CSIS brings to the events of the day. It is composed with the External Relations team: Paige Montfort, Claire Dannenbaum, and Claire Smrt.