The Hill’s 12:30 Report — In Senate hearing, Yellen expresses confidence in US banking system

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–> A midday take on what’s happening in politics and how to have a sense of humor about it.* 

*Ha. Haha. Hahah. Sniff. Haha. Sniff. Ha–breaks down crying hysterically.

TALK OF THE MORNING 

💸 Yellen: Despite recent turmoil, US banking system ‘remains sound’: 

A week after the second-largest bank collapse in U.S. history, Treasury Secretary Janet Yellen is facing questions from the Senate Finance Committee today in a previously scheduled hearing on President Biden’s proposed budget.  

California-based Silicon Valley Bank collapsed last week after customers withdrew vast sums amid concerns over the bank’s standing. Days later, New York-based Signature Bank also failed. 

But Yellen has sought to assure lawmakers that the nation’s banking system “remains sound” and people who banked with now two failed banks “can feel confident” about their money. 

President Biden ultimately decided to protect uninsured money at the pair of regional firms — a move that critics have derided as a “bailout” for risky banks. 

“The government took decisive and forceful actions to strengthen public confidence,” Yellen told the Senate panel. “I can reassure the members of the Committee that our banking system remains sound, and that Americans can feel confident that their deposits will be there when they need them.” 

Check in with The Hill for more details. (Watch here) 

It’s Thursday, March 16, and that means we are one day out from St. Paddy’s Day ☘️. I’m Elizabeth Crisp, filling in for Cate, with a quick recap of the morning and what’s coming up. Did someone forward this newsletter to you? Sign up here. Have the inside scoop on an event set to draw some big name D.C. insiders? What’s happening behind closed doors at the Capitol as lawmakers huddle on priorities? Drop me a line: ecrisp@digital-release.thehill.com   

In Congress 

Breaking bread makes it better: 

Vice President Harris hosted her bipartisan dinner for female senators this week – serving up her signature chicken and cheese puffs. Shoutout to Sen. Debbie Stabenow (D-Mich.) for this peek at the yummy-looking meal on Twitter. 

But the top of the menu was soothing hurt feelings between Harris and one-time Democratic presidential foe Sen. Elizabeth Warren (Mass.), after a recently chilly relationship between the two following a series of perceived slights. 

The Hill’s Amie Parnes and Hanna Trudo report Warren attended the dinner at the U.S. Naval Observatory, and they further examine the rift here. 

WHY IT MATTERS:

Harris, the first female vice president, has faced a barrage of criticism from the right and left on how she’s handled the job. Warren, who said she’d defer to President Biden on who he wants as his 2024 running mate, set off headlines about whether Democrats were fully supportive of keeping Harris on the ticket, though Biden has not expressed any desire to switch things up. 

AND: At 80 years old, Biden would be the oldest president to seek reelection. That puts even more emphasis on the “heartbeat away from the presidency” trope about the vice presidency. If Democrats express trepidation about Harris handling that role, it could fuel GOP attacks that are already building steam. 

In the White House 

TikTok on the clock — Biden tells Chinese owners to beat it: 

The Biden administration is pressing the Chinese owners of TikTok to sell their stakes in the social media app before it’s banned in the U.S., the company has confirmed to The Hill following a Wall Street Journal report. 

The U.S. Treasury-led Committee on Foreign Investment in the United States is leading the case for the sale amid growing concerns over privacy and potential malfeasance from the Chinese Communist Party. The video sharing app, which is especially popular among younger people, is owned by China-based ByteDance, and Republicans and Democrats have voiced concern that the Chinese government could gain access to user data. 

Why it matters: President Biden has been feeling the heat from Republicans who say he hasn’t done enough to address security concerns amid mounting tensions with China. Congress has been mulling its own attempt at a ban. 

BUT, BUT, BUT:

TikTok hasn’t provided additional details about the situation but says a sale wouldn’t solve the perceived security concerns. 

“If protecting national security is the objective, divestment doesn’t solve the problem: a change in ownership would not impose any new restrictions on data flows or access,” TikTok spokesperson Maureen Shanahan told The Hill in a statement.  

AROUND TOWN  

Former White House press secretary fêted ahead of new show’s debut: 

The D.C. stars turned out for a dinner celebrating White House press secretary-turned-MSNBC personality Jen Psaki‘s new gig. 

Psaki, President Biden’s first press secretary, joined MSNBC in May after leaving the White House. Her new Sunday afternoon show debuts this weekend. 

The Hill’s Judy Kurtz has all the details, including who attended Wednesday night’s dinner at D.C.’s swanky, Michelin-starred Maydan restaurant. 

🏃 2024 

What to do about Trump?: 

Former President Trump has shown before that he’s not afraid to go scorched Earth against his opponents — no matter the party. He’s holding true to that as he makes his third run for the presidency by lobbing attacks against Florida Gov. Ron DeSantis (R). The sands are shifting as some Republicans grow tired of Trump’s personal attacks and insults.  

“DeSanctimonious,” “Tiny D” and “Meatball Ron”: The guy who came up with nicknames for fellow Republicans like “Low Energy Jeb” as an attack on rival Jeb Bush, “Broken Old Crow” to dis Senate Minority Leader Mitch McConnell and “Lyin’ Ted” for Sen. Ted Cruz [Seriously, there is a whole Wikipedia page dedicated to Trump’s personal insults against people] has already started testing his plan of attack against DeSantis. 

The name-calling offended some Republicans during the past two presidential elections, but more appear to be tiring of Trump’s schtick and hoping for more unity within the GOP. 

“Why anyone feels it’s necessary as part of a campaign to be nasty and personal is beyond me. It doesn’t have to be. Talk about the issues,” Sen. Lisa Murkowski (R-Alaska) told The Hill. 

Far-right Rep. Chip Roy (R-Texas) is the latest Trump ally to shift his allegiance to DeSantis in what’s becoming a marquee battle for the 2024 GOP presidential nomination. (Though, it should be noted, DeSantis isn’t *officially* running for president at this point.) 

The Hill’s Alexander Bolton has more on the GOP handwringing over Trump’s style. 

ICYMI:

Former N.J. Gov. Chris Christie, the Trump foe-turned-ally-then-back-to-foe, is still mulling a 2024 run for the GOP nomination. He says he’ll decide in the next couple of months. More here via The Hill. 

‘Foaming, spitting, uncontrollable rage’: 

POLITICO took a deep dive into 2020 Democratic presidential candidate and spiritual guru Marianne Williamson‘s inner circle and came back with some surprising results: Interviews with a dozen people reportedly unmasked a verbally and emotionally abusive boss. Williamson is currently mounting a longshot bid for the 2024 Democratic nomination. 

“Those interviewed say the best-selling author and spiritual adviser subjected her employees to unpredictable, explosive episodes of anger. They said Williamson could be cruel and demeaning to her staff and that her behavior went far beyond the typical stress of a grueling presidential cycle,” POLITICO writes in the exposé. 

One unnamed former staffer told POLITICO: “It would be foaming, spitting, uncontrollable rage.” 

🎓 In other news 

Ed Department accused of discrimination in prestigious program: 

The New York Times took a deep dive into the Education Department’s regulations on the Fulbright-Hays program and found that some applicants faced disadvantages if they grew up speaking another language. 

The Department of Education is already facing lawsuits over a decades-old regulation (the department says it’s being rewritten) that punishes applicants for the Fulbright-Hays Doctoral Dissertation Research Abroad Fellowship if they grew up speaking the language of the country where they want to do their research. 

“In making the rule, department officials sought to eliminate a perceived unfair advantage to people who grew up with non-English language skills in vying for the fellowship, which awards tens of thousands of dollars per year to doctoral students and is widely seen as a coveted research project in one of the most competitive doctoral programs in the country,” the Times reports. 

🐥 Notable tweets 

Not yet busted: Obama’s March Madness bracket is ready: 

Former President Obama has let his picks be known: In a late-night tweet, he showed he’s got Duke going all the way to the NCAA championship this year. 

In a tweet, the former POTUS said he’s sure his bracket will “get busted soon enough, but here are my picks.” 

‘Be the change you wish to see’:

Former Capitol Police officer Harry Dunn, who has been one of the most outspoken officers about his harrowing experience during the Jan. 6, 2021, attack on the Capitol, offered some inspiring photos and words on Twitter this morning. “Don’t wait to do it, your time is now. You blink and you’ve missed your window.”

⏱ On tap 

The Senate started at 10 a.m., and the House is out this week. President Biden is in D.C. and Vice President Harris is in Des Moines, Iowa, for a discussion on reproductive rights.  

• 10 a.m.: President Biden received his Daily Brief. 
• 9:30 a.m.: The Senate Energy and Natural Resources Committee held a confidential meeting on the origins of COVID-19.  
• 1:25 p.m.: Vice President Harris holds a roundtable discussion in Iowa. 
• 2 p.m.: White House press secretary Karine Jean-Pierre briefs. 

All times Eastern. 

📺 What to watch 

• 10 a.m.: The Senate session started with several items on the agenda, including a resolution to formally end military action in Iraq. (Watch here) 
• 10 a.m.: The Senate Committee on Commerce, Science and Transportation began a hearing on strengthening the aviation industry. (Watch here) 
• 2 p.m.: White House press secretary Karine Jean-Pierre briefs. (Watch here) 

📃 In lighter news 

Today is National Freedom of Information Day, a holiday celebrated on the birthday of President Madison, who was widely known for his commitment to open government and working that principle into the U.S. Constitution and Bill of Rights. Mark the day by submitting your own FOIA request with this tool. 

BONUS: Tomorrow is St. Patrick’s Day. If you haven’t made plans yet, our friends at NBC4 Washington have a great roundup of ways to celebrate in DC. 🍻 

And because you made it this far, check out this kitty getting into the FOIA spirit.