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shook customers and investors alike. the question was, and really still is, would it also threaten the broader market and the banking system? so far the answer appears to be no. markets largely held steady closing the day mixed though shares in regional banks similar to the ones that failed did take a beating. joining us shortly former treasury secretary lawrence summers who accurately predicted the inflation to walk us through what he thinks of the federal response so far including this promise from the president. >> every american should feel confident their deposits will be there ...

of trump's role in the january 6th insurrection. and a new flood emergency in california threatens millions of skorm battered residents as the east coast braces for a powerful storm packing heavy rain, strong winds and possible blizzard conditions. welcome to our viewers in the united states and around the world, i'm wolf blitzer. you're in "the situation room." tonight, the biden administration is scrambling to respond to two of the biggest bank failures in history creating new peril for the economy and president and a lot of americans are worried right now. here's cnn's chief white...

[ cha [ chanting ] >> reporter: tourists don't hurt 140 police officers to sightsee. what happened that day was a decency to disgrace. kevin mccarthy who gave carlson exclusive access to the tapes once again defending his decision following the pence comments. >> my goal here is transparency. we will slowly roll out to every individual news agency they can come see the tapes as well. >> reporter: even as pence flits with trump jr. january 6th they have asked a judge to block a federal grand jury subpoena for his testimony related to the events that day. and, wolf, as you noted former president...

Took on that day and events leading up to it were different pence sought legal advice. he was the one pushing back and had attorneys pushing back on trump and his attorney saying there was no way he could send those votes back to the state legislature. that is something that settled. we have established what has happened there. trump is also suggesting pence is only speaking out now because of the numbers that he's seeing as he is preparing to launch his own presidential run. he hasn't done so yet but reporting has been he plans to do so. i think timing was a factor in what pence said on satur...

Quote, had he sent the votes back to the legislatures they wouldn't have had a problem with january 6th so in many ways you can blame him for january 6th and, of course, as we have reported pence has said on numerous co-indications he did not have the legal authority to send those votes back to legislatures. >> thank you very much. let's get more, joining us cnn anchor and chief correspondent kaitlan collins and jeff zeleny. kaitlan, we heard mike pence sharpen his rebuke of donald trump, the former president is responding. what do you make of his argument in many ways you can blame mike pence...