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Failures of the two banks and the action taken. what more is the white house expecting from this experience on the hill in terms of the questions that she may be getting. >> yeah, erica, you are right, that it is a hearing that was previously schedule for the treasury schedule to talk about president biden's budget, but the timing of this is so key, and you heard her right off of the top addressing the health of the u.s. financial market and talking about the failure that we saw in recent days of silicon valley bank and signature bank, and she was very clear saying that the banking system is s...

Back in 2008, including with some support from democrats and largely meant that banks about the size of silicon valley bank didn't have to go through stress tests, for example. didn't have the same liquidity requirements. >> look, there is going to be a lot of soul searching and a hot -- lot of answer that's federal regulators will try to answer. i think it is worth stressing for the time being, really the tact at hand, you can tell by the federal government is to try to contain the fallout in addition to announcing that all deposits and funds will be guaranteed by the federal government, we a...

greece passes next year's budget. it is packed with tax increases and spending cuts which are required to secure bailout funds. the budget cuts, the deficit pushes the deficit to 5.24 gdp, down from 9%. ahead of the u.s. 2012 election campaign, u.s. president barack obama says the middle class needs to step up to the plate. he called for more taxes on the wealthy. those are the top stories from cnn, i'm monita rajpal. "world business today" starts right now. hello and welcome to your wednesday edition of "world business today." i'm andrew stevens in hong kong. i'm nina dos sa...

Mostly higher on thursday. it wasn't that dramatic. japanese exporters were up in tokyo with toyota motor gaining nearly 1%. the yen has gained slightly but still is trading at around 85 yen to the dollar. meanwhile, japan's central bank said it would offer nearly $12 billion in a new emergency lending program for banks in the area, in northeastern japan that were hit bit earthquake and the tsunami. also, the hang seng was down adjustment a fraction today. the shanghai composite rose by almost a quarter percent and the main aussie benchmark ended the day down about 0.1%. nina? >> mixed fortune...

Foreign banks as well. >> the fed declined comment. but the record showed the loans were collateralized in full and have since been repaid. they come from the fed 100-year-old confidential emergency lending program called the discount window. the day the loans peaked in october of 2008, at $111 billion, records show half the total went to two big european banks. as short-term loans. i have a rab bank, now 59% owned by the central bank of libya borrowed multiple times, at least $3 billion in total. the bank of china, more than half a billion on one day. all of this legal, because the banks oper...