Senate begins hearings on Silicon Valley Bank

Plus, 40 migrants were killed in a Mexican detention fire.

Senate holds first hearing on Silicon Valley Bank's collapse; 40 migrants were killed in a detention center fire in Mexico.   Tonight's Sentences was written by Natasha Ishak. TOP NEWS Senate holds first hearing on Silicon Valley Bank failure Samuel Corum/Bloomberg/Getty Images On Tuesday, the US Senate Banking Committee held its first hearing on the failure of Silicon Valley Bank, which suddenly collapsed in early March. [NBC News / Sahil Kapur] During the hearing, the Federal Reserve's vice chair for supervision testified that the bank "didn't take the necessary actions" to avoid collapse despite regulators' warnings. [Guardian / Lauren Aratani] Sunday, First Citizens Bank said it will buy out the majority of SVB's assets, including $72 billion in loans and $56 billion in bank deposits. [New York Times / Lauren Hirsch] The federal government still plans to cover customers' lost deposits; President Joe Biden emphasized taxpayers would not pay for the recovery, however. [CNBC / Emma Kinery] The global banking system remains in a more precarious place than before the collapse, which recently led the Federal Reserve to raise interest rates less than expected. [Vox / Emily Stewart, Peter Kafka, and Sara Morrison] 📍 If you read just one story Vox's Rani Molla digs into the overlapping events that could force Starbucks to retire its infamous union-busting tactics. [Vox / Rani Molla]  Forty migrants killed in detention center fire near Mexico-US border At least 40 migrants died in a fire at the National Immigration Institute, a detention facility in Ciudad Juarez, Mexico, after detainees reportedly waged protests against deportation. [USA Today / Wyatte Grantham-Philips and Christine Fernando] Mexico President Andrés Manuel López Obrador said the fire was started by detainees who set mattresses ablaze inside the facility upon learning that they would be deported; local authorities are still investigating the cause. [CNN / Gerardo Lemos, Omar Astorga and Karol Suarez] More than half of those killed in the fire were Guatemalan nationals, according to Guatemala officials. Dozens more from other countries such as Venezuela, Honduras, and El Salvador also were among the dead and injured. [Associated Press / María Verza] Those who survived the fire have accused border authorities of inhumane treatment at the detention facility. "We're treated like animals," some told reporters following the deadly fire. [NPR / Bill Chappell] The tragedy comes just a few weeks after a group of frustrated migrants attempted to cross a bridge between Ciudad Juarez and El Paso into the US. [BBC] Support our journalism   Reader contributions help keep Vox and newsletters like Sentences free for all. Support our work with a one-time gift today. Yes, I'll make a gift MISCELLANEOUS The Supreme Court is expected to uphold a ban on encouraging illegal immigration following a recent free-speech challenge over the law. [The Hill / Zach Schonfeld] Myanmar's military junta has dissolved 40 political parties in the country, including Aung San Suu Kyi's NLD party. [Al Jazeera] A judge ruled that former Vice President Mike Pence must testify in the federal government's January 6 probe. [Insider / Oma Seddiq] Scotland, the UK, and Ireland all are now led by politicians of South Asian descent following Humza Yousaf's victory in Scotland. [CNN / Rhea Mogul] VERBATIM "Just as there are no atheists in foxholes, it appears that when there is a bank crash, there are no libertarians in Silicon Valley." [Senate Banking chair Sherrod Brown during a hearing on Silicon Valley Bank's collapse / Politico] LISTEN TO THIS The Israeli-Israeli conflict Far-right judicial reforms have inspired what might be the largest protests in the history of Israel. If adopted, the reforms could spell the end of democracy in the world's only majority-Jewish country.    Listen now   ▶ Read more from Vox What an assault weapons ban could — and couldn't — do to end US mass shootings   The House GOP's investigations are flopping   Why Jonathan Majors's assault arrest is so disturbing — and so complicated   Why China's population is shrinking   Heartbreaking: The worst Supreme Court justice you know just made a great point This email was sent to edwardlorilla1986.paxforex@blogger.com. Manage your email preferences or unsubscribe. If you value Vox's unique explanatory journalism, support our work with a one-time or recurring contribution.   View our Privacy Notice and our Terms of Service.   Vox Media, 1201 Connecticut Ave. NW, Floor 12, Washington, DC 20036. Copyright © 2023. All rights reserved.