March 13, 2023 - PBS NewsHour full episode

Regional banks took a beating and suffered their deepest losses in years on the stock market Monday. It came after the government's top financial authorities spent the weekend taking action to shore up confidence around the system after the failure of two major banks. Plenty of questions remain about the government's action and the potential fallout. Economics Correspondent Paul Solman reports.

In our news wrap Monday, new winter storms are bearing down on both coasts, the U.S. and South Korea launched their biggest joint military drills in years provoking furious protests from North Korea, Australia will buy as many as five nuclear-powered attack submarines from the United States to counter China's growing naval reach and an FBI survey shows hate crimes surged in 2021.

The Biden administration officially approved a controversial oil drilling project in Alaska known as Willow. It is expected to produce some 600 million barrels of crude oil over the next three decades. Supporters hail the energy and jobs it would create while opponents say it would accelerate emissions and the climate crisis. Liz Ruskin of Alaska Public Media joined Amna Nawaz to discuss.

Despite a rainy and snowy winter out west, Lake Powell and Lake Mead, the reservoirs that provide water for 40 million Americans, are at record low levels due to the ongoing megadrought. Arizona is set to lose over 20% of its Colorado River water allotment this year alone. As Stephanie Sy reports, that’s leaving communities across the state scrambling to find alternatives.

Lawmakers on both sides of the aisle are pressing federal banking regulators after the collapse of Silicon Valley Bank and Signature Bank. And while the divided Congress is giving a divided response, they are finding bipartisan agreement on some issues. Congressional Correspondent Lisa Desjardins has been following it all.

March Madness brackets are set and with it comes billions of dollars in bets on the games. Paul Solman recently reported on betting companies partnering with universities and the threat it poses for students. But it turns out problems are even more acute for student-athletes. This story is a partnership with the Shirley Povich Center for Sports and the Howard Center for Investigative Journalism.

The 95th Academy Awards proved to be an evening of wins for Asian and Asian American actors with “Everything Everywhere All at Once” sweeping up many of the Oscars. Los Angeles Times film critic Justin Chang joined William Brangham and discussed if the results could change how Hollywood goes about making movies. It's for our arts and culture series, CANVAS.