tonight, president biden takes emergency action to calm fears following the collapse of two u.s. banks. what's being done? also, the nor'easter set to slam the northeast. dangerous winds, heavy rain, and snow. first tonight, the president coming before the cameras to ease concerns after federal regulators take control of those two u.s. banks. are other banks safe? and who is paying for this? rebecca jarvis live on wall street. also this monday night, we're tracking two major storms on both sides of the country. the powerful nor'easter, those dangerous winds, heavy rain, difficult driving along the i-95 corridor expected. philadelphia up through new york and boston. and up to two feet of snow in some parts. new york already declaring a and nemohec veency tonig. slamming california. a levee break forcing thousands

to evacuate tonight. water rescues under way. ginger zee here in new york, rob marciano in california, both tracking it all. in new york city, just in tonight, the convicted terrorist who drove that home depot truck into several bicyclists and pedestrians, killing them, has just learned his fate. also news just coming in involving the republican leader in the senate, mitch mcconnell, after his fall, leaving the hospital, but not going home. mary bruce is live. the criminal investigation involving former president trump. the grand jury here in new york hearing from a key witness today from trump's one-time confidant, lawyer, and fixer. and tonight, trump on whether he'll testify. aaron katersky reporting. the scare onboard a united flight taking off from newark. what was found in the bathroom. and the airport where it was landing temporarily closed to air traffic. a third concert canceled for bruce springsteen. what they're saying tonight. also news coming in this evening, two rockets landing at a u.s. base. also, news on men and prostate cancer, the new guidance tonight.

and history made at the oscars. the michelle yeoh moment. tonight here, what you didn't see -- her mother. and jamie lee curtis and the images of her own parents, once nominated, too, after her moving acceptance. good evening and it's great to have you with us here for another week. and we are tracking that nor'easter set to hit the northeast. dangerous winds, up to 65 miles per hour. heavy rain and snow. ginger zee is here. but we do begin tonight with the collapse of those two u.s. banks. president biden taking emergency action to try to calm fears amid key questions tonight. how safe are other banks? and who is paying for this? president biden speaking just before the stock markets opened today, trying to reassure americans that the banking system is safe, and saying customers at both banks will have access to their accounts. the president at the same time insisting this is not a bank bailout. federal regulators taking

control of silicon valley bank and signature bank. customers lining up today to withdraw their money. many regional banks posting losses on the market today. first republic stock dropping more than 61 px. >> several banks forced to temporarily halt trading. president biden insisting no taxpayer money will go toward addressing this, saying, quote, the money will come that the fees banks pay to the deposit insurance fund. and he said there would be accountability for te leaders of these banks. our chief business correspondent rebecca jarvis leading us off tonight from wall street. >> reporter: today, bank customers from boston to new york to california swarming silicon valley bank branches after a frantic weekend. >> we have to meet payroll this afternoon, so that's why i'm here. >> reporter: federal regulators granting them access to their accounts. >> you can take all your money. >> reporter: it comes after the government seized the assets of

two failing banks during a dizzying 72 hours. president biden today trying to reassure the american people. >> americans can have confidence that the banking system is safe. your deposits will be there when you need them. small businesses across the country that deposit accounts at these banks can breathe easier knowing they'll be able to pay their workers and pay their bills. >> reporter: the treasury, fdic, and federal reserve taking emergency steps to guarantee all deposits in silicon valley bank and signature bank are paid back in full. even those deposits over the federally insured amount of $250,000. all of it, the president says, will be paid for by the banks. >> no losses will be borne by the taxpayers. >> we're not bailing out banks. we're actually rescuing depositors in banks that made some bad decisions over the course of the last year or so. >> reporter: today's move is a lifeline for svb customers like tiffany dufu, who was panicking over the weekend. >> yes, i am in an airport bathroom at 6:30 a.m. crying. >> reporter: the founder of a career coaching startup and mother of two had to tap personal savings to pay her ten

employees. >> it was already intense trying to figure out how you're going to send your kids to college. >> reporter: tonight, even after those emergency actions, tiffany tells us she'll feel safer as soon as she moves her money to a bigger bank. >> i will be so relieved when our money is back in that bank of america account and i think that's what i'll be sticking with. >> reporter: the government hopes today's emergency steps will boost confidence in the financial system and prevent a run on smaller banks. banks like first republic, which scrambled to reassure its customers it was stable, announcing the bank received additional funding. but that didn't stop many from withdrawing money today. >> to pull my money out unfortunately. i love first republic. don't want to, but nevertheless, it's scary. >> reporter: small banks don't face the same stress tests that big banks do. even though some, like svb, have ballooned in size.

more than quadrupling in four years from $49 billion to more than $200 billion last year. >> so, let's get right to rebecca jarvis, live on wall street tonight. rebecca, you reported there, it's not the taxpayers, but instead the fdic that will be covering the cost of the deposits, and that's funded solely by the banks. but what about these reports that some bank employees got bonuses right before all this happened? will the government try to recover any of that? and then bigger picture here, a lot of talk about deregulation that happened involving many of these regional banks in recent years. >> reporter: well, david, there are certainly calls for clawbacks tonight. senator elizabeth warren and others today saying, if we're going to deter this kind of mismanagement in the future, then bank executives need to be held accountable. meantime, the white house tonight pushing for greater regulations on smaller banks. these are regulations that were rolled back in 2018 by congress during the trump administration. david? >> rebecca jarvis leading us off tonight. rebecca, still many questions on

this, we'll be looking forward to your reporting all week long. thank you. in the meantime, now to the other news this monday night. we're tracking two major storms on both sides of the country at this hour. the nor'easter set to hit the i-95 corridor here in the east. 20 states on alert for heavy snow, flooding rain and high winds. in fact, up to two feet of snow in parts of the northeast expected. those dangerous winds, gusts up to 65 miles per hour expected. difficult driving from philadelphia to new york to boston. new york tonight already declaring a state of emergency. and in the west, a new atmospheric river slamming california. the worst of this expected tomorrow, but already tonight, a levee breach forcing evacuations, causing heavy flooding in monterey county. let's get right to chief meteorologist ginger zee, tracking the nor'easter first tonight. hi, ginger. >> reporter: hi, david. this rain is the start of the nor'easter. it will intensify overnight, and then it will change to snow. the longer yitthe rain, the ssn e way snow you're going to get. let's break it down on the maps for you. the high winds are going to be felt by everyone. and i'd say gusts from 30, kind of on the southern end, up to

say close to 70 at the cape. boston under a high wind warning for gusts up to 65. the timing goes like this -- overnight tonight, it is mostly rain at the coast. through long island. much of connecticut, rhode island, even boston tomorrow, 7:00 a.m., still in heavy rain. but berkshires, over to albany, that kind of circle is where we're going to anticipate some of the highest snow totals. green and white mountains will pick up a lot of this. by 7:00 p.m. tomorrow night, it's still snowing in interior new england. so, this is a big one for albany to the north, with a foot plus. i'd say new york city to be lucky to add up a quarter of an inch or so, but even for this season, that would be big, david. >> ginger zee tonight. ginger, thank you. and i mentioned there a moment ago this new atmospheric river pushing into california yet again. news on that levee break and those evacuations tonight. and now a flood watch in effect until at least wednesday in parts of california. senior meteorologist rob marciano on that part of the story tonight.

>> reporter: tonight, communities inundated, levees breaching. and yet another atmospheric river set to strike northern california. one that the national weather service calls "a direct threat to life and property." in monterey county, heavy rains swelling the pajaro river. part of its levee giving way around midnight saturday morning. in pajaro, search and rescue teams checking on submerged vehicles by boat. > numerous people were rescued who were standing on the roofs of their cars and trapped in the water because the water was moving so high and fast. >> reporter: that hole in the levee now a football field wide. finally, a dry day here in monterey county where the pajaro river burst its banks over the weekend. the water has come down some, but we've got more rain coming in tonight. an hour to the south, this man stranded after the salinas river swept him and his vehicle away. the highway patrol hoisting him to safety. outside pajaro, families desperate to get back to their homes. maria alvarez telling me she needs her husband's medication. officials say it could be weeks

before forced-out families can safely return. crews scrambling today to shore up that levee breach before the next storm comes in, and that's just hours away. here it is on the radar. we're looking at eureka to oregon, that will slide into san francisco right around midnight, then increase in intensity during the overnight hours through central california. one to two inches per hour on the saturated ground, that will take down trees, as we'll have 60, 70-mile-an-hour ones, as well. that will slide into los angeles later in the day. this is a mostly rain event. this much water over this already saturated state will be a challenge to say the east. david? >> yeah, can't be good. our meteorologists on both sides of the country tonight. rob, thank you. in new york city tonight, the news just in this evening, the convicted terrorist that drove that home depot truck into bicyclists and pedestrians, killing eight people, has just learned his fate. here's stephanie ramos. >> reporter: convicted terrorist sayfullo saipov will spend the rest of his life in prison for running down and killing eight in the deadliest terror

saipov, driving this home depot truck, plowed down a bike path in the name of isis along the city's west side on halloween 2017. >> we've got multiple casualties. this is a mass casualty situation here. >> reporter: prosecutors arguing for the death penalty, calling saipov "a proud terrorist," who was "unremorseful" in the "slaughter of innocent civilians." and saying, if police hadn't taken him down after he collided with a school bus, he would have tried to kill as many people as he could. saipov confessing he hoped to continue his rampage on the brooklyn bridge. but the jury unable to reach a unanimous decision to sentence him to death. automatically resulting in the 35-year-old uzbek native's life sentence. david, this case has received a lot of attention. the last time someone got the death penalty here in the state of new york was 60 years ago. now, saipov will spend at least 22 hours of the day in a cell alone at a federal super-max prison without the possibility of release. david?

>> all right, stephanie ramos tonight. thank you, steph. there is also late word coming in tonight involving the republican leader in the senate, mitch mcconnell, of after his fall, now leaving the hospital, but not going home. so, let's get right to mary bruce, live in washington. leader mcconnell now heading to an in-patient rehab facility? >> reporter: david, we are told that his recovery from this concussion is proceeding well and tonight, we've learned that he also suffered from a minor rib fracture that was actually just discovered over the weekend. he has now been discharged from the hospital, and will receive treatment, physical therapy, at an in-patient facility. his office tonight is stressing that it is common to undergo physical therapy to regain strength after a hospital stay. they say it could last one to two weeks, so, needless to say, david, the 81-year-old is not expected to return to the office this week. david? >> mary bruce tonight. thank you, mary. now, to the criminal investigation involving former president trump. the grand jury here in new york hearing from a key witness today. and tonight, trump on whether he'll testify. here's aaron katersky. >> reporter: tonight, a criminal

investigation into former president trump is nearing a conclusion. the prosecution's star witness, trump's former lawyer and chief fixer, michael cohen, testifying for three hours today before a manhattan grand jury. >> is this a triumphant day? >> i wouldn't call it that. >> reporter: the grand jury hearing evidence about trump's hush payment to porn actress stormy daniels. cohen wrote the $130,000 check a month before the 2016 election and says the money violated campaign finance laws. >> this is all about accountability. he needs to be held accountable for his dirty deeds. >> reporter: but on "gma," his attorney insisting trump paid off the porn actress purely to protect his family. >> he made this with personal funds to prevent something coming out false but embarrassing to himself, his family, his young son. >> reporter: prosecutors are considering whether trump falsified business records by allegedly disguising the hush money as a routine legal expense. trump is in iowa, his first time there since announcing he's

running for president again. he's made it clear even if he's indicted, he's not dropping out. >> so, you'll stay in the race? >> oh, absolutely. i wouldn't even think about leaving. >> reporter: trump has been invited to tell his side of the story to the grand jury, but his attorney told us, david, he is not going to accept. david? >> aaron katersky live in new york. thank you, aaron. now, to president biden's move to approve a drilling project in alaska, drawing criticism tonight. approving a controversial plan to allow a new $8 billion oil drilling project. here's matt gutman tonight. >> reporter: tonight, the biden administration under fire after approving a controversial oil drilling project in alaska. the willow project will include three drill sites with nearly 200 wells in alaska's national petroleum reserve. the 23 million-acre reserve was the largest undisturbed plot of public land in the united states. two other drill sites were proposed for the $8 billion project, but were denied. project developer conocophillips stating that willow is expected

to generate billions of dollars for federal, state, and local governments. at it's peak, it's estimated it will produce 180,000 barrels of oil per day, they say, decreasing american dependence on foreign energy, and will add over 2,500 jobs during construction and 300 long-term jobs. environmentalists accusing president biden of reneging on his campaign promise. >> no more drilling on federal lands, period. period, period, period. >> reporter: over the next three decades, the project could produce nearly 240 million metric tons of net carbon dioxide. that's equivalent to more than 51 million gasoline-powered cars driven for a year. >> the oil and gas won't come online for six to ten years, so, that time period is one in which we need to be phasing down our use of fossil fuels, not increasing them. >> reporter: david, the biden administration says this is a compromise agreement. on the one hand, it limits future drilling, on the other, they say, if they had rejected

this deal, it likely would have just been overturned in court anyway. david? >> all right, matt gutman tonight. thank you, matt. and overseas this evening, we're learning about a rocket attack targeting a u.s. base in northeastern syria. military officials say two rockets landed inside green village. no injuries and no damage reported as of yet. there are no claims of responsibility so far. when we come back tonight, the scare onboard a united flight from newark. what was found in the bathroom. and news tonight involving men and prostate cancer, and the possible change in guidance, in a moment. und it. the feeling of finding the psoriasis treatment she's been looking for. sotyktu is the first-of-its-kind, once-daily pill for moderate-to-severe plaque psoriasis for the chance at clear or almost clear skin. it's like the feeling of finding that outfit psoriasis tried to hide from you. or finding your swimsuit is ready for primetime. [dad] once-daily sotyktu is proven to get more people clearer skin than the leading pill. don't take if you're allergic to sotyktu;

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finally tonight, the oscars, and never giving up. it was a theme we heard over and over again. never give up. >> michelle yeoh. >> michelle yeoh winning best actress for "everything everywhere all at once." becoming the first asian woman ever to win an oscar for best actress. >> for all the little boys and girls who look like me watching tonight, this is a beacon of hope and possibilities. >> thanking her mother, watching in malaysia. >> i have to dedicate this to my mom, all the moms in the world, because they are really the superheroes. >> and this was her mother watching. 84-year-old janet yeoh saying, "i so love my daughter and she has made malaysia proud."

and it was ke huy quan winning for best supporting actor for "everything everywhere all at once." >> my journey started on a boat. i spent a year in a refugee camp. and somehow, i ended up here on hollywood's biggest stage. i cannot believe it is happening to me. this -- this is the american dream! >> it was a wait for him, too. winning the oscar nearly 40 years after his acting debut. at 12 years old, he was in "indiana jones" with harrison ford. >> jamie lee curtis! >> jamie lee curtis winning for best supporting actress in "everything everywhere all at once," remembering her parents. actor tony curtis, nominated for an oscar in 1959. her mother, janet leigh, nominated in 1961. but it was their daughter who would win. >> my mother and my father wer different categories --

i just won an oscar! >> brendan fraser. >> reporter: and for best actor, another lesson in never giving up. brendan fraser winning best actor in "the whale." >> i started in this business 30 years ago, and things, they different come easily to me. but there was a facility that i didn't appreciate at the time, until it stopped. and i just want to say thank you for this acknowledgement. >> and it was michelle yeoh who said, "don't ever let age stop you." >> ladies -- don't let anybody tell you you are ever past your prime. never give up. >> history made and a powerful lesson indeed. i'll see you right back here tomorrow night. good night >> gray clouds over the is

bayhill's. this time lapse video assad have what is to come. -- this time lapse video a sign of what is to come. financial fallout, a line of customers come into clean their money today after the collapse of silicon valley bank. a look at the broader impact. >> our ocean, globally, has been used as a garbage pail. >> environmentalists react to a new report about plastic garbage in our oceans. just how much the waste has increased and how the world is responding. >> building a better bay area, moving forward, finding solutions, this is abc 7 news. >> no time to dry out. at this moment, another atmospheric river is heading our way, with showers now in the north bay. we are told to prepare for a rapid rush of storm issues, as the bay area is already waterlogged. good evening. i'm ama daetz. karina: and i am karina nova.

ama: the timing shows a messy evening commute. we want to help you prepare, so we have live team coverage tonight with what we are already dealing with. karina: abc 7 news meteorologist sandhya patel is tracking the rain in real-time with live doppler 7 radar. we start with her and accuweather forecast. sandhya: prepare for a serious storm with significant impacts. this is a strong level 3 storm. we have a now the spirit river associated with it, and it is going to drench the bay area. -- we now have river associate with it, and it is going to drench the bay area. the flood watch starts at 10:00 p.m. tonight and runs until 4:00 a.m. wednesday at we have a high wind warning that goes until 5:00 a.m. wednesday. grounds are waterlogged. any rain that falls is going to cause existing problems to get