The Biden administration has called for a boost in funding for the Environmental Protection Agency in the wake of the derailment of a Norfolk Southern train in Ohio. The ask came in form of the president’s budget request to Congress, where it faces long odds in the divided legislature. Credit Suisse, the megabank that received a lifeline of over $50 billion this morning from the Swiss central bank, has been a risky institution for a long time, explains 7IM’s Ben Kumar. And, a look at how the latest economic data may influence the Fed’s upcoming decision on interest rates.

Part of the government’s rescue actions amid the collapse of Silicon Valley Bank and Signature Bank was the establishment of a new Fed emergency lending program for banks in crisis. According to analyst Joseph Wang, the program could incentivize riskier behavior at banks. Credit Suisse, one of the world’s largest banks, has been extended a lifeline by the Swiss central bank. And, Biden administration has proposed stricter standards to regulate so-called “forever chemicals” in drinking water.

From the BBC World Service: Credit Suisse shares have bounced back after a $54bn vote of confidence from Switzerland’s central bank. But how will volatility in the banking sector affect an interest rate decision due today from the European Central Bank? Plus, in the Netherlands a farmers’ protest party has emerged as the big winner in provincial elections. They’ve been campaigning against government plans to buy livestock farms with the aim of cutting ammonia and nitrogen oxide emissions.

One of the many questions around the two recent U.S. bank failures is why depositors became so spooked even when their bank held supposedly-safe assets like Treasury bonds. The answer, says Susan Schmidt, is largely because of those bonds’ decreased value because of higher interest rates. Credit Suisse, one of the world’s largest financial institutions, saw its stock nosedive this morning after it revealed it had been audited for shoddy accounting practices. And, a look at why sustainable versions of popular products are finding a growing niche in the market. 

Ajay Banga, the former CEO of Mastercard and U.S. nominee for the World Bank presidency, is on a global “listening tour” to garner support for his bid. While speaking with global business and government leaders, one thing he underscored was the importance of the fight against climate change in the upcoming years. Mortgage rates have been down in recent days amid unease about the financial sector following the collapse of two U.S. banks. And, a look at how hip-hop was shaped by economic pain in 1970s New York City. 

From the BBC World Service: The European Union’s banking regulator says it doesn’t see “any threat to financial stability of European Banks”, following the collapse of SVB. We ask an economics professor at a French business school why European banks are less likely to fail. We spoke to him before Credit Suisse’s shares collapsed after a major shareholder said it would not continue to invest. Also, the UK Government will be hoping for less turmoil as it prepares to announce its budget; the last one led to the pound reaching record lows and cost the then Prime Minister her job. Plus, we report from Beirut where the Lebanese currency is in freefall.

The SVB banking mess complicates the Federal Reserve’s path forward on interest rates — there are concerns about higher rates putting stress on the financial system, but the latest Consumer Price Index shows that inflation is still too high. Jeffrey Cleveland of Payden & Rygel has more. The banking crisis has prompted questions around whether regulators failed to detect — or act upon — red flags in either of the failed banks, explains Wharton professor Peter Conti-Brown. And, last week’s jobs report showed that women are becoming increasingly involved in the labor force after a pandemic-era dip.

Since the government takeover of the failed Silicon Valley and Signature banks, questions have been swirling about where the money is coming from to ensure depositors’ money. We look at the agencies involved and how costs may eventually be passed on to consumers, despite officials’ assurances to the contrary. Amid the SVB crisis, there’s also been a reckoning about the rules and oversight that govern small and medium-sized financial institutions. And, schools in parts of Maine are seeing an unexpected drop in funding because of higher property values in surrounding communities. 

From the BBC World Service: With global markets still reeling from the failure of Silicon Valley bank, we hear from the CEO of HSBC who bought the UK arm for £1 on Monday. BBC Beijing correspondent Stephen McDonnell reports from China where the doors to foreign visitors will open from next week. Plus, is there hidden Nazi gold in a Dutch town? The BBC’s Anna Holligan has been to find out.