The debate over collapse of Silicon Valley Bank intensified today hours before markets open worldwide and some companies brace for possible payroll challenges on Monday. B administration officials expressed confidence that the US financial system remain safe and sound, and that depositors nationwide should not worry about losing access to their money. But Democrats and Republicans remain on edge over the fallout and there is a divide over who is to blame and what should be done.

Late today, federal regulators said that all depositors of Silicon Valley Bank will get their money at no tax payer expense. They also said that a second bank signature was closed, but the deposits were secured. Federal regulators are scrambling following the sudden collapse of the Silicon Valley Bank. Treasury Secretary J.Y told CBSN today that the department is working fast to address the situation but is ruling out a bailout for SVB. The second largest bank collapse in US history is sparking alarm about reverberations amid rising interest rates. The bank failure is already affecting the businesses it financed including Roblox, Etsy and Roku. The FDIC seized control of the bank Friday which had more than hundred billion dollars assets. Today, lawmakers on both sides are pointing fingers but are hopeful for a swift solution and leaving the door open for possible acquisition of the failed bank.