Live from NPR News in Washington, I'm Janine Herbst.

The U.S. government says depositors of Silicon Valley Bank will be safe.

As NPR's Bobby Allen reports, authorities say a plan to fully back up deposits will

stave off contagion reaching other parts of the U.S. financial system.

The Biden administration has announced that customers of Silicon Valley Bank will have

full access to their deposits by Monday.

It's an extraordinary move by federal officials to backstop billions of dollars in uninsured

money amid fears that the banks collapse could lead to greater panic.

Critics of the move called it a bailout for depositors, but federal officials say the

rescue plan will not be borne by taxpayers.

It follows the Biden administration scrambling to find a buyer of Silicon Valley Bank since

a bank run triggered the institution's full collapse on Friday.

NPR's Bobby Allen reporting and U.S. futures contracts are trading higher on the news.

At least eight people have died near the coast of San Diego.

After fire officials say they found two capsized boats, life jackets and fuel barrels on the

shore, but no survivors.

NPR's Juliana Kim has more.

Around 11.30 pm local time on Saturday, a Spanish-speaking woman called 911 to alert authorities

that a boat carrying eight to ten people had overturned.

The woman herself was in a similar boat that reached the shore's near Tory Pines.

The San Diego Fire Department said after six hours of searching, they found eight deceased

bodies and no survivors.

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