A silhouetted security guard talks on a telephone inside Silicon Valley Bank’s headquarters in Santa Clara, California on March 10, 2023. InternationalIndiaAfricaBeing updatedOn March 10, Council of Economic Advisers Chair Cecilia Rouse told reporters that US Treasury Secretary Janet Yellen was closely monitoring the situation concerning the Silicon Valley Bank (SVB) after it collapsed earlier that day. The future of First Republic Bank – the 14th largest in the United States – has triggered concerns amid speculations of a “domino effect” in the wake of Friday’s bankruptcy of Silicon Valley Bank, media reported.Specializing in supporting tech businesses, Silicon Valley Bank failed on March 10, and was taken into government control. Regulators marched in to seized its deposits, putting the brakes on the bank’s 40-year stint. The bank’s swift demise appears to have rattled other banks, with shares of First Republic sinking 50 percent the same day, according to media reports. Before the close of trading Friday, the drop was at 15 percent.To allay fears, First Republic issued a statement on Saturday, cited widely by media outlets, assuring investors of “continued safety and stability and strong capital and liquidity positions.”Amid the “bank panic”, Us Treasury Secretary Janet Yellen, who had rushed to meet with banking regulators, offered reassurances to the public, saying the American banking system remains “resilient”. Yellensaid she had “full confidence in banking regulators to take appropriate actions in response.””Our Treasury Secretary Yellen is closely tracking the developments with Silicon Valley Bank. We have every faith in our regulators,” Council of Economic Advisers Chair Cecilia Rouse told reporters on Friday.However, amid the turmoil of speculations as to a ripple effect, Peter Schiff, CEO and chief global strategist of Euro Pacific Capital, went on Twitter to warn that that the US banking system was “on the verge of a much bigger collapse than 2008.””Banks own long-term paper at extremely low interest rates. They can’t compete with short-term Treasuries. Mass withdrawals from depositors seeking higher yields will result in a wave of bank failures,” the American stock broker and financial commentator underscored.© Photo : TwitterTwitter screenshot of post by Peter Schiff, an American stock broker, CEO and chief global strategist of Euro Pacific Capital Inc.Twitter screenshot of post by Peter Schiff, an American stock broker, CEO and chief global strategist of Euro Pacific Capital Inc.The expert added that if more banks failed, like Silicon Valley, “the only way depositors are going to get their money back is if the Federal Reserve System (US central bank) prints it.””Either the FDIC defaults and depositors lose their money, or the Fed bails out the FDIC with QE and deposits lose most of their value,” Schiff tweeted.Silicon Valley Bank’s collapse sent more than a ripple across the banking sector, with the KBW Bank Index plunging the most in a week since March 2020, according to reports. Shares of Western Alliance Bancorp. also witnessed a new low since November 2020. closing down 21 percent on Friday.