U.S. market better able to absorb potential market shock compared with 2008: SEC chair
Reuters
Published Sep 21, 2021 12:52PM ET
Updated Sep 21, 2021 08:45PM ET
WASHINGTON (Reuters) - The U.S. market is in a better position to absorb a potential global shock from a major company default compared with the years prior to the 2007-2009 financial crisis, Securities and Exchange Commission (SEC) chair Gary Gensler said on Tuesday.
Gensler's remarks follow a jittery trading day for Wall Street on Monday due in part to investor fears of contagion from a potential collapse of Chinese property giant China Evergrande Group.
"I do think we are in a better position in 2021 to absorb some of those shocks than we were prior to the '08 crisis," Gensler told the Washington Post during a livestreamed interview, citing reforms adopted following the decade-ago financial crisis to bolster the financial system.
"But it doesn't mean that we are isolated - our economies are connected around the globe."
(This story corrects typographical error in headline)
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Written By: Reuters
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