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U.S. market better able to absorb potential market shock compared with 2008: SEC chair

Reuters
Updated ·1 min read
U.S. Senate Banking Committee holds hearing to examine the Securities and Exchange Commission on Capitol Hill in Washington

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)

(Reporting by Michelle Price)