The remarks from U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler came after a weekend of turmoil involving the collapse of Silicon Valley Bank , as fears mounted for the Swiss lending giant Credit Suisse after the bank's shares plunged more than 20% on Tuesday.
Gensler spoke as the SEC was poised to issue regulatory proposals on cybersecurity and data protection. Last week, Credit Suisse announced it had briefly delayed the release of its annual report after the SEC raised questions about prior years' cash flow.
"Lest we forget, eight million Americans lost their jobs,
millions of families lost their homes, and small businesses
across the country folded as a result of the financial crisis of
2008. To that end, I think the SEC has a responsibility to help
protect for financial stability," Gensler said.
(Reporting by Douglas Gillison and Hannah Lang in Washington;
Editing by Andrea Ricci)
