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U.S. market better able to aborb potential market shock compared with 2008-SEC chair By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: U.S. Securities and Exchange Commission chair Gary Gensler appears before the Senate Banking, Housing and Urban Affairs Committee’s oversight hearings about SEC, Capitol Hill, Washington, U.S.A, September 14th, 2021. REUTERS/Evelyn Hocks

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 comments come after Wall Street experienced jittery trading on Monday. This was partly due to investors fear of spreading contagion from the possible collapse of China Evergrande Group.

Gensler said that “I think we’re in a better place in 2021 to absorb some those shocks” during a livestreamed interview with the Washington Post. Gensler was referring to reforms implemented following the financial crisis a decade ago to improve the financial sector.

But it does not mean we are isolated. Our economies are interconnected around the world.

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