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9/24, 4:50 PM (Source: TeleTrader)
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Banks in much better situation than in 2008 - Powell

Banks in the United States are in a "much better" and "completely different" situation than during the financial crisis of 2008, according to testimony from Federal Reserve Chairman Jerome Powell.

Powell told lawmakers on the Senate Committee on Banking, Housing and Urban Affairs on Thursday that in the years following the 2008 crisis much has been done on strengthening capital requirements and assessing risks.

"Banks so far have been a source of strength," Powell explained, agreeing with senators lenders have proven resilient in the current coronavirus-induced crisis.

Breaking the News / JC