3/15, 3:23 PM (Source: TeleTrader)
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SEC must help protect market stability, chair says

United States Securities and Exchange Commission (SEC) Chairman Gary Gensler stated on Wednesday that the agency has "a responsibility to help protect for financial stability," which is why it must strengthen the country's resistance to cyberattacks and modify rules for what he described as some of the financial system's key entities.

Speaking at the agency's meeting, Gensler commented on the Silicon Valley Bank's (SVB) collapse and insisted that the SEC is "particularly focused on identifying and prosecuting any form of misconduct that might threaten investors, capital formation, or the markets more broadly. Without speaking to any individual entity or person, we will investigate and bring enforcement actions if we find violations of the federal securities laws."

Gensler added the SEC must work to ensure such events are "less frequent," and also to "strengthen the guardrails of finance [...] and protect the American public."

Baha Breaking News (BBN) / JR