U.S. SEC has responsibility to protect for financial stability- Chair Gensler

(Reuters) – The top U.S. markets regulator on Wednesday renewed a vow to prosecute any misconduct threatening global markets, saying it had a responsibility to protect market resiliency.

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 banks 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)