The chair of the US Securities and Exchange Commission has called for a strengthening of “the guardrails of finance” in the wake of the collapse of Silicon Valley Bank, as he pushes to implement a swath of new rules in the face of industry pushback.
Gary Gensler on Wednesday said SVB’s dramatic implosion last week was “a reminder of the importance of these resiliency projects for everyday Americans”.
“Unfortunately, history tells us that events like those of this past week will occur from time to time,” he added ahead of an SEC vote on new proposals including cyber security risk management. “Thus, we should do our best to make them less frequent, strengthen the guardrails of finance for when they do occur, and protect the American public.”