Treasury Secretary Janet Yellen said the SVB collapse is 'very different' from the 2008 crisis and that the financial system is 'significantly stronger than it was 15 years ago'

Tue, 03/21/2023 - 12:41

Treasury Sec. Janet Yellen — U.S. Treasury Secretary Janet Yellen speaks during a news conference at the IMF and World Bank Annual Meetings at IMF headquarters, October 14, 2022 in Washington, DC. Secretary Yellen fielded a wide range of questions, including several on the economic impacts of the conflict between Ukraine and Russia.
Drew Angerer/Getty Images

In prepared remarks, Treasury Secretary Janet Yellen said the SVB situation is very different from 2008.
In 2008, a global financial crisis was precipitated by subprime assets, which is not the case today.
Some Democrats are pointing fingers at weakened regulation legislation from 2018.

After the abrupt closure and failure of Silicon Valley Bank, along with Signature Bank, some worried about history repeating itself. But Treasury Secretary Janet Yellen doesn't think that 2023 is a 2008 redux.