breaking news the markets tumbled once again today the Dow down 500 at one point ending the day more than 250 points down the markets reacting to the current banking crisis Bank stocks around the world took a global beating as Credit Suisse shares slid to a new record low as its largest investor said it would not provide the bank with more financial assistance efforts earlier in the week by regulators and financial Executives to ease fears sparked by last week's collapse of Silicon Valley Bank had brought some brief stability to the markets but not today the issues are now sparking a larger fear and re-examination of the banking systems among investors here in Jersey and our nation's capital causing Senators Menendez and Booker to join Senator Elizabeth Warren introducing a bill that would repeal the 2018 Trump rollback of the critical Dodd-Frank protections our Rhonda schaffler joins me to discuss what this all means for investors here in the state Rhonda there's obviously a feeling of concern swirling around the banking sector markets tumbling today but is there any actual evidence that further widespread problems are on the horizon well Raven I mean that is the inherent fear that's been going on here that there will be more banks with problems and in fact today another Bank First Republic Bank was downgraded by some ratings agencies over some concerns with that individual Bank you're hearing different things from different people in terms of how widespread a problem might be if at all there is also concerns that lending requirements will get stricter that will impact bank's bottom line and also their ability to lend and what are federal and state authorities doing to contain the Fallout well we did see the Federal Reserve and Treasury and FDIC make an announcement and offer an emergency lending facility for certain Banks so that seems to help early on and we know here in New Jersey especially for Tech investors that were impacted by svb the state has launched some programs to help startups and entrepreneurs so steps are underway and in situations like this Federal officials continue to assess and see if other steps are needed you know Rhonda as people watch this we just really don't want to cause any Panic so my question to you is for so many viewers watching how should the average new jerseyan be feeling about their Investments and bank accounts well bank accounts are insured up to 250 000 so for most people they should feel pretty comfortable about their own bank accounts and the fact that they are backstopped by the government not all Investments are insured by the government if you invest in stocks for instance there's no insurance for that but clearly if you are an average person with the average amount sitting in a bank account you should not be worrying and will there be any further impact on the economy well that is kind of a secondary worry that is going on here at the same time if banks start to pull back on their lending that does impact the economy and today Goldman Sachs actually thought the economic uh growth will be a little less robust so there is concerns that this might lead to an economic slowdown it's something Governor Murphy spoke about earlier this week so that is something that also Bears watching Rhonda is there anything else you want to share or you really want people to know about everything that they they see happening and unfolding well I will say for those of you that remember the financial crisis in 2008 it is a different story there's more regulations in place there's now perhaps going to be even deeper regulations depending on how things go with discussions in Washington so um it is easy to think back to that time and say is this the exact same it's not it's different but anytime there's disruption in the banking sector it is cause for some concern and the hope is that the federal government is on top of it and make sure that things are backstopped if need be so some concern but not panic thank you Rhonda thanks Raven [Music]