Sen. Chuck HagelCharles (Chuck) Timothy HagelTrump's pick for Pentagon chief wins allies on Capitol Hill Trump pick brings scrutiny to 'revolving door' between Pentagon, industry Overnight Defense: Senators plan 22 resolutions to block Saudi arms sale | Trump defends transgender military plan | Trump, lawmakers prep to mark D-Day anniversary MORE (R-Neb.) said that the current financial crisis has the potential to be worse than the Great Depression, the Associated Press reports.

Hagel, in comments made Friday after a Senate Banking Committee meeting, said that the government needed to act to stem the mess on Wall Street or risk an international economic downturn. Without effective government action, the crisis could become worse than the Depression of the 1930s due to the interconnectedness of modern economies, Hagel said according to the Omaha World-Herald.