美国商会外文翻译.docx
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美国商会外文翻译.docx
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美国商会外文翻译
本科毕业设计(论文)
外文翻译
原文:
U.S.ChamberofCommerce
TheChamberstronglysupportstheAdministration'sgoalofenhancingconsumerprotection.Evenbeforethefinancialcrisishit,theChamber'sCenterforCapitalMarketsCompetitivenesscalledforregulatoryreform,includingstrengtheningconsumerprotections.Thecrisishasclearlyilluminatedtheshortcomingsofouroutdatedregulatorysystem.Millionsofconsumersandinvestorswereharmed,inpartbecauseofregulatorygapsbutjustasmuchorevenmorebecauseofregulators'failuretoexercisetheauthority—especiallytheenforcementauthority—thattheyalreadypossess.
TheChamberbelievesthatconsumersneed:
1.Clearerdisclosureandbetterinformation.2.Morevigorous,effectiveenforcementagainstpredatorypracticesandotherabuses.3.Eliminationofregulatorygapsthatallowedsomefinancialservicesentitiestoescape.regulationapplicabletotheircompetitors.
Weneedsmarter,moreeffectiveregulation.Addingnewregulatorylayersandenactingexpansive,andduplicative,regulatoryauthoritywillnotproducethatresult.Rather,itislikelytoleadtoconfusion,uncertainty,andaregulatorysystemthatimposesheavyburdensonbusinesswithoutprovidingtheprotectionsthatconsumersneed.
OnSeptember23,theChamberreleasedastudyconductedbyThomasDurkin,aneconomistwhospentmorethan20yearsattheFederalReserve.Durkinconcludedthatregulatoryburdensassociatedwithalackofpreemptionandlegaluncertaintiescreatedbynew,vague,andundefinedstatutorytermswouldreducetheabilityoffinancialinstitutionstoextendconsumercredit,andwouldlikelyincreasethecostofcreditthatisavailable.
Moreover,thisreductionincreditwouldimpactsmallbusinessesaswell,becauseitwouldaffecttheveryconsumerfinancialproductsthatsmallbusinessesusetosupplementbusinesscredit,whichoftenisnotavailabletosmallandnewenterprises.Attheverytimewhenweneedthesejob-creatorsthemostinordertorestoregrowthtooureconomy,wewillbehobblingtheireffortsbyreducingtheiraccesstothecreditthatisessentialtofuelthatgrowth.
TheChamberopposestheCFPAlegislationinitscurrentformbecauseitbelievesthecurrentbillisthewrongwaytoenhanceconsumerprotection,anditwillhavesignificantandharmfulunintendedconsequencesforconsumers,forthebusinesscommunity,andfortheoveralleconomy.
ChairmanFrank'sSeptember22memorandumidentifiedanumberofthespecificconcernsthatwehaveexpressed.However,illustratingthecomplexityoftheseissuesandtheneedforcarefulassessmentoftheimpactofproposedprovisions,thechangesmadeinthebilldonotaddresstheconcernsdiscussedinthememorandum.
Scope
ThescopeofH.R.3126asintroducedissweeping,givingtheCFPAauthoritytoregulatebusinessesandprofessionalsfarbeyondtraditionalconsumerfinance.Thebilldoesnotfocusonentitiesthataresolely,orevenprincipally,engagedinfinancialservicesactivities.Rather,itcastsanextremelybroadnetthatwouldencompassavastsegmentoftheentireeconomy.WeappreciatetherecognitionofthisoverbreadthinChairmanFrank'sSeptember22memorandum.Unfortunately,therevisedbilldoesnotsolvetheproblemscreatedbytheunderlyingbillsexpansiveapproach.HerearejustafewexamplesofthemanyÍcancite:
MerchantsandRetailers.AlthoughSection124(a)providesthattheCFPAdoesnothaveauthority"regardingcreditorotherfinancialactivityissueddirectlybyamerchant,retailer,orsellerofnonfinancialservicestoaconsumer,"thedefinitionsof"extendingcredit"and"coveredperson"remainunchanged,leavingopenthepossibilitythatamerchantcouldbefoundbytheCFPAto"indirectly"engageinfinancialactivityortobea"materialservice"providertoacoveredperson.Forexample,abusinessthatmerelyacceptscreditcardscouldmeeteitherofthosequalifications—eitherindirectlyengaginginafinancialactivity(theprovisionofcreditbythecreditcardnetwork)orprovidingamaterialservicetothecreditcardnetwork.
Inaddition,althoughbusinessesthatsellstoredvaluecardsarenowexempt,businessesthatissuestoredvaluecards—orthatmerelyallowtheirnamesortrademarkstobeusedonstoredvaluecards—remainsubjecttoregulationasa"coveredperson."
Accountants,Lawyers,andTaxPreparers.Section124(e)exemptsaccountants,lawyers,andtaxpreparers,butprovidesthattheexemption"shallnotapply...totheextentsuchpersonis"engagedina"financialactivity"orisotherwisesubjecttotheexistingfederalconsumerlaws.Thatmeansthatanyactivitybyanaccountantorlawyerthatfallswithinthebroad"financialactivity"definition—provisionoftaxplanningadviceinconnectionwithestateplanning,forexample—oranyactivitythattheagencyclassifiesasafinancialactivityunderitsrulemakingauthoritywouldtriggertheapplicabilityofthestatute.
Moreover,althoughtaxpreparationservicesarenolongerexpresslyincludedinthedefinitionof"actingasafinancialadvisor"(Section101(18)(H)),suchservicesarenotexpresslyexcludedfromthatdefinition.Accordingly,thereisarisktheagencycouldsimplyinterpretthebroadlanguageofthedefinition("providingfinancialandotherrelatedadvisoryservices")toincludetaxpreparation.
RealEstateBrokersandAutoDealers.Theexemptionsforrealestatebrokersandautodealerssufferfromthesameflawastheoneforaccountants,lawyers,andtaxpreparers:
TheydonotapplyifthepersonisengagedinafinancialactivityorotherwisesubjecttotheexistingFederalconsumerlaws.
Inaddition,eventhelimitedprotectionprovidedbytheexemptionsfailstoencompassactivitiesinwhichtheseindividualsroutinelyengage.Thus,the"realestatebroker"exemptiondoesnotincludenegotiationsrelatingtofinancing,andtheautodealerexemptiondoesnotapplytoleasetransactionsandexcludesactivitiesrelatingtothearrangingoffinancing.Thatmeansthatautodealerslikelywillbecoveredbythestatuteforallactivitiesotherthanall-cashvehiclesales.
New"RelatedPerson"Provision.Thebillincludesanewprovision,definingtheterm"relatedperson"(Section101(30)),whichisapplicabletoallentitiesotherthanbankholdingcompanies,creditunions,anddepositoryinstitutions.Itincludes:
"anydirector,officer,employeechargedwithmanagerialresponsibility,orcontrollingstockholderof,oragentfor,suchcoveredperson"and"anyshareholder,consultant,jointventurepartner,andanyotherpersonasdeterminedbytheDirectorwhomateriallyparticipatesintheconductoftheaffairsofsuchcoveredperson."
AlsoincludedIs"anyindependentcontractor(includinganyattorney,appraiser,oraccountant),withrespecttosuchcoveredperson,whoknowinglyorrecklesslyparticipatesinany"violationof"any"laworregulationorbreachoffiduciaryduty.Anypersonwhoisarelatedperson"shallbedeemedtobeacoveredpersonforallpurposesof"thenewlawandtheexistingFederallaws.
Thisprovisionhasextremelybroadimplications.Itallowstheagencytoimposefeeson,andrequirereportsfrom,employees,shareholders,directorsandothers.AndItbroadlysubjectsshareholdersanddirectorstotheAgency'sauthority,evenwithrespecttoactivitiesunrelatedtothecoveredpersonwithwhichtheyareassociated.
Theportionofthedefinitionrelatingtoindependentcontractorscaststhenetevenfarther:
Independentcontractorsaretransformedinto"coveredpersons"—andbecomesubjecttoregulationsthatdidn'tpreviouslyapply—ifthey"recklessly"have"participated"inaviolationofanylaw.
Howcantheseentitiesprotectthemselves?
Anyassociationwithacoveredpersonthatengagesinwrongfulconductcouldtriggerregulatoryobligationsthatthecontractorpreviouslyignored,basedonaveryvagueanduncertainstandard.Moreimportantly,thatstandardcanbeinvokedinanactionseekingdamagesbytheagency,aStateattorneygeneral,oraplaintiffs'lawyertowhomaStateattorneygeneralhasoutsourcedthecase.Thisisahugeexpansionofpotentialliability.
Werecognizethatthereisasimilarconcept,institution-relatedparty,inthebankinglaw.Buttheproposeduseoftheconcepthereismuchbroader—includingimposingalloftheagency'sregulationsonapreviouslyunregulatedpartyandsubjectingthatpartytoliabilityforclass-action-typedamages.
AgencyAuthoritytoExpanditsOwnJurisdiction
AnothertroublingaspectofH.R.3126isthatitgivestheagencytheauthoritytoexpanditsownjurisdiction.Includingwithinthescopeof"financialactivity""anyotheractivitythattheagencydefines,byregulationasfinancialactivityforthepurposesofthistitle."Thatopensthedoortoever-expandingjurisdictionthroughregulatoryfiatandwithoutcongressionalreview.Thereviseddraftincludesstandardsthattheagencymustmeettoexpanditsauthority,butthosestandardsimposenoreallimitations.Theagencyneedonlyfindthat:
1."theactivityhas,orthereislikelihoodthattheactivitywillhave,amaterialadverseimpactonthecreditworthinessorfinancialwell-beingofconsumers,"2."theactivityisincidentalorcomplementarytoanyotherfinancialactivityregulatedbytheAgency,"3."theactivity'isenteredintoorconductedassubterfugeorwithapurposetoevade"theprovisionsofthebillorexistingconsumerprotectionlaws.
Thesenewstandardsforexpandingtheagency'sauthorityarevagueandvulnerabletovaryinginterpretations—the"substantiallikelihood"testgivestheagencytheabilitytohypothesizeadverseconsequencesandthenextenditsregulatoryreachbasedonitsownsuspicions.Andgiventhebroad-basedaut
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