金融监管改革与启示外文文献翻译译文3400多字.docx
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金融监管改革与启示外文文献翻译译文3400多字.docx
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金融监管改革与启示外文文献翻译译文3400多字
文献出处:
BradDennis.,Anempiricalstudyonfinancialregulatoryreformandenlightenment:
TheCaseofUnitedStates[J].InternationalReviewofBusinessResearchPapers,2014,17(3):
57-69.
(声明:
本译文归XX文库所有,完整译文请到XX文库。
)
原文
Anempiricalstudyonfinancialregulatoryreformandenlightenment:
TheCaseofUnitedStates
Brad·Dennis
Abstract
DefectsofAmericancurrentfinancialregulatorysystemhavebeenexposedintheSubprimeCrisis,whichmakesAmericarethinkitsregulatoryphilosophyandsystem."Dodd-FrankWallStreetReformandConsumerProtectionAct"isanewlegislativeoutcomeinAmerica'slarge-scalefinancialreform.TheActinvolvesnewlyestablishingtheFinancialStabilityOversightCounciltoaddresssystematicrisks;settinguptheConsumerFinancialProtectionBureau;creatingtransparencyandaccountabilityforthederivativesmarketsandendingtoobigtofailbailouts,etc.
KeyWords:
Financialregulation;Reform;Systematicrisks;FinancialStabilityOversightCouncil;ConsumerFinancialProtectionBureau
1Introduction
OnJuly21,2010,U.S.PresidentbarackObamasignedthefinalversionofthefinancialreformbill(allreferredtoas"dodd-frankWallStreetreformandconsumerprotectionact"),makingittheformallegislation.ThisaimstoreshapetheU.S.financialregulatorysystem,andputanendtothefinancialinstitutionsinso-called"toobigtofail"situation,consumerfinancialprotection,createasoundfinancialbasedevelopmentsoastoavoidsimilarfinancialcrisisrepeatofthebillisknownastheUnitedStatessincethegreatdepressiontheseverestfinancialregulatoryreformbill.Newlookatthebillheavydefectsofcurrentfinancialregulatorysystem,theredistributioncomplex"doublebull"inthefinancialregulatorysystemregulatorypower.Thispapertriestoanalyzethenewlawandinterpretation,sothatwecanunderstanditsforthegoodofourcountryfinancialregulationlegalsystemconstructionhastheimportantenlightenmentsignificance.
2legislativebackgroundofAmerica'sfinancialregulatoryreformbill
ThefinancialcrisishasmadetheUnitedStatesandtheworldeconomyintoasevererecession.Ontherootcausesofthefinancialcrisis,opinionsvary.Mainviewpointscanbesummedupinloosemonetaryenvironmentcreatesexcessliquidity;Unbalancedratiotherealeconomyandvirtualeconomyandrealestateassetbubbleburst,financialregulationoverlapandvacuum,excessivefinancialderivativesandtheproliferationoffinancialinstitutionsinthemoralrisk,thecreditratingagencyconflictsofinterestandunbalancedeconomicstructure,etc.Butthedefectontheleveloffinancialregulation,isundoubtedlyimportanttothecauseofthefinancialcrisis.ThenewlawofmarkedtheU.S.financialreformlegislationrunsuccessfullycrossedtheline.Reviewbillfromtheproposed,vote,reject,modify,until,throughhardshipsandsign,itisnothardtoseethegameofdifferentinterestgroups.
OnJune17,2009,theObamaadministrationformallyannouncedacomprehensivefinancialregulatoryreformbill.ThehouseofrepresentativesandthesenateonDecember11,respectively,andonMay20,2010throughtheirversionofthebill.Accordingtotheprogram,eachhouseincoordinatingaunifiedtextafterthevoteagain.OnJune30,thehouseofrepresentativesby237votesinfavor,192votesagainsttheresultsoftheversionofthefinancialreformbillpassedbothhousesofunity.OnJuly15,theUnitedStatessenateto60votes,theresultof39votepassedthebill'sfinalversion,andbecomelawtoclearthelastobstacleforit.TheimplementationofthenewlawistheObamaadministrationfacesthepressureofthemid-termelectionsandsafeguardtheinterestsofthepartyneeds,butmorereflectsitsdesiretorestoreconfidenceintheU.S.financialsystem.ThesenatebankingcommitteechairmanChristopherDodd(ChristopherDoddandhousefinancialservicescommitteechairmanBarneyFrank(BarneyFrank),andotherpeople'sunremittingeffortsandovercomemanyfiercelobbyingactivitiesofinterestgroupstoenactlegislation,willnolongermakethetaxpayerforWallStreet'smistakes,toprotectconsumersandtheeconomy"(Obama,2010)
TwoofthesevenkeypointsoflegislationofAmerica'sfinancialregulatoryreformbillThenameofthenewlawembodiestheAmericanfinancialregulatoryreformandmaincontentoftwocorepillars:
systemicriskpreventionandconsumerfinancialprotection.Billlegislationmainlyincludessevenpoints:
(1)setupaconsumerfinancialprotectionagency(agency).Withinthefederalreservesystemtocreateanewindependentregulator,toensurethatU.S.consumersinthechooseandbuymortgages,creditCARDSandotherfinancialproducts,toobtaintheclearandaccurateinformationneeded,atthesametimetoeliminatehiddencosts,termsofabuseandfraud.
(2)theendfinancialinstitutions"toobigtofail"that-big-to-fail)undertheconditionoffinancialbailout.Takethefollowingmeasurestoendthepossibilityoffinancialinstitutionfailuresrequiretaxpayerbailouts:
whenfinancialinstitutionsfailingtosecurealiquidationprocedures;Settoughnewcapitaladequacyandliquidityrequirementsmakefinancialinstitutionsconsciouslyshouldsnotbetoomuch;Updatethepowerofthefederalreserve,allowittoprovidethesystemwithinthescopeofthesupport,butnolongersupporttheindividualfinancialinstitutions;ToestablishmorestrictstandardandsupervisionsystemtoprotecttheU.S.economy,consumers,investorsandtheinterestsoftheenterprise.
(3)theestablishmentoffinancialstabilityoversightcouncil(FSOC).Inordertopromotetheconstructionofriskearlywarningsystemandregulatorycoordinationmechanism,setupfinancialstabilitymonitoringcommitteetoidentifyandrespondtothelargefinancialinstitutions,financialproductsandtradingbehaviorcausedbysystemicrisk,inordertoavoidsuchrisksthreatenthestabilityoftheU.S.economy.
(4)toensurethetransparencyandreliabilityofthefinancialderivatives.Tofillthetradingriskregulatoryloopholes,thenewlawstrengthenedtoincludeover-the-counter(OTC)derivatives,productionguaranteesecurities(ABS),hedgefunds,mortgagebrokersandregulationofpaydayloans.
(5)executivecompensationlevelandstructureofcorporategovernance.Intheexecutivecompensationbenefits,provideshareholderswithvoice,makeittotheexecutivecompensationlevelsandcompensationforexecutivesfiredachieveanonbindingvote.
(6)ofinvestorprotection.Settoughnewrulestoensurethetransparencyandreliabilityofcreditratingagencies,toprotecttherightsandinterestsofinvestorsandenterprises.
(7)tostrengthentheimplementationoftheregulations.Authorizedpositiveregulatorstocrackdownonfinancialfraud,institutionalconflictsofinterestandattheexpenseofU.S.householdsandbusinessintereststomeetthemarketmanipulationbehaviorofindividualself-interest.
3financialregulationreformlegislationlogicframework
(1)forfinancialbusinesspractices,innovationconceptoffinancialregulation.Sincethe1970s,pursuesthenewliberalismeconomy,thinkshouldimplementfinancialandtradeliberalization,reduceregulation,givefullplaytothefunctionofmarket'sself-adjustment.In1989JohnWilliamson(JohnWilliamson)proposedbyteno'clockthe"Washingtonconsensus"thatreflectsthecoreconcept.Financiallegislationincongressisbasicallyinaccordancewiththenewliberalismeconomy,encouragefinancialinnovationanddevelopment,maintainthemarketvalueorientationoffreedom,butignoredthevalueofthefinancialstabilityandsecurityconsiderations.From70-80-softhe20thcentury,theUnitedStatesfinancialsystemwasagreatrevolution,therevolutionismainlycharacterizedbytraditionalwayofbankcredittosimilartotheshadowbanking(shadowbanking)creditfinancingsystemtransformation,changedthewholefinancialmarketcreditbasis(MrYi,2010).Financialinstitutionsprofit-driven,oftenpromptedthehigh-riskfinancialactivities,andriskmanagementsystemhasfailedtokeepupwiththepaceoffinancialproductdevelopment,thusaccumulatedaseriousrisk.Whenthefinancialmarketbehaviorandcreditbasisafterfundamentalchanges,ifthereisnocorrespondingregulationsystemarrangement,doesnothaveasuitableforthesystemoflawsandrulesofthefinancialsystem,alsowon'tbeabletoformanewwayoffinancialrisk,howtoavoidtheoutbreakofthefinancialcrisisisinevitable(MrYi,2010).Aftertastedthebitterlegacyofthefinancialcrisis,theU.S.governmentmustrenewitslaissez-faire,theideaoftheregulationandlegislation.So,billedasthelargestandthemostsevereinthehistoryoffinancialreformbillarisesatthehistoricmoment,reflecteffortscontinuetoincreasegovernmentinterventioninthemarket,continuouslybreakthroughthenewtendencyofgovernmentsupervisionboundary.
(2)complywiththefinancialmarketstructure,thereformoffinancialregulationmodeThedevelopmentofthestructureoftheU.S.financialmarketsIn1999,Clintonapprovedthefinancialservicesmodernizationact,repealedtheglass-steagallactof1933relativeclauses,whicheliminatedthebanking,securitiesandinsuranceagenciesfromthelegalboundaryinthescopeofourbusiness,becameamajoreventinthelate20thcenturyfinancialliberalization,markstheformaltowardsmixedmanagementinusfinancialsector.Withtherelaxationoffinancialregulation,manycommercialBankstofinancialderivatives"feast".Duetofinanceexpansionislargerthantheserviceoftherealeconomy,buriedhiddentroublehasbeenexpanded.
4ThechoiceoftheU.S.fina
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