金融监管改革与启示外文文献翻译译文3400多字.docx

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