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Financial regulation in the USA

2018-10-25 来源: 51due教员组 类别: Essay范文

下面为大家整理一篇优秀的essay代写范文- Financial regulation in the USA,供大家参考学习,这篇论文讨论了美国的金融监管。美国的金融监管是一种以美联储为中心的监管模式,介于分业监管和统一监管之间。在金融危机爆发之后,这种监管制度的弊端也体现出来,所以美国对它进行了改革。首先成立金融稳定监管委员会,负责监测和处理威胁国家金融稳定的系统性风险。另外设立新的消费者金融保护局,对提供信用卡、抵押贷款和其他贷款等消费者金融产品及服务的金融机构实施监管。

Financial regulation,美国金融监管,essay代写,作业代写,代写

Before the financial crisis, financial regulation in the United States was an umbrella supervision model centered on the federal reserve. "Umbrella" refers to the federal reserve as the center, and various professional financial regulators as the collateral support; "Double layer" refers to the federal level and the state level; "Long" refers to the federal government of the United States set up a number of regulatory bodies to meet the needs of financial business separation.

In this financial crisis, the defects of the current financial supervision model of the United States were exposed in the following four aspects: first, there was neither a unified regulator nor a necessary coordination mechanism to prevent and respond to systemic risks or crises; Second, the overlapping functions of financial supervision lead to the dead corner of financial supervision. Thirdly, the effectiveness of financial supervision is poor, especially the lack of effective supervision of financial holding companies. Fourth, the us financial separation regulatory system and its mixed business market model seriously deviated.

Since May 1975 in the United States securities brokerage commission since liberalisation, after more than 20 years of industry mergers and acquisitions and business integration, in the 1990 s, the us investment banking basic forming, the competitive landscape in adhere to the management strategy of specialization, characterization, on the basis of the development path of American investment bank, presents the diversified characteristics, form the following three kinds of comparatively typical business model.

Since the implementation of the financial services modernization act, citibank and other Banks have adopted the universal banking model, and acquired or set up investment Banks as subsidiaries. Some original independent investment Banks have been converted into financial holding companies. America's universal Banks have the following main features:

Take citibank in the United States as an example, the group corporation does not engage in specialized financial services, only in the overall strategic planning and design of the company; The subsidiaries are independent from each other in management, planning, personnel and other aspects, thus reducing the conflict of interests between each other. To provide "one-stop" whole-process financial services as the main objective; The umbrella type of main supervision mode, among which, the securities and exchange commission and other securities regulators are responsible for the securities business of the financial holding company, the state insurance supervision office is responsible for the insurance business of the financial holding company, and the existing banking regulators are responsible for the banking business of the financial holding company.

Faced with criticism and reform of the us financial regulatory system, the Obama administration released a white paper on financial regulatory reform plan titled "financial regulatory reform: new foundation: rebuilding financial regulation" on June 17, 2009. Under congressional rules, the Obama administration's proposed legislation must be sent to the house and senate, where each version of the legislation is submitted for consideration by the house and senate, and then passed by the house of representatives, where it will be voted on twice. The passage of the house and senate means the bill can be passed to the President, who will sign it into law.

In the financial crisis, the aggressive, innovative business model represented by the big five investment Banks was hit hard. Fourth-ranked lehman brothers declared bankruptcy on September 15, 2008; Third-ranked merrill lynch was bought by bank of America on September 15th 2008 for $29 a share; On the night of September 21, 2008, the top two Banks, Goldman sachs and Morgan Stanley, were approved by the federal reserve board of their request to be converted into a bank holding company.

In reality, the omnipotence of investment Banks mainly takes the following two paths: one is to become part of existing financial holding companies, such as the acquisition of bear stearns by jpmorgan chase and the acquisition of merrill lynch by bank of America; The second is to apply to become a bank holding company, then upgraded to financial holding companies, such as Goldman sachs and Morgan Stanley. However, a financial holding company is only a legal framework under which investment Banks can have a variety of portfolio options, while universal Banks are only the portfolio of businesses that are allowed to do the most, not the only option. From the strategic deployment and operating conditions since Goldman sachs and Morgan Stanley were transformed into bank holding companies, it can be seen that although the "aggressive" style of the independent investment bank model before the crisis was greatly weakened, the business model and basic strategy of the two companies have not changed much since they were transformed into bank holding companies. Thus, it can be argued that in a crisis, an investment bank being converted into a financial holding company can compete for a position where it can advance, retreat and hold: it can put itself under the umbrella of the federal reserve, while gaining the option to pursue a flexible portfolio with ease. That is to say, for the big investment Banks hit by the crisis, the transformation of the universal banking model is undoubtedly the best choice for them to get out of the crisis as soon as possible.

The U.S. government launched its $700 billion troubled asset relief program in the fall of 2008 to help Banks and companies teetering on the brink of bankruptcy during the financial crisis. Goldman sachs, which transformed itself into a bank holding company in September, and Morgan Stanley each received a $10 billion infusion from the U.S. government.

In June 2009, Goldman sachs and Morgan Stanley paid at the same time in the troubled asset relief programme of government bail-out funds, the following year Goldman sachs in July to the us government to pay $1.1 billion to buy United States government under the troubled asset relief programme warrants, in August, Morgan Stanley redeemed for $950 million government warrants from the troubled asset relief program. Since then, the two companies have successfully withdrawn from the government bailout program.

In addition to showing the market the company's management and comprehensive strength recovery, the two companies chose the opportunity to withdraw from the government rescue plan. More importantly, the two companies want to maintain stronger independence and flexibility in operation management, especially in the compensation and payment of executives and employees who have been questioned by the market.

The outbreak of the financial crisis has forced regulators and investment Banks to re-examine the high risk involved in highly leveraged operations, as well as the impact of low-probability high-risk events on the market. In 2009, the world economy gradually improved and the resulting stock market gradually warming backdrop, coupled with the implementation of the "troubled asset relief program," the U.S. government, makes us financial institutions, including Goldman sachs, Morgan Stanley, further enhance the capital strength, management of "deleveraging" effect is very significant. Goldman's ratio of liabilities to equity, for example, was 11 times in 2009, compared with 25 times in 2007. Morgan Stanley's debt-to-equity ratio was 15 times in 2009, compared with 32 times in 2007.

According to an analysis of the data in table 1 and table 2, in 2009, as the economic recovery and good market, Goldman sachs, Morgan Stanley, income structure after the transformation of the two investment Banks again back to 2007, the principal of the risk is relatively high, trading and investment business still occupy a prominent position in the income structure, the fair value of its own financial products in the proportion of total assets is still around 40%. This reflects from an aspect that, although the five largest investment Banks in the United States got into trouble during the financial crisis and were forced to give up their highly leveraged business model successively in 2008, their "aggressive" business model was greatly reduced, but their business strategy with "diversified profit model and significant business characteristics" did not change substantially.

Through the U.S. financial regulatory reforms in the complicated organization change and regulatory authority adjustment, we can see that the nature of the U.S. financial regulatory reform as a result, can be summarized as four groups of important relationship adjustment: one is the adjustment of the relationship between financial sector and the interests of the whole society as a whole, to what extent the involving financial industry should be regulated, how to prevent the financial crisis on the impact of macroeconomic two big problems; Second, the adjustment of the relationship between financial enterprises and financial consumers; Thirdly, the relationship between financial management and shareholders is adjusted; Fourth, the adjustment of financial relations between the United States and other countries. The biggest revelation is that the study of financial regulation should have a broad perspective beyond the financial industry. The relationship between financial industry and consumers, shareholders and management should be well coordinated, and social harmony should be promoted. It should meet the need of improving the international competitiveness of China's financial industry in the era of financial globalization and seek opportunities in international financial competition.

With the enactment of the financial regulatory reform act, Wall Street financial institutions will face higher regulatory standards, stricter compensation rules and even the risk of being forced to liquidate. Big Banks like citigroup and jpmorgan will inevitably face higher capital adequacy and liquidity requirements. Under the "volcker rule", investment Banks such as Goldman sachs and Morgan Stanley will be heavily restricted in their bai ying business and over-the-counter derivatives trading. Hedge funds and private equity funds will be drawn from the unregulated "shadow banking system" into a heavily regulated framework. But a 12-year transition period in the new regulatory overhaul is enough for Wall Street's big players to find new business models and profit margins.

As an important financial intermediary, the value of an investment bank lies in the diversification and management of risks, and its essence lies in the management of risks. Therefore, it is the business model determined by the operational nature of an investment bank to use the operating leverage and bear the risks contained therein. In this sense, the major failures of Wall Street's five largest investment Banks in the financial crisis were not the innovation of profit model or financial innovation, but the failure of financial market risk to be effectively regulated and prevented. This is a reminder that the occurrence of low-probability high-risk events cannot be ignored.

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