Reform of the U.S. regulatory system

下面为大家整理一篇优秀的essay代写范文- Reform of the U.S. regulatory system，供大家参考学习，这篇论文讨论了美国监管体制的改革。美国是一个发达国家，其在金融各方面都有显著的优势，拥有完整的金融监管体系，在金融创新以及金融市场上都比较的发达。美国的制度与监管方式都有其特点，特别是受到各国经济组织的推崇，使其在金融监管、金融市场上占有不败之地。为了增强监管的灵活性，放松过细的监管规则，美国还制定了《现代金融监管构架改革蓝图》，该蓝图对美国金融监管体制进行重建和更好的管理金融风险。

As a developed country, the United States has significant advantages in all aspects of finance, with a complete financial supervision system and a relatively developed financial innovation and financial market, which has become an example for developing countries to learn from. The United States has its own characteristics in both system and supervision, especially being praised by the economic organizations of various countries, making it an invincible place in financial supervision and financial market. The construction of financial supervision system in developing countries also fully imitates the American way and system of supervision. Look from its development course, the U.S. financial regulatory system has experienced several stages: "modern financial regulatory framework blueprint for reform" bill worked out, the financial regulatory reform framework structures, the financial regulatory reform: the new foundation released a white paper, finally in July 21, 2010, the financial regulatory reform act through, so this article will all the four schemes to comb for clues to the regulatory reform system, and analysis of the status in the reform of the transformation of the federal reserve.

Financial regulation in the United States has a history of "crisis orientation". From a currency crisis in the early 20th century, the great depression of 1929-1939, the savings-and-loan crisis of the 1980 s until the 1990 s the overseas market to competition, in recent one hundred years of history in space and time, these events led to the changes in response to the crisis and the market and build the U.S. financial regulatory model shows the characteristics of a kind of "fragments".

"Reform of the U.S. financial regulatory system" became a hot topic again at the end of 2006. Michael Bloomberg and Charles Schumer; USCC. FSR, four Suggestions to reflect the U.S. regulatory regime are two defects: old, strict, bound: the competitiveness of the U.S. financial markets since the 1930 s to build and no significant changes of regulatory framework and bound, and in 2001 before and after enron and a series of financial fraud of listed companies, issued for fraud company regulation and securities sarbanes - oxley act, its regulatory environment and the laws and regulations strictly, and to be unable to read the American market public offering shares fell, challenged the U.S. capital market competitiveness, foreign capital market to the United States. Structural defects with multiple objectives and easy conflicts: the "fragmentation" feature is manifested as the dual supervision of the federal government and state government in the United States vertically, and is reflected as the separate supervision of various professional institutions horizontally, which is a typical "multilateral supervision". FSR released "blueprint" for America's financial competitiveness analysis of the causes of a series of conflicting regulations and regulatory arbitrage, federal and state regulatory because position is different, have different ideas would be easy to conflict, the serious influence to the United States in the strength of the competition with other countries, make its competitiveness in a vulnerable position. America is a good example of this by implementing new capital agreements two years later than European countries. Modern financial regulatory reform process.

In order to enhance regulatory flexibility and relax overly detailed regulations, on March 31, 2008, a more complex and rigorous blueprint for reform of the modern financial regulatory framework was released. The blueprint addresses two of those flaws, the lack of effective competition, by rebuilding American financial regulatory system and better managing financial risks.

In the 218-page blueprint, target reform is proposed from short, medium and long term: Short-term goal mainly is aims at the subprime crisis in the U.S. mortgage financial market regulation, in addition to strengthening risk monitoring of financial regulatory system, but also pay attention to the protection of consumers and investors in the front, to achieve the perfect combination of financial and market, improve the financial status in the market competition in the international market, also gives the Federal Reserve system regulatory powers, to other field supervision institutions engaged in the work of the bank, when the letter trade market pause trade crisis, For bank open liquid "discount window" of the federal reserve bank use to raise the discount rate to regulate the behavior of the phenomenon of the loan, ensure the liquidity of the financial system, finally to achieve in the process of the high and low mortgage information fairness, security, and to strengthen the federal law institution in the mortgage application the standardization of the law, "blueprint for reform" proposed the precast this phenomenon of the organization. In the middle of the reform of the us regulatory system, the non-repeatability of the us financial regulation system was realized, and the reliability of the financial regulation in the market was increased. Due to the fierce competition and rapid development of the mortgage financial market, Thrift Charter was outdated, abolished, incorporated into the national bank constitution, and enacted regulations on the insurance industry based on federal deposit protection and supervision. To build the most complete financial supervision system is the ultimate goal of financial supervision system reform and also a relatively long-term struggle. This requires us to strengthen its competitive position in the financial Market and enhance its position in the financial industry, which is reflected in three different regulatory authorities: Market Stablility Regulator; Prudential Financial Regulator. The establishment of Business Conduct Regulator in the financial sector makes the market supervision in the financial sector stricter. The information obtained by the exchange is complete and the Business operation in an orderly manner, which fully reflects its fairness and fairness.

Due to the importance attached to it, the G20 summit will be held soon and the financial crisis will hit, so as to enhance the confidence of consumers and investors. In the blueprint of long-term goals - that is, to the reform of the financial regulatory framework, based on the introduced the financial regulatory reform framework and in the subsequent after 3 months of the Obama administration announced the "white paper" financial reform, the financial regulatory reform: the new base, this is the largest financial regulatory reform since 1932 the Obama administration in the subprime mortgage crisis of the proposed financial regulation system has many shortcomings, according to the different made policies and institutions are not conform to the actual situation, thus making the structure is not complete. From regulators to redefine and function allocation FRR, it is easy to find the reform have two core contents, on the one hand is fed into a "super regulator", on the other hand is to establish security forces on the consumer's financial system, make it has a certain position on regulators, have to overtake the us regulatory powers of the federal reserve. The FRR policy can sum up several supervision and management directions. On the one hand, it increases the scope of supervision of the federal reserve of the United States, and regulates all institutions that may constitute financial crisis. Even non-bank financial institutions cannot be spared and strengthen their supervision. Then, it is to protect the interests of investors and consumers. For example, the establishment of consumer financial protection institutions requires strict compliance with industrial standards of conduct in commercial operation. Commercial products should be made safe, free from fraud and regulated and severely punished illegal financial institutions. The second is the establishment of the supervision department, the establishment of the financial supervision committee to realize the coordination between departments and departments to supervise the Banks, and the establishment of a bank exclusive supervision agency to supervise the Banks. The two departments rely on each other and complement each other to make up for the defects of the current organization in the United States. Finally, we should strengthen the government's use of power in the financial crisis, so that the government can plan the crisis management program independently when facing the financial crisis, improve the decision-making status of the financial sector, abolish the use of the old system in the financial crisis, and comprehensively improve financial supervision. We will further strengthen the government's ability to intervene in the financial crisis, enable the government to make decisions independently, and independently use anti-crisis policy tools, so that the Treasury Department has a higher decision-making position in the anti-crisis than the federal reserve. It can be found from the FRR that although the us regulatory system reform takes the federal reserve as the "central nerve" and gives the federal reserve great power and cross-industry regulators, it is always balanced by the Treasury Department of the Obama administration and becomes an overall regulatory authority. Clearly, the FRR reform plan is bound to lead to a lot of debate about whether the savings Banks should grant the us federal government excessive regulatory authority and the negative impact of excessive regulation. The subprime mortgage crisis was partly attributed to the low profit system adopted by the Banks, which made the federal reserve without the support of real economy and caused the bankruptcy of real estate, which triggered the global financial crisis. The fed's failure to do its job well in regulation is now more overdelegated, and the central bank's independence will be stripped, easily inflationary and posing a threat to the fed's low inflation. In June 2010, the financial regulatory reform act by the draft of white paper core content is still the continuation of the Obama administration's policies, and limit the financial institutions engaged in high-risk financial business, banned commercial Banks from trading risky products directly, limited financial institutions management scale is too large, but also to coordinate the regulatory authority for white paper and blueprint, for example: the regulatory authority of the federal reserve adjustments, strengthens the powers of the fed's supervision and audit. In addition, the financial regulatory mechanism of the United States has also been reformed. Strengthening the supervision of financial institutions on the form, including the amendment of the "bank holding company law", granting the power of the federal reserve system risk regulator. The most important part is to formulate rules and standards for the first-level financial holding companies. Establishing a comprehensive regulatory system for financial markets; Strengthening the protection of financial consumers and investors.

"Modern financial regulatory framework reform blueprint" for America's financial regulatory system reform is an opportunity, is also a breakthrough, explained the mechanism of regulation on a big change, rules of behavior gradually towards the regulatory goal orientation, regulatory system set fine to the business service concept, to a new understanding of regulatory system. In the reform blueprint, the merger of the regulatory power of the federal reserve is the most obvious feature, which gives the federal reserve the power to regulate across industries and strengthens the awareness of the us government to improve the overlapping regulation.

In my opinion, a series of financial regulatory reform plan is the result of the tripartite game, the three parties respectively from the Obama administration, academia, private agencies and market participants, get part of significant change on the one hand is the fed aspects: although said in a regulatory the federal rights is bigger, the monitoring scope expanded to non-bank financial institutions, but the federal set guidelines in consumer protection means that some of his power can no longer in use. Reform of the U.S. financial regulatory system to provide timely funding for what is happening at the federal level, with the approval of the Treasury Department, will undermine the federal independence. To expand its supervisory power crunch again at the same time, shows that after the subprime crisis, people are part of the fed lost confidence, but not to a certain extent depends on the ambivalence of the federal reserve, America's regulatory reform although only experience of time is not long, but proven, and under the federal system, the current regulatory system is complex, but the original defects in its structure - goals overlap, and strict bondage, have improved. In the reform of financial regulation, the United States needs to continue to improve with the change of financial market structure.

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