美国金融监管体系的重大变革——《美国金融监管体系现代化蓝图》评析

近日,美国财政部公布了《金融监管体系现代化蓝图》,以建立新的适应金融业发展的现代金融监管体系。蓝图在梳理现行金融监管体系的基础上,提出成立三个层次的监管机构,统一监管目标、监管框架和监管标准,以提高金融监管的有效性。作为"大萧条"以来最大规模的金融监管体制改革方案,一旦实施,蓝图将改变美国现行金融监管体系明显滞后于当代金融业发展的现象。但是,为平衡长远利益与当前利益,蓝图表现出明显的局限性,而动荡的金融市场环境及政治制约导致的多方争议也决定了蓝图的实施将是一个漫长的过程。

U.S. Big Bang of Financial Supervision System

Recently, Treasury Secretary Henry Paulson released Treasury's Blueprint for a Modernized Financial Regulatory Structure with the goal to make the system more applicable to today's financial market realities. The blueprint would streamline the system, with fewer regulatory bodies. Over the long run, a completely new regulatory structure would be created, with three key objectives. Once fully implemented, the plan would result in the biggest changes to the U.S. financial system since the Great Depression. Given the market stress and political controversy, the proposal is unlikely to be adopted during the curent administration and could only be achieved after several years.