美国金融监管放松改革的影响与启示研究--《经济增长、监管放松与消费者保护法案》评析

The Impacts of American Financial Deregulation Reform and Its Implications to China: A Review of the Economic Growth, Regulatory Relief, and Consumer Protection Act

在全球金融体系中,美国占据举足轻重的位置,其监管政策走向一直为世界广泛关注。在竞选总统之初,特朗普就明确提出了"金融去监管"的口号,主张废除2010年出台的《多德-弗兰克法案》。2018年5月24日,特朗普签署《经济增长、监管放松与消费者保护法案》,正式修改了《多德-弗兰克法案》。本文概括分析了主要修改的五个方面:对抵押贷款的监管放松,对社区银行的监管放松,对大型银行的监管放松,对证券市场的监管放松,加强金融消费者权益保护。相应地,新法案将带来四个方面的潜在影响:能够释放中小型银行活力,助力美国经济复苏反弹;会产生监管外溢效应,迫使他国被动跟进并引发全球性金融监管放松;将带动相关金融监管规则的修订,未来或将推出更多监管放松措施;监管放松将引发更多风险事件,后续会推高联邦赤字。最后,本文结合我国实际情况提出三方面建议:重新审视监管政策,建立差异化的监管思路;警惕美国系列政策的影响,采取妥善政策措施加以应对;借鉴美国相关政策的做法,加大金融消费者权益保护力度。

The United States has a pivotal position in the global financial system,and its regulatory policy direction has been widely concerned around the world.At the beginning of the campaign for the president,Trump clearly put forward the slogan of"financial deregulation"and advocated the abolition of the Dodd-Frank Act.On May 24,2018,Trump signed into law the Economic Growth,Regulatory Relief and Consumer Protection Act,and officially made amendments to the Dodd-Frank Act.This article summarizes the main changes from five aspects:the supervision relaxation of mortgage loans,the supervision relaxation of community banks,the supervision relaxation of large banks,the supervision relaxation of the securities market,and the enhancement of consumer protections.Correspondingly,the new bill will bring about four potential impacts:it will release the vitality of small and medium-sized banks,and help the US economic recovery;it will enact a regulatory spillover effect,forcing other countries to passively follow up and trigger global financial regulatory relaxation;it will drive the revision of relevant financial regulatory rules,and more regulatory easing measures will be introduced in the future;regulatory easing will trigger more risk events,and push up the federal deficit in the near future.Finally,this paper puts forward three suggestions based on the actual situation in China:we should re-examine the regulatory policies and establish differentiated supervision ideas;we have to guard against the influence of the new policies and adopt appropriate policy measures to deal with them;we should learn from the relevant US policies to increase the protection of financial consumer rights.