美国EESA法案系统性金融风险处置的反思与启示

Reflection and Enlightenment on the Disposal of Systemic Financial Risks in EESA Act of the United States

2008年美国出台和实施的以“问题资产救助计划”为核心的《紧急经济稳定法案》(简称EESA)已逾十年。EESA是针对美国系统性金融风险扩散时的紧急处置制度。该法案的制定和实施虽然对遏制系统性金融风险的进一步恶化意义重大,但执行中也暴露出了法律争议、利益冲突、道德风险、偏离目标等问题。危机后的《多德—弗兰克华尔街改革和消费者保护法》针对EESA执行中的问题进行了回应和修正。反思和借鉴EESA的执行和修正情况,为我国系统性金融风险的防范处置制度建设,从救助制度、处置方案、权力制约和利益平衡等方面提供启示。

Emergency Economic Stabilization Act of 2008(EESA),introduced and implemented by the United States in 2008 with Troubled Asset Relief Program (TARP) as the core,has been over 10 years. EESA is an emergency disposal system aiming at the spread of systemic financial risk in the United States. Although the enactment and implementation of the bill is of great significance in curbing the further deterioration of systemic financial risk,it causes legal disputes,conflicts of interest,moral hazard,target deviation,effect doubting and other issues during its implementation. The post-crisis Dodd-Frank Wall Street Reform and Consumer Protection Act responds to these matters in the implementation of the EESA and makes some amendments. Based on the case above,this paper provides enlightenment for the construction of the system of prevention and disposal of systemic financial risk in China from the aspects of rescue system,disposal scheme,power restriction and balance of interests.