金融危机后美国金融监管改革路线图述评

The Post-Crisis Road Map of the American Financial Regulatory Reform

美国金融监管的演进经历了五个阶段,呈现出'管制—放松管制—重新加强管制'的螺旋式发展轨迹。2008年金融危机爆发后,由'保尔森蓝图—奥巴马计划—华尔街改革与消费者保护法案'所形成的金融改革路线贯穿了这样一条主线,即重新加强监管。华尔街改革与消费者保护法案突出改革华尔街投行体制和保护消费者两大主题,同时涵盖公司和金融机构薪酬改革、柜台衍生品监管改革、资本市场改革、住房抵押贷款改革和保险市场改革等十个方面,构成一幅美国金融监管改革雄心勃勃的图景。但在路线图的进程中发生如下争论:是坚持美国'多头'监管模式还是借鉴英国'单一'监管模式?是坚持《金融服务现代化法》所确立的混业经营模式还是回复到《格拉斯—斯蒂格法》的分业经营模式?政府在危机中是否过度扮演了'救主'角色?这些问题需要美国未来的金融立法和实践作出回答。

The American financial regulatory regime,which has gone through 5 historical stages,follows a spiral development path of"regulation-deregulation-re-regulation"and the post-crisis road map formed by Paulson Blueprint,Obama Plan and the Wall Street Reform and Consumer Protection Act share the same key word;re-regulation.The Wall Street Reform and Consumer Protection Act focuses on the reform of the Wall Street investment banking system and protection of consumers from the deceptive and predatory practices,whilst covering vast subjects ranging from the reform of company and financial institution compensation to the regulatory reform of financial derivatives,capital market,mortgage,foreclosure and the insurance market.The following debates loom large in the road map:sticking to the American regulatory model or learning from the British model?Following the consolidated model laid down by the Financial Service Modernization Act or going back to the separated model of the Glass-Stegall Act?Whether the US government has acted as the Redeemer of the market in such a way as to harm its sustainable development?Those questions are to be answered by the American financial legislation and practice.