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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 evolution of the financial regulation in the United States has gone through five stages and shows a spiral path of “regulation-deregulation-re-regulation.” After the financial crisis of 2008, the financial reform route formed by the “Paulson-Obama Plan-Wall Street Reform and Consumer Protection Act” ran through the same thread as stepping up regulation. The Wall Street Reform and Consumer Protection Act highlights two major themes of reforming the Wall Street investment banking system and consumer protection. At the same time, it covers ten corporate and financial sector pay reforms, over-the-counter derivatives regulatory reforms, capital market reforms, housing mortgage loan reforms and insurance market reforms As such, it constitutes an ambitious picture of U.S. financial regulatory reform. However, the following controversies arose during the road map: Are the United States’ “longs” regulatory model or the “single” regulatory model of the United Kingdom borrowed from the United States? Are they adhering to the mixed operation mode established by the Financial Services Modernization Act or to Do the Gras-Stigf Divisions operate? Does the government over-play the “Savior” role in the crisis? These questions need to be answered in the future by the U.S. financial legislation and practice.