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顶！有人看过国会最近的Financial Reform Draft吗？ -- 董洁林 - (130 Byte) 2010-5-13 周四, 01:47 (667 reads) |
emperorfan
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作者：emperorfan 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Regulatory proposals and long-term responses
United States President Barack Obama and key advisers introduced a series of regulatory proposals in June 2009. The proposals address consumer protection, executive pay, bank financial cushions or capital requirements, expanded regulation of the shadow banking system and derivatives, and enhanced authority for the Federal Reserve to safely wind-down systemically important institutions, among others.[157][158][159] In January 2010, Obama proposed additional regulations limiting the ability of banks to engage in proprietary trading. The proposals were dubbed "The Volcker Rule", in recognition of Paul Volcker, who has publicly argued for the proposed changes.[160][161]
A variety of other regulatory changes have been proposed by economists, politicians, journalists, and business leaders to minimize the impact of the current crisis and prevent recurrence. None of the proposed solutions have yet been implemented. These include:
Ben Bernanke: Establish resolution procedures for closing troubled financial institutions in the shadow banking system, such as investment banks and hedge funds.[163]
Joseph Stiglitz: Restrict the leverage that financial institutions can assume. Require executive compensation to be more related to long-term performance.[164] Re-instate the separation of commercial (depository) and investment banking established by the Glass-Steagall Act in 1933 and repealed in 1999 by the Gramm-Leach-Bliley Act.[165]
Simon Johnson: Break-up institutions that are "too big to fail" to limit systemic risk.[166]
Paul Krugman: Regulate institutions that "act like banks" similarly to banks.[63]
Alan Greenspan: Banks should have a stronger capital cushion, with graduated regulatory capital requirements (i.e., capital ratios that increase with bank size), to "discourage them from becoming too big and to offset their competitive advantage."[167]
Warren Buffett: Require minimum down payments for home mortgages of at least 10% and income verification.[168]
Eric Dinallo: Ensure any financial institution has the necessary capital to support its financial commitments. Regulate credit derivatives and ensure they are traded on well-capitalized exchanges to limit counterparty risk.[169]
Raghuram Rajan: Require financial institutions to maintain sufficient "contingent capital" (i.e., pay insurance premiums to the government during boom periods, in exchange for payments during a downturn.).[170]
HM Treasury: Contingent capital or capital insurance held by the private sector could supplement common equity in times of crisis. There are a variety of proposals (e.g. Raviv 2004, Flannery 2009) under which banks would issue fixed income debt that would convert into capital according to a predetermined mechanism, either bank-specific (related to levels of regulatory capital) or a more general measure of crisis. Alternatively, under capital insurance, an insurer would receive a premium for agreeing to provide an amount of capital to the bank in case of systemic crisis. Following Raviv (2004) proposal, on November 3 Lloyds Banking Group (LBG), Britain’s biggest retail bank, said it would convert existing debt into about £7.5 billion ($12.3 billion) of “contingent core Tier-1 capital” (dubbed CoCos). This is a kind of debt that will automatically convert into shares if the bank’s cushion of equity capital falls below 5%.[171][172]
A. Michael Spence and Gordon Brown: Establish an early-warning system to help detect systemic risk.[173]
Niall Ferguson and Jeffrey Sachs: Impose haircuts on bondholders and counterparties prior to using taxpayer money in bailouts. In other words, bondholders with a claim of $100 would have their claim reduced to $80, creating $20 in equity. This is also called a debt for equity swap. This is frequently done in bankruptcies, where the current shareholders are wiped out and the bondholders become the new stockholders, agreeing to reduce the company's debt burden in the process. This is being done with General Motors, for example.[174][175]
Nouriel Roubini: Nationalize insolvent banks.[176] Reduce mortgage balances to assist homeowners, giving the lender a share in any future home appreciation.[177]
Adair Turner: In August 2009 in a roundtable interview in Prospect magazine Adair Turner supported the idea of new global taxes on financial transactions, warning that a “swollen” financial sector paying excessive salaries has grown too big for society.[178] Lord Turner’s suggestion that a “Tobin tax” – named after the economist James Tobin – should be considered for financial transactions reverberated around the world.[179][180][181]
Let Wall Street Pay for the Restoration of Main Street Bill - in the US only (not international) - Proposed legislation introduced December 3, 2009 - Contained in the United States House of Representatives Bill entitled "H.R. 4191: Let Wall Street Pay for the Restoration of Main Street Act of 2009"[182][183] It is a proposed piece of legislation that was introduced into the United States House of Representatives to assess a minuscule tax on US Financial market ("Wall Street") securities transactions. If passed, the money it generates will be used to rebuild "Main Street." On the day it was introduced, it had the support of 22 representatives.[184]
Volcker Rule - (in US) - Endorsed by President Barack Obama on January 21, 2010. At its heart, it is a proposal by US economist Paul Volcker to restrict banks from making speculative investments that do not benefit their customers.[161] Volcker has argued that such speculative activity played a key role in the financial crisis of 2007–2010.
On April 21, 2010, the IMF proposed two types of global taxes on banks: The "Financial Activities Tax" comes in two varieties. The simple version is a straight tax on a bank's gross profits—before deducting compensation. A "financial stability contribution", would initially be at a flat rate, this would eventually be refined so that riskier businesses paid more.[185] The second, more complex tax aims directly at excess bank profit and pay.[186]
作者：emperorfan 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
上一次由emperorfan于2010-5-13 周四, 09:36修改，总共修改了1次
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