奥巴马时期美国金融监管法律制度改革研究
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摘要
由2007年次贷危机引发的金融危机,使美国经济陷入从上世纪30年代“大萧条”以来最严重的大衰退,危机以迅猛的速度从美国传导至全世界,给全球经济带来重大损失。本篇论文回顾美国金融监管法律体系的变迁,研究金融危机爆发前夕美国金融监管法律制度的状况,综述危机爆发后美国政府及国会的紧急性回应措施,以及奥巴马政府当下正在进行的金融监管法律制度改革举措,进而对我国完善金融监管法律体系提出建议。
上世纪30年代,罗斯福创立的“分业经营,分业监管”的严格金融监管模式让美国金融业和整个经济经历了近半个世纪的稳定发展期。然而,20世纪后半期,金融“去监管化”愈演愈烈,《1999金融服务现代法案》正式改变了分业经营的模式,“去监管化”推向高潮,在某种程度上,为此次金融危机埋下了法律上的祸根。危机爆发前,美国金融监管机构数量虽然庞大,但效率低下,漏洞百出,如此不完备的监管体制也是导致金融危机爆发的根源之一。
此次金融危机爆发后,美国国会通过三部紧急法案,监管当局也推出应急性措施加以应对。奥巴马执政后,更是发表金融监管法律制度改革白皮书,系统提出对金融监管体系的改革建议,随后政府、众议院、参议院相继推出综合性金融监管制度改革法案,目前正在等待表决。
毫无疑问,此次金融危机让美国金融监管当局深刻反思金融监管制度存在的问题,本文对其改革举措和趋势进行综述及评价,并对中国完善金融监管法律制度提出参考性建议。
The latest financial crisis, which was triggered by the sub-prime mortgage crisis in 2007, hit the United States creating what is now called the "Great Recession." Additionally, countries around the world suffered huge economic losses as a result. This paper examines the role of the U.S. financial regulatory legal system in the past century, studies the overall structure of the U.S. financial regulatory system before the crisis, outlines the emergency measures taken by the U.S. government and Congress, summarizes and analyzes the ongoing reform on the financial regulatory and supervisory system led by the Obama administration. This paper also gives suggestions on the reform on the financial regulatory legal system in China.
The strict regulation imposing "separate operation with separate supervision" established by Roosevelt in the 1930s effectively protected the U.S. financial industry from devastating outbreaks and thereby, allow the national economy to enjoy nearly half a century of relative economic stability. However, the deregulation, which started from 1970s and later climaxed with the enactment of the Gramm-Leach-Bliley Act in 1999, provided the legal background for this financial crisis to occur. Additionally, the inefficient regime of the financial regulatory system before the crisis created many loopholes and overlaps that ultimately fostered the environment for the financial crisis to occur.
The U.S. government has responded to the current crisis with various emergency measures and reforms. Emergency acts, white paper, bills from the government and the Congress signal ongoing and potentially far-reaching change in the U.S. financial regulatory legal system. This paper studies this change and accordingly, provides suggestions for the reform of financial regulatory legal system in China.
上世纪30年代,罗斯福创立的“分业经营,分业监管”的严格金融监管模式让美国金融业和整个经济经历了近半个世纪的稳定发展期。然而,20世纪后半期,金融“去监管化”愈演愈烈,《1999金融服务现代法案》正式改变了分业经营的模式,“去监管化”推向高潮,在某种程度上,为此次金融危机埋下了法律上的祸根。危机爆发前,美国金融监管机构数量虽然庞大,但效率低下,漏洞百出,如此不完备的监管体制也是导致金融危机爆发的根源之一。
此次金融危机爆发后,美国国会通过三部紧急法案,监管当局也推出应急性措施加以应对。奥巴马执政后,更是发表金融监管法律制度改革白皮书,系统提出对金融监管体系的改革建议,随后政府、众议院、参议院相继推出综合性金融监管制度改革法案,目前正在等待表决。
毫无疑问,此次金融危机让美国金融监管当局深刻反思金融监管制度存在的问题,本文对其改革举措和趋势进行综述及评价,并对中国完善金融监管法律制度提出参考性建议。
The latest financial crisis, which was triggered by the sub-prime mortgage crisis in 2007, hit the United States creating what is now called the "Great Recession." Additionally, countries around the world suffered huge economic losses as a result. This paper examines the role of the U.S. financial regulatory legal system in the past century, studies the overall structure of the U.S. financial regulatory system before the crisis, outlines the emergency measures taken by the U.S. government and Congress, summarizes and analyzes the ongoing reform on the financial regulatory and supervisory system led by the Obama administration. This paper also gives suggestions on the reform on the financial regulatory legal system in China.
The strict regulation imposing "separate operation with separate supervision" established by Roosevelt in the 1930s effectively protected the U.S. financial industry from devastating outbreaks and thereby, allow the national economy to enjoy nearly half a century of relative economic stability. However, the deregulation, which started from 1970s and later climaxed with the enactment of the Gramm-Leach-Bliley Act in 1999, provided the legal background for this financial crisis to occur. Additionally, the inefficient regime of the financial regulatory system before the crisis created many loopholes and overlaps that ultimately fostered the environment for the financial crisis to occur.
The U.S. government has responded to the current crisis with various emergency measures and reforms. Emergency acts, white paper, bills from the government and the Congress signal ongoing and potentially far-reaching change in the U.S. financial regulatory legal system. This paper studies this change and accordingly, provides suggestions for the reform of financial regulatory legal system in China.
引文
1 Special Report on Regulatory Reform, Congressional Oversight Panel, January 2009, available at
http://cop.senate.gov/documents/cop-012909-report-regulatorvreform.pdf.Retrieved 2009-09-16.
2 See David Moss, An Ounce of Prevention:The Power of Sound Risk Management in Stabilizing the American Financial System (2009). See also Federal Deposit Insurance Corporation, History of the Eighties—Lessons for the Future, Volume Ⅰ:An Examination of the Banking Crises of the 1980s and Early 1990s, p.187
3 See Kevin O'Leary, The Great Recession:Will Construction Workers Survive?, TIME MAFAZINE, Feb.06,2010; also see Daniel Gross, Jul 14,2009 The Recession Is Over?, NEWSWEEK, July 14,2009; also see David Leonhardt, After the Great Recession, NEW YORK TIMES, May 3,2009.
4 See Roger C. Altman. The Great Crash,2008. Foreign Affairs. http://www.foreignaffairs.org/20090101 faessav88101/roger-c-altman/the-great-crash-2008.html. Retrieved 2009-09-19.
5 http://www.bloomberg.com/apps/news?pid=20601103&sid=aoD0J3elHdxk. Retrieved 2009-12-19.
6 Investment Company Institute, U.S. Retirement Market, Third Quarter 2009, Vol. 18. No.5-O3 (Feb.2010). available at http://www.ici.org/pdf/retmrkt update.pdf. Retrieved 2010-03-05.
7 BEA Press Releases, http://www.bea.eov/newsreleases/national/gdD/gdpnewsrelease.htm. Retrieved 2010-03-12.
8 BLS-Historical Unemployment Rate Table, http://data.bls.eov/PDO/servlet/SurvevOutputServlet?data tool=latest numbers&seri es_id=LNU04000000&years_option=all_years&periods_option=specific_periods&pe riods=Annual+Data Retrieved 2009-11-27
9 See Acharya Richardson, Restoring Financial Stability:How to Repair a Failed System (Wiley 2009); The Economic Crisis:Greed is the Cause, Socialist Voice, July 30.2008. available at http://www.politicalaffairs.net/article/view/7196/1/344/. Retrieved 2009-10-28.
10 See John B. Taylor, Getting Off Track:How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis (Hoover Institute Press 2009), pp.1-3
11 See J. C. Coffee, What Went Wrong? An Initial Inquiry into the Causes of the 2008 Financial Crisis. The Journal of Corporate Law Studies v.9 no. ptl (April 2009) pp. 1-22
12 See Arnold Kling, Not What They Had in Mind:A History of Policies that Produced the Financial Crisis of 2008, Arlington, VA:Mercatus Center at George Mason University (September 2009), p.11
13美国金融法律史上先后有两部《格拉斯·斯蒂格尔法》,两部法案均由民主党参议员卡特·格拉斯和民主党众议员亨利·斯蒂格尔提出,第一部是1932年,第二部是1933年,后者更具影响力,通常在我国所称的《格拉斯·斯蒂格尔法》即指1933年那部影响深远的法律。
14 The Banking Act of 1933, Pub. L. No.73-66,48 Stat.162.
15 See Robert Pozen, Stop Pining for Glass-Steagall, from forbes.com. available at www.forbes.com/forbes/2009/1005/opinions-glass-steagall-on-my-mind.html, Retrieved 2009-10-06.
16 See Regulation Q,12 CFR part 217, see also Section 11 of the Banking Act of 1933,12 U.S.C.§371a.
17 See Hockett, Robert, A Fixer-Upper for Finance, Washington University Law Review, (2010) p.87.
18 See Matthew Sherman, A Short History of Financial Deregulation in the United States. Center for Economic and Policy Research (July 2009), available at http://www.openthegovernment.org/otg/dereg-timeline-2009-07.pdf Retrieved 2009-09-20.
19 P.L.73-22,48 Stat.74 (1933)
20 P.L.73-291,48 Stat.881 (1934)
21 See Alton R Gilbert., Requiem for Regulation Q:What it Did and Why it Passed Away, Federal Reserve Bank of St. Louis, February 1986. available at: http://research.stlouisfed.org/publications/review/86/02/Requiem_Feb1986.pdf Retrieved 2009-09-20.
22 See PBS Frontline, The Long Demise of Glass-Steagall, The Wall Street Fix, May 8,2003. Available at: http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html. Retrieved 2009-9-20.
23 Pub. L. No.103-328,108 Stat.2338 (Codified to 12 U.S.C.§1841, et seq.)
24 See Joseph N Heiney, Consolidation in the U.S. Banking Industry Since Riegle-Neal, Clute Institute, IABR & TLC Conference,2009. Available at: http://www.cluteinstitute.com/Programs/San_Antonio_2009/Article%20303.pdf
Retrieved 2010-02-20
25 See Federal Reserve Board, Order Approving Formation of a Bank Holding Company and Notice to Engage in Nonbanking Activities, 84 Fed. Res. Bull. 985 (1998).
26 See James R. Barth, Dan Brumbaugh Jr. and James A. Wilcox, The Repeal of Glass-Steagall and the Advent of Broad Banking, Journal of Economic Perspectives, vol.14, no.2, Spring 2000.
27 See Serena Ng, Default Swaps: One Boom in the Crunch - Volume Soared in'07 as Woes Worsened, Wall Street Journal, April, 16, 2008, p.C2.
28 Hearing, supra note 31 (statement of Frank L. Raiter, Managing Director and Head of Residential Mortgage Backed Securities Ratings Group, Standard and Poor's, Mar. 1995-Apr. 2005),available at http://oversight.house.gov/documents/200810221 02804.pdf, Retrieved 2009-10-28.
29 See Andrew Kelman, Mortgage-backed Securities & Collateralized Mortgage Obligations: Prudent CRA INVESTMENT Opportunities, CMTY. INVS. (Fed. Reserve Bank of San Francisco, San Francisco, C.A.), Mar. 2002, pp. 20, 22-23.
30 Hearing, (statement of Frank L. Raiter, Managing Director and Head of Residential Mortgage Backed Securities Ratings Group, Standard and Poor's, Mar. 1995-Apr. 2005), available at http://oversight.house.gov/documents/200810221 02804.pdf, Retrieved 2009-10-28.
31 See Eilis Ferran, Examining the UK's Experience in Adopting the Single Financial Regulator Model, 2003,28 Brooklyn Journal of International Law p.257.
32丁邦开、周仲飞：《金融监管学原理》,北京大学出版社2004年版,p.27
33 See U.S. Government Accountability Office, Report to the Chairman, Comm. on Banking, Housing, and Urban Affairs, U.S. Senate, Financial Regulation-Industry Changes Prompt Need to Reconsider U.S. Regulatory Structure 110 (October 2004)
34 See Jonathan R. Macey, The Business of Banking: Before And After Gramm-Leach-Bliley, 25 University of Iowa Journal of Corporation Law 691 (Summer 2000), p.709.
35 See 12 U.S.C. § 93(a) (1994)
36 See Linda Birkin Tigges, Notes & Comments, Functional Regulation of Bank Insurance Activities: The Time Has Come, 2 N.C. Banking Inst. 455, 475 (1998)
37 See Carter H. Golembe, Reform of the Financial Regulatory Structure, 2000-2 & 3 Golembe Rep.1,3(2000).
38 Gramm- Leach-Bliley Financial Modernization Bill Act Senate Report No. 106-44, at 16. "[T]he bill establishes the Federal Reserve Board... as the umbrella regulator of bank holding companies engaged in expanded financial activities."
39 15 U.S.C.S § 78c (a)(4)-(a)(5) (2004).
40 15 U.S.C. § 78c (a)(4)(B).
41 15 U.S.C. § 78o (i)(6)(A) (2004).
42 15 U.S.C. § 6701
43 15 U.S.C. §78o(i)(5)(D).
44 Pub. L. No.110-289,122 Stat.2654.
45 Section 1101, Pub. L. No.110-289,122 Stat.2654.
46 Pub. L. No.110-289,122 Stat.2800.
47 Section 1402, Pub. L. No.110-289,122 Stat.2654.
48 Pub. L. No.110-289,122 Stat.2830.
49 See Haggerty, U.S. Seizes Mortgage Giants--Government Ousts CEOs of Fannie, Freddie; Promises Up to $200 Billion in Capital, Wall St. J., Sept.8,2008, at A1.
50 U.S. Treasury Department Office of Public Affairs, Fact Sheet:Treasury Senior Preferred Stock Purchase Agreement, Sept.7,2008, http://www.treas.gov/press/releases/reports/pspa factsheet 090708%20hp1128.pdf. Retrieved 2009-10-23
51 Emergency Economic Stabilization Act of 2008, Pub. L. No.110-343, § 131,122 Stat.3797 (2008)
53 Pub. L. No.110-343, §113.
54 Pub. L. No.110-343, §102.
55 Pub. L. No.110-343, §124.
56 Pub. L. No.110-343, §136.
57 Pub. L.No.110-343, § 202(a).
58 Pub. L.No.110-343, §121 (f).
59 Pub. L. No.110-343, §132.
60 American Recovery and Reinvestment Act of 2009, Pub. L. No.111-5,123 Stat. 115,516-20(2009).
61 See Summary:American Recovery and Reinvestment. Committee on Appropriations.13 February 2009. http://appropriations.house.gov/pdf/PressSummary02-13-09.pdf. Retrieved 2009-02-17.
62 See Barry Bosworth and Aaron Flaaen, Financial Crisis American Style, Asian Economic Papers 8:3 (Fall 2009), p.165
63 12 U.S.C. § 7001; see also Edmund L. Andrews & Eric Dash, Stimulus Plan Places Tightens Reins on Wall St. Pay, N.Y.Times, Feb.14,2009, at A1.
64 See David Leonhardt, Economic Scene:Judging Stimulus by Job Data Reveals Success. New York Times. February 16,2010, available at http://www.nvtimes.com/2010/02/17/business/economv/17leonhardt.html:Retrieved 2010-03-05.
65 See Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output, United States Congressional Budget Office, http://www.cbo.gov/ftpdocs/106xx/docl 0682/Frontmatter.2.2.shtml Retrieved: 2010-3-05.
66 See Andy Sullivan, UPDATE 2-US stimulus added up to 2.1 mln jobs in Q4 2009-CBO". Reuters, February 23,2010. http://www.reuters.com/article/idUSN2311303720100223 Retrieved 2010-02-28.
67 See Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output, United States Congressional Budget Office, http://www.cbo.gov/ftpdocs/106xx/docl 0682/Frontmatter.2.2.shtml. Retrieved: 2010-3-20.
68 See Tom Lauricella et al., SEC Extends'Short'Ban as Bailout Advances, Wall St. Journal, Oct.2,2008, at Cl; SEC Short Ban List Now Covers More than 900 Firms, Reuters, Sept.22,2008,
69 See Floyd Norris, Banks Get New Leeway in Valuing Their Assets, New York Times, April 2,2009. http://www.nytimes.com/2009/04/03/business/03fasb.html? r=1&em. Retrieved 2009-10-28.
70 See Temporary Liquidity Guarantee Program,12 C.F.R. § 370 (2008), available at http://www.fdic.gov/news/board/08BODtlgp.pdf. Retrieved 2009-10-23.
71 See Louise Story, Regulators Seize IndyMac After a Run on the Bank, New York Times, July 12,2008, at C5; E. Scott Reckard & Andrea Chang, Banks Hit by Fallout from the Crisis at IndyMac, L.A. Times, July 15,2008, at A1.
72 See Matthew Ericson, Elaine He and Amy Schoenfeld, Tracking the$700 Billion Bailout, New York Times.http://projects.nytimes.com/creditcrisis/recipients/table. Retrieved 2010-3-21.
73 See Jeffrey Sachs, Obama's Bank Plan Could Rob the Taxpayer, Financial Times, March 25,2009. http://www.ft.com/cms/s/0/b3e99880199111 de9d34-0000779fd2ac.html?nclick_check=1 Retrieved 2009-10-28.
74 See Heidi N. Moore, Move to Ease 'Mark' Rule May Subvert Treasury Plan, Wall Street Journal, April 1,2009. http://online.wsi.com/article/SB123854595878676211.html#mod=testMod Retrieved 2009-10-23.
75 See Ros Krasny, Fed Data Shows Big Losses On Bear Stearns Deal, Reuters, April 23,2009. http://www.reuters.com/article/businessNews/idUSTRE53M5TO20090423 Retrieved 2009-10-23.
76 See Dean Baker and Matt Sherman, Investment Bank Welfare? The Implicit Bank Subsidies in the Primary Dealer Credit Facility (PDCF) and the Term Securities Lending Facility (TSLF) Created by the Federal Reserve Board, CEPR, March 2009. http://www.cepr.net/documents/publications/investmentbankwelfare200903.pdf Retrieved 2009-10-23.
77 http://www.federalreserve.gov/monetarypolicy/bst_lendingother.htm. Retrieved 2009-10-23.
78 See Barry Bosworth and Aaron Flaaen, Financial Crisis American Style, Asian Economic Papers 8:3 (Fall 2009), pp.146-177
79 U.S. Dep't of the Treasury, Financial Regulatory Reform-- A New Foundation: Rebuilding Financial Supervision and Regulation (2009), available at http:// www.financialstability.gov/docs/regs/FinalReport_web.pdf.("White Paper") Retrieved 2009-09-18.
80 Ibid. pp.3-4.
81 Ibid. pp.21-27
82 Ibid. pp.22-27
83 Ibid. pp.78-79
84 Ibid.p.7
85 Ibid. pp.76-78
86 Hearing on Monetary Policy and Systemic Risk Regulation before the Subcommittee on Domestic Monetary Policy and Technology Committee on Financial Services U.S. House of Representatives (Statement of John B. Taylor, Professor of Economics, Stanford University) (July 9,2009), available at http://www.house.gov/apps/list/hearing/financialsvcs_dem/taylor_testimony.pdf Retrieved 2010-04-10
87 John C. Ciorciari and John B. Taylor, The Road Ahead for the Fed, Hoover Press, Stanford University,2009.
Hearing on Financial Regulation And Restructuring, Before The Financial Services Committee United States House Of Representatives (July 24,2009) (Statement of Joseph A. Smith, Jr., North Carolina Commissioner Of Banks), available at http://www.house.gov/apps/list/hearing/financialsvcs_dem/joseph_a_smith_jr.pdf Retrieved 2010-04-10.
89 Hearing on Community and Consumer Advocates'Perspectives on the Obama Administration's Financial Regulatory Reform Proposals, Before the Committee on Financial Services United States House of Representatives (July 16,2009) (Testimony of Edmund Mierzwinski, Consumer Program Director U.S. Public Interest Research Group), available at http://www.house.gov/apps/list/hearing/financialsvcs_dem/mierzwinski_7.16.09.pdf Retrieved 2010-04-10
90 See David C. John, How to Protect Consumers in the Financial Marketplace:An Alternate Approach, The Heritage Foundation (September 8,2009), available at http://www.heritage.org/Research/Reports/2009/09/How-to-Protect-Consumers-in-the-Financial-Marketplace-An-Alternate-Approach, Retrieved 2010-04-10
91 Hearing on Federal Regulator Perspectives on Financial Regulatory Reform Proposals, Before the Committee on Financial Services United States House of Representatives (September 23,2009) (Statement of John E. Bowman Acting Director, Office of Thrift Supervision), available at http://www.house.gov/apps/list/hearing/financialsvcs_dem/bowman_-_ots.pdf. Retrieved 2010-04-10
92 See Peter Wallison, The Argument Against a Government Resolution Authority, Pew Financial Reform Project, Briefing Paper No.4 (August 18,2009) avaialble at http://www.pewfr.org/project_reports_detail?id=0016 Retrieved 2010-04-10
93 Douglas J. Elliott, Reviewing the Administration's Financial Reform Proposals, The Brookings Institution, June 17,2009, available at http://www.brookings.edu/-/media/Files/rc/papers/2009/0617_financial_reform_elliot 1/0617_financial_reform_elliott.pdf Retrieved 2010-04-10
94 Hearing on Financial Regulation And Restructuring, Before The Financial Services Committee United States House Of Representatives (July 24,2009) (Statement of Joseph A. Smith, Jr., North Carolina Commissioner Of Banks), available at http://www.house.gov/apps/list/hearing/financialsvcs_dem/joseph_a_smith_jr.pdf Retrieved 2010-04-10
95 Hearing on Community and Consumer Advocates'Perspectives on the Obama Administration's Financial Regulatory Reform Proposals, Before the Committee on Financial Services United States House of Representatives (July 16,2009) (Testimony of Edmund Mierzwinski, Consumer Program Director U.S. Public Interest Research Group), available at http://www.house.gov/apps/list/hearing/fmancialsvcs_dem/mierzwinski_7.16.09.pdf Retrieved 2010-04-10
96 Hearing on Financial Regulation And Restructuring, Before The Financial Services Committee United States House Of Representatives (July 24,2009) (Statement of Joseph A. Smith, Jr., North Carolina Commissioner Of Banks), available at http://www.house.gov/apps/list/hearing/financialsvcs_dem/joseph_a_smith ir.pdf Retrieved 2010-04-10
7 See Abel M Mateus, After the Crisis:Reforming Financial Regulation (November 12,2009). Available at SSRN:http://ssm.com/abstract=1504895, Retrieved 2010-02-02.
Also see Douglas J. Elliott, Evaluating Key Aspects of Senator Dodd's Revised Financial Reform Bill, The Brookings Institution (March 15,2010), available at http://www.brookings.edu/～/media/Files/rc/papers/2010/0315_financial_reform_elliot t/0315_financial_reform_elliott.pdf, Retrieved 2010-03-31.
See Ann Graham, The Consumer Financial Protection Agency:Love It or Hate It, U.S. Financial Regulation Needs It (March 6,2010). Villanova Law Review, Forthcoming. Available at SSRN:http://ssrn.com/abstract=1566245, Retrieved 2010-03-30;
Also see Michael Grunwald, The Case for a U.S. Consumer Financial Protection Agency, TIME (Feb.17,2010), available at http://www.time.com/time/politics/article/0.8599,1964469.00.html, Retrieved 2010-03-30;
Also see Press Release, Business for Shared Prosperity, Business Owners Want Strong Consumer Financial Protection Agency, Say Senate Should Stop Protection Wall Street (Feb.9,2010), available at http://www.businessforsharedprosperity.org/news/Business+Owners+Want+Strong+C onsumer+Financial+Protection+Agency%2C+Say+Senate+Should+Stop+Protecting+ Wall+Street, Retrieved 2010-03-30;
Also see Regulatory Restructuring:Enhancing Consumer Financial Products Regulation:Hearings Before the House Common Financial Services,111th Cong. (2009) (statement of Travis Plunkett, Consumer Federation of America,& Edmund Mierzwinski, U.S. PIRG (June 24,2009), available at http://www.house.gov/apps/list/hearing/financialsvcs_dem/mierzwinski_-_submitted_with_plunkett.pdf, Retrieved 2010-03-30.
99 See Joshua D. Wright & Todd J. Zywicki, Three Problematic Truths About the Consumer Financial Protection Agency Act of 2009 (September 15,2009). Lombard Street, Vol.1, No.12, September 14,2009; George Mason Law & Economics Research Paper No.09-48. Available at SSRN:http://ssrn.com/abstract=1474006, Retrieved 2009-11-14;
Also see David H. Carpenter and Mark Jickling, Financial Regulatory Reform: Analysis of the Consumer Financial Protection Agency (CFPA) as Proposed by the Obama Administration and H.R.3126, Congressional Research Service (September 9, 2009).
100 See Press Release, Financial Services Roundtable, Roundtable Opposes Consumer Financial Protection Agency (June 30,2009), available at http://www.fsround.org/media/htm09/roundtable_opposes_consumer_financial protec tion_agency.html, Retrieved 2009-09-18;
Also see Perspectives on the Consumer Financial Protection Agency:Hearing Before the House Committee on Financial Services,111th Cong. (2009) (statements of R. Michael S. Menzies, Sr., on behalf of the Independent Community Bankers of America; and Edward L. Yingling, American Bankers Association (Sept.30,2009), available at http://www.house.gov/apps/list/hearing/fmancialsvcs_dem/hr_092309.shtml, Retrieved 2009-10-28;
Also see Perspectives on the Consumer Financial Protection Agency:Hearing Before the H. Comm. on Financial Services,111th Cong. (2009) (statement of Andrew J. Pincus on behalf of the U.S. Chamber of Commerce (Sept.30,2009), available at http://www.house.gov/apps/list/hearing/financialsvcs_dem/pincus_-_chamber.pdf, Retrieved 20099-10-28.
101 Wall Street Act, H.R.4173, Section 1001 et seq.
102 Wall Street Act, H.R.4173, Section 1609(n).
104 Wall Street Act, H.R.4173, Section 2001 et seq.
105 Wall Street Act, H.R.4173, Section 4001 et seq.
106 Wall Street Act, H.R.4173, Section 4105.
107 Wall Street Act, H.R.4173, Section 5001 et seq.
108 Wall Street Act, H.R.4173, Section 6001 et seq.
109 Wall Street Act, H.R.4173, Section 7001 et seq.
110 Restoring American Financial Stability Act of 2010, Section 1001 et seq.
111 Restoring American Financial Stability Act of 2010, Section 312.
112 Restoring American Financial Stability Act of 2010, Section 311 et seq.
113 Restoring American Financial Stability Act of 2010, Section 932.
114 Restoring American Financial Stability Act of 2010, Section 941.
115 Restoring American Financial Stability Act of 2010, Section 111 et seq.
116 Restoring American Financial Stability Act of 2010, Section 204 et seq.
117 Restoring American Financial Stability Act of 2010, Section 202.
118 Restoring American Financial Stability Act of 2010, Section 410.
119丁邦开,周仲飞：《金融监管学原理》,北京大学出版社2004年版,pp.41-42
120丁邦开,周仲飞：《金融监管学原理》,北京大学出版社2004年版,p.42
121艾娃·胡普凯斯(Eva H.G.Hupkes):《比较视野中的银行破产法律制度》,季立刚译,法律出版社2006年版,p.1
122季立刚：《银行破产法律制度比较研究》,学林出版社2006年版,p.204
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http://cop.senate.gov/documents/cop-012909-report-regulatorvreform.pdf.Retrieved 2009-09-16.
2 See David Moss, An Ounce of Prevention:The Power of Sound Risk Management in Stabilizing the American Financial System (2009). See also Federal Deposit Insurance Corporation, History of the Eighties—Lessons for the Future, Volume Ⅰ:An Examination of the Banking Crises of the 1980s and Early 1990s, p.187
3 See Kevin O'Leary, The Great Recession:Will Construction Workers Survive?, TIME MAFAZINE, Feb.06,2010; also see Daniel Gross, Jul 14,2009 The Recession Is Over?, NEWSWEEK, July 14,2009; also see David Leonhardt, After the Great Recession, NEW YORK TIMES, May 3,2009.
4 See Roger C. Altman. The Great Crash,2008. Foreign Affairs. http://www.foreignaffairs.org/20090101 faessav88101/roger-c-altman/the-great-crash-2008.html. Retrieved 2009-09-19.
5 http://www.bloomberg.com/apps/news?pid=20601103&sid=aoD0J3elHdxk. Retrieved 2009-12-19.
6 Investment Company Institute, U.S. Retirement Market, Third Quarter 2009, Vol. 18. No.5-O3 (Feb.2010). available at http://www.ici.org/pdf/retmrkt update.pdf. Retrieved 2010-03-05.
7 BEA Press Releases, http://www.bea.eov/newsreleases/national/gdD/gdpnewsrelease.htm. Retrieved 2010-03-12.
8 BLS-Historical Unemployment Rate Table, http://data.bls.eov/PDO/servlet/SurvevOutputServlet?data tool=latest numbers&seri es_id=LNU04000000&years_option=all_years&periods_option=specific_periods&pe riods=Annual+Data Retrieved 2009-11-27
9 See Acharya Richardson, Restoring Financial Stability:How to Repair a Failed System (Wiley 2009); The Economic Crisis:Greed is the Cause, Socialist Voice, July 30.2008. available at http://www.politicalaffairs.net/article/view/7196/1/344/. Retrieved 2009-10-28.
10 See John B. Taylor, Getting Off Track:How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis (Hoover Institute Press 2009), pp.1-3
11 See J. C. Coffee, What Went Wrong? An Initial Inquiry into the Causes of the 2008 Financial Crisis. The Journal of Corporate Law Studies v.9 no. ptl (April 2009) pp. 1-22
12 See Arnold Kling, Not What They Had in Mind:A History of Policies that Produced the Financial Crisis of 2008, Arlington, VA:Mercatus Center at George Mason University (September 2009), p.11
13美国金融法律史上先后有两部《格拉斯·斯蒂格尔法》,两部法案均由民主党参议员卡特·格拉斯和民主党众议员亨利·斯蒂格尔提出,第一部是1932年,第二部是1933年,后者更具影响力,通常在我国所称的《格拉斯·斯蒂格尔法》即指1933年那部影响深远的法律。
14 The Banking Act of 1933, Pub. L. No.73-66,48 Stat.162.
15 See Robert Pozen, Stop Pining for Glass-Steagall, from forbes.com. available at www.forbes.com/forbes/2009/1005/opinions-glass-steagall-on-my-mind.html, Retrieved 2009-10-06.
16 See Regulation Q,12 CFR part 217, see also Section 11 of the Banking Act of 1933,12 U.S.C.§371a.
17 See Hockett, Robert, A Fixer-Upper for Finance, Washington University Law Review, (2010) p.87.
18 See Matthew Sherman, A Short History of Financial Deregulation in the United States. Center for Economic and Policy Research (July 2009), available at http://www.openthegovernment.org/otg/dereg-timeline-2009-07.pdf Retrieved 2009-09-20.
19 P.L.73-22,48 Stat.74 (1933)
20 P.L.73-291,48 Stat.881 (1934)
21 See Alton R Gilbert., Requiem for Regulation Q:What it Did and Why it Passed Away, Federal Reserve Bank of St. Louis, February 1986. available at: http://research.stlouisfed.org/publications/review/86/02/Requiem_Feb1986.pdf Retrieved 2009-09-20.
22 See PBS Frontline, The Long Demise of Glass-Steagall, The Wall Street Fix, May 8,2003. Available at: http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html. Retrieved 2009-9-20.
23 Pub. L. No.103-328,108 Stat.2338 (Codified to 12 U.S.C.§1841, et seq.)
24 See Joseph N Heiney, Consolidation in the U.S. Banking Industry Since Riegle-Neal, Clute Institute, IABR & TLC Conference,2009. Available at: http://www.cluteinstitute.com/Programs/San_Antonio_2009/Article%20303.pdf
Retrieved 2010-02-20
25 See Federal Reserve Board, Order Approving Formation of a Bank Holding Company and Notice to Engage in Nonbanking Activities, 84 Fed. Res. Bull. 985 (1998).
26 See James R. Barth, Dan Brumbaugh Jr. and James A. Wilcox, The Repeal of Glass-Steagall and the Advent of Broad Banking, Journal of Economic Perspectives, vol.14, no.2, Spring 2000.
27 See Serena Ng, Default Swaps: One Boom in the Crunch - Volume Soared in'07 as Woes Worsened, Wall Street Journal, April, 16, 2008, p.C2.
28 Hearing, supra note 31 (statement of Frank L. Raiter, Managing Director and Head of Residential Mortgage Backed Securities Ratings Group, Standard and Poor's, Mar. 1995-Apr. 2005),available at http://oversight.house.gov/documents/200810221 02804.pdf, Retrieved 2009-10-28.
29 See Andrew Kelman, Mortgage-backed Securities & Collateralized Mortgage Obligations: Prudent CRA INVESTMENT Opportunities, CMTY. INVS. (Fed. Reserve Bank of San Francisco, San Francisco, C.A.), Mar. 2002, pp. 20, 22-23.
30 Hearing, (statement of Frank L. Raiter, Managing Director and Head of Residential Mortgage Backed Securities Ratings Group, Standard and Poor's, Mar. 1995-Apr. 2005), available at http://oversight.house.gov/documents/200810221 02804.pdf, Retrieved 2009-10-28.
31 See Eilis Ferran, Examining the UK's Experience in Adopting the Single Financial Regulator Model, 2003,28 Brooklyn Journal of International Law p.257.
32丁邦开、周仲飞：《金融监管学原理》,北京大学出版社2004年版,p.27
33 See U.S. Government Accountability Office, Report to the Chairman, Comm. on Banking, Housing, and Urban Affairs, U.S. Senate, Financial Regulation-Industry Changes Prompt Need to Reconsider U.S. Regulatory Structure 110 (October 2004)
34 See Jonathan R. Macey, The Business of Banking: Before And After Gramm-Leach-Bliley, 25 University of Iowa Journal of Corporation Law 691 (Summer 2000), p.709.
35 See 12 U.S.C. § 93(a) (1994)
36 See Linda Birkin Tigges, Notes & Comments, Functional Regulation of Bank Insurance Activities: The Time Has Come, 2 N.C. Banking Inst. 455, 475 (1998)
37 See Carter H. Golembe, Reform of the Financial Regulatory Structure, 2000-2 & 3 Golembe Rep.1,3(2000).
38 Gramm- Leach-Bliley Financial Modernization Bill Act Senate Report No. 106-44, at 16. "[T]he bill establishes the Federal Reserve Board... as the umbrella regulator of bank holding companies engaged in expanded financial activities."
39 15 U.S.C.S § 78c (a)(4)-(a)(5) (2004).
40 15 U.S.C. § 78c (a)(4)(B).
41 15 U.S.C. § 78o (i)(6)(A) (2004).
42 15 U.S.C. § 6701
43 15 U.S.C. §78o(i)(5)(D).
44 Pub. L. No.110-289,122 Stat.2654.
45 Section 1101, Pub. L. No.110-289,122 Stat.2654.
46 Pub. L. No.110-289,122 Stat.2800.
47 Section 1402, Pub. L. No.110-289,122 Stat.2654.
48 Pub. L. No.110-289,122 Stat.2830.
49 See Haggerty, U.S. Seizes Mortgage Giants--Government Ousts CEOs of Fannie, Freddie; Promises Up to $200 Billion in Capital, Wall St. J., Sept.8,2008, at A1.
50 U.S. Treasury Department Office of Public Affairs, Fact Sheet:Treasury Senior Preferred Stock Purchase Agreement, Sept.7,2008, http://www.treas.gov/press/releases/reports/pspa factsheet 090708%20hp1128.pdf. Retrieved 2009-10-23
51 Emergency Economic Stabilization Act of 2008, Pub. L. No.110-343, § 131,122 Stat.3797 (2008)
53 Pub. L. No.110-343, §113.
54 Pub. L. No.110-343, §102.
55 Pub. L. No.110-343, §124.
56 Pub. L. No.110-343, §136.
57 Pub. L.No.110-343, § 202(a).
58 Pub. L.No.110-343, §121 (f).
59 Pub. L. No.110-343, §132.
60 American Recovery and Reinvestment Act of 2009, Pub. L. No.111-5,123 Stat. 115,516-20(2009).
61 See Summary:American Recovery and Reinvestment. Committee on Appropriations.13 February 2009. http://appropriations.house.gov/pdf/PressSummary02-13-09.pdf. Retrieved 2009-02-17.
62 See Barry Bosworth and Aaron Flaaen, Financial Crisis American Style, Asian Economic Papers 8:3 (Fall 2009), p.165
63 12 U.S.C. § 7001; see also Edmund L. Andrews & Eric Dash, Stimulus Plan Places Tightens Reins on Wall St. Pay, N.Y.Times, Feb.14,2009, at A1.
64 See David Leonhardt, Economic Scene:Judging Stimulus by Job Data Reveals Success. New York Times. February 16,2010, available at http://www.nvtimes.com/2010/02/17/business/economv/17leonhardt.html:Retrieved 2010-03-05.
65 See Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output, United States Congressional Budget Office, http://www.cbo.gov/ftpdocs/106xx/docl 0682/Frontmatter.2.2.shtml Retrieved: 2010-3-05.
66 See Andy Sullivan, UPDATE 2-US stimulus added up to 2.1 mln jobs in Q4 2009-CBO". Reuters, February 23,2010. http://www.reuters.com/article/idUSN2311303720100223 Retrieved 2010-02-28.
67 See Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output, United States Congressional Budget Office, http://www.cbo.gov/ftpdocs/106xx/docl 0682/Frontmatter.2.2.shtml. Retrieved: 2010-3-20.
68 See Tom Lauricella et al., SEC Extends'Short'Ban as Bailout Advances, Wall St. Journal, Oct.2,2008, at Cl; SEC Short Ban List Now Covers More than 900 Firms, Reuters, Sept.22,2008,
69 See Floyd Norris, Banks Get New Leeway in Valuing Their Assets, New York Times, April 2,2009. http://www.nytimes.com/2009/04/03/business/03fasb.html? r=1&em. Retrieved 2009-10-28.
70 See Temporary Liquidity Guarantee Program,12 C.F.R. § 370 (2008), available at http://www.fdic.gov/news/board/08BODtlgp.pdf. Retrieved 2009-10-23.
71 See Louise Story, Regulators Seize IndyMac After a Run on the Bank, New York Times, July 12,2008, at C5; E. Scott Reckard & Andrea Chang, Banks Hit by Fallout from the Crisis at IndyMac, L.A. Times, July 15,2008, at A1.
72 See Matthew Ericson, Elaine He and Amy Schoenfeld, Tracking the$700 Billion Bailout, New York Times.http://projects.nytimes.com/creditcrisis/recipients/table. Retrieved 2010-3-21.
73 See Jeffrey Sachs, Obama's Bank Plan Could Rob the Taxpayer, Financial Times, March 25,2009. http://www.ft.com/cms/s/0/b3e99880199111 de9d34-0000779fd2ac.html?nclick_check=1 Retrieved 2009-10-28.
74 See Heidi N. Moore, Move to Ease 'Mark' Rule May Subvert Treasury Plan, Wall Street Journal, April 1,2009. http://online.wsi.com/article/SB123854595878676211.html#mod=testMod Retrieved 2009-10-23.
75 See Ros Krasny, Fed Data Shows Big Losses On Bear Stearns Deal, Reuters, April 23,2009. http://www.reuters.com/article/businessNews/idUSTRE53M5TO20090423 Retrieved 2009-10-23.
76 See Dean Baker and Matt Sherman, Investment Bank Welfare? The Implicit Bank Subsidies in the Primary Dealer Credit Facility (PDCF) and the Term Securities Lending Facility (TSLF) Created by the Federal Reserve Board, CEPR, March 2009. http://www.cepr.net/documents/publications/investmentbankwelfare200903.pdf Retrieved 2009-10-23.
77 http://www.federalreserve.gov/monetarypolicy/bst_lendingother.htm. Retrieved 2009-10-23.
78 See Barry Bosworth and Aaron Flaaen, Financial Crisis American Style, Asian Economic Papers 8:3 (Fall 2009), pp.146-177
79 U.S. Dep't of the Treasury, Financial Regulatory Reform-- A New Foundation: Rebuilding Financial Supervision and Regulation (2009), available at http:// www.financialstability.gov/docs/regs/FinalReport_web.pdf.("White Paper") Retrieved 2009-09-18.
80 Ibid. pp.3-4.
81 Ibid. pp.21-27
82 Ibid. pp.22-27
83 Ibid. pp.78-79
84 Ibid.p.7
85 Ibid. pp.76-78
86 Hearing on Monetary Policy and Systemic Risk Regulation before the Subcommittee on Domestic Monetary Policy and Technology Committee on Financial Services U.S. House of Representatives (Statement of John B. Taylor, Professor of Economics, Stanford University) (July 9,2009), available at http://www.house.gov/apps/list/hearing/financialsvcs_dem/taylor_testimony.pdf Retrieved 2010-04-10
87 John C. Ciorciari and John B. Taylor, The Road Ahead for the Fed, Hoover Press, Stanford University,2009.
Hearing on Financial Regulation And Restructuring, Before The Financial Services Committee United States House Of Representatives (July 24,2009) (Statement of Joseph A. Smith, Jr., North Carolina Commissioner Of Banks), available at http://www.house.gov/apps/list/hearing/financialsvcs_dem/joseph_a_smith_jr.pdf Retrieved 2010-04-10.
89 Hearing on Community and Consumer Advocates'Perspectives on the Obama Administration's Financial Regulatory Reform Proposals, Before the Committee on Financial Services United States House of Representatives (July 16,2009) (Testimony of Edmund Mierzwinski, Consumer Program Director U.S. Public Interest Research Group), available at http://www.house.gov/apps/list/hearing/financialsvcs_dem/mierzwinski_7.16.09.pdf Retrieved 2010-04-10
90 See David C. John, How to Protect Consumers in the Financial Marketplace:An Alternate Approach, The Heritage Foundation (September 8,2009), available at http://www.heritage.org/Research/Reports/2009/09/How-to-Protect-Consumers-in-the-Financial-Marketplace-An-Alternate-Approach, Retrieved 2010-04-10
91 Hearing on Federal Regulator Perspectives on Financial Regulatory Reform Proposals, Before the Committee on Financial Services United States House of Representatives (September 23,2009) (Statement of John E. Bowman Acting Director, Office of Thrift Supervision), available at http://www.house.gov/apps/list/hearing/financialsvcs_dem/bowman_-_ots.pdf. Retrieved 2010-04-10
92 See Peter Wallison, The Argument Against a Government Resolution Authority, Pew Financial Reform Project, Briefing Paper No.4 (August 18,2009) avaialble at http://www.pewfr.org/project_reports_detail?id=0016 Retrieved 2010-04-10
93 Douglas J. Elliott, Reviewing the Administration's Financial Reform Proposals, The Brookings Institution, June 17,2009, available at http://www.brookings.edu/-/media/Files/rc/papers/2009/0617_financial_reform_elliot 1/0617_financial_reform_elliott.pdf Retrieved 2010-04-10
94 Hearing on Financial Regulation And Restructuring, Before The Financial Services Committee United States House Of Representatives (July 24,2009) (Statement of Joseph A. Smith, Jr., North Carolina Commissioner Of Banks), available at http://www.house.gov/apps/list/hearing/financialsvcs_dem/joseph_a_smith_jr.pdf Retrieved 2010-04-10
95 Hearing on Community and Consumer Advocates'Perspectives on the Obama Administration's Financial Regulatory Reform Proposals, Before the Committee on Financial Services United States House of Representatives (July 16,2009) (Testimony of Edmund Mierzwinski, Consumer Program Director U.S. Public Interest Research Group), available at http://www.house.gov/apps/list/hearing/fmancialsvcs_dem/mierzwinski_7.16.09.pdf Retrieved 2010-04-10
96 Hearing on Financial Regulation And Restructuring, Before The Financial Services Committee United States House Of Representatives (July 24,2009) (Statement of Joseph A. Smith, Jr., North Carolina Commissioner Of Banks), available at http://www.house.gov/apps/list/hearing/financialsvcs_dem/joseph_a_smith ir.pdf Retrieved 2010-04-10
7 See Abel M Mateus, After the Crisis:Reforming Financial Regulation (November 12,2009). Available at SSRN:http://ssm.com/abstract=1504895, Retrieved 2010-02-02.
Also see Douglas J. Elliott, Evaluating Key Aspects of Senator Dodd's Revised Financial Reform Bill, The Brookings Institution (March 15,2010), available at http://www.brookings.edu/～/media/Files/rc/papers/2010/0315_financial_reform_elliot t/0315_financial_reform_elliott.pdf, Retrieved 2010-03-31.
See Ann Graham, The Consumer Financial Protection Agency:Love It or Hate It, U.S. Financial Regulation Needs It (March 6,2010). Villanova Law Review, Forthcoming. Available at SSRN:http://ssrn.com/abstract=1566245, Retrieved 2010-03-30;
Also see Michael Grunwald, The Case for a U.S. Consumer Financial Protection Agency, TIME (Feb.17,2010), available at http://www.time.com/time/politics/article/0.8599,1964469.00.html, Retrieved 2010-03-30;
Also see Press Release, Business for Shared Prosperity, Business Owners Want Strong Consumer Financial Protection Agency, Say Senate Should Stop Protection Wall Street (Feb.9,2010), available at http://www.businessforsharedprosperity.org/news/Business+Owners+Want+Strong+C onsumer+Financial+Protection+Agency%2C+Say+Senate+Should+Stop+Protecting+ Wall+Street, Retrieved 2010-03-30;
Also see Regulatory Restructuring:Enhancing Consumer Financial Products Regulation:Hearings Before the House Common Financial Services,111th Cong. (2009) (statement of Travis Plunkett, Consumer Federation of America,& Edmund Mierzwinski, U.S. PIRG (June 24,2009), available at http://www.house.gov/apps/list/hearing/financialsvcs_dem/mierzwinski_-_submitted_with_plunkett.pdf, Retrieved 2010-03-30.
99 See Joshua D. Wright & Todd J. Zywicki, Three Problematic Truths About the Consumer Financial Protection Agency Act of 2009 (September 15,2009). Lombard Street, Vol.1, No.12, September 14,2009; George Mason Law & Economics Research Paper No.09-48. Available at SSRN:http://ssrn.com/abstract=1474006, Retrieved 2009-11-14;
Also see David H. Carpenter and Mark Jickling, Financial Regulatory Reform: Analysis of the Consumer Financial Protection Agency (CFPA) as Proposed by the Obama Administration and H.R.3126, Congressional Research Service (September 9, 2009).
100 See Press Release, Financial Services Roundtable, Roundtable Opposes Consumer Financial Protection Agency (June 30,2009), available at http://www.fsround.org/media/htm09/roundtable_opposes_consumer_financial protec tion_agency.html, Retrieved 2009-09-18;
Also see Perspectives on the Consumer Financial Protection Agency:Hearing Before the House Committee on Financial Services,111th Cong. (2009) (statements of R. Michael S. Menzies, Sr., on behalf of the Independent Community Bankers of America; and Edward L. Yingling, American Bankers Association (Sept.30,2009), available at http://www.house.gov/apps/list/hearing/fmancialsvcs_dem/hr_092309.shtml, Retrieved 2009-10-28;
Also see Perspectives on the Consumer Financial Protection Agency:Hearing Before the H. Comm. on Financial Services,111th Cong. (2009) (statement of Andrew J. Pincus on behalf of the U.S. Chamber of Commerce (Sept.30,2009), available at http://www.house.gov/apps/list/hearing/financialsvcs_dem/pincus_-_chamber.pdf, Retrieved 20099-10-28.
101 Wall Street Act, H.R.4173, Section 1001 et seq.
102 Wall Street Act, H.R.4173, Section 1609(n).
104 Wall Street Act, H.R.4173, Section 2001 et seq.
105 Wall Street Act, H.R.4173, Section 4001 et seq.
106 Wall Street Act, H.R.4173, Section 4105.
107 Wall Street Act, H.R.4173, Section 5001 et seq.
108 Wall Street Act, H.R.4173, Section 6001 et seq.
109 Wall Street Act, H.R.4173, Section 7001 et seq.
110 Restoring American Financial Stability Act of 2010, Section 1001 et seq.
111 Restoring American Financial Stability Act of 2010, Section 312.
112 Restoring American Financial Stability Act of 2010, Section 311 et seq.
113 Restoring American Financial Stability Act of 2010, Section 932.
114 Restoring American Financial Stability Act of 2010, Section 941.
115 Restoring American Financial Stability Act of 2010, Section 111 et seq.
116 Restoring American Financial Stability Act of 2010, Section 204 et seq.
117 Restoring American Financial Stability Act of 2010, Section 202.
118 Restoring American Financial Stability Act of 2010, Section 410.
119丁邦开,周仲飞：《金融监管学原理》,北京大学出版社2004年版,pp.41-42
120丁邦开,周仲飞：《金融监管学原理》,北京大学出版社2004年版,p.42
121艾娃·胡普凯斯(Eva H.G.Hupkes):《比较视野中的银行破产法律制度》,季立刚译,法律出版社2006年版,p.1
122季立刚：《银行破产法律制度比较研究》,学林出版社2006年版,p.204
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