美国金融监管放松改革的影响与启示研究——《经济增长、监管放松与消费者保护法案》评析
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摘要
在全球金融体系中,美国占据举足轻重的位置,其监管政策走向一直为世界广泛关注。在竞选总统之初,特朗普就明确提出了"金融去监管"的口号,主张废除2010年出台的《多德-弗兰克法案》。2018年5月24日,特朗普签署《经济增长、监管放松与消费者保护法案》,正式修改了《多德-弗兰克法案》。本文概括分析了主要修改的五个方面:对抵押贷款的监管放松,对社区银行的监管放松,对大型银行的监管放松,对证券市场的监管放松,加强金融消费者权益保护。相应地,新法案将带来四个方面的潜在影响:能够释放中小型银行活力,助力美国经济复苏反弹;会产生监管外溢效应,迫使他国被动跟进并引发全球性金融监管放松;将带动相关金融监管规则的修订,未来或将推出更多监管放松措施;监管放松将引发更多风险事件,后续会推高联邦赤字。最后,本文结合我国实际情况提出三方面建议:重新审视监管政策,建立差异化的监管思路;警惕美国系列政策的影响,采取妥善政策措施加以应对;借鉴美国相关政策的做法,加大金融消费者权益保护力度。
The United States has a pivotal position in the global financial system, and its regulatory policy direction has been widely concerned around the world. At the beginning of the campaign for the president, Trump clearly put forward the slogan of "financial deregulation" and advocated the abolition of the Dodd-Frank Act. On May 24, 2018, Trump signed into law the Economic Growth, Regulatory Relief and Consumer Protection Act, and officially made amendments to the Dodd-Frank Act. This article summarizes the main changes from five aspects: the supervision relaxation of mortgage loans, the supervision relaxation of community banks, the supervision relaxation of large banks, the supervision relaxation of the securities market, and the enhancement of consumer protections. Correspondingly, the new bill will bring about four potential impacts: it will release the vitality of small and medium-sized banks, and help the US economic recovery; it will enact a regulatory spillover effect, forcing other countries to passively follow up and trigger global financial regulatory relaxation; it will drive the revision of relevant financial regulatory rules, and more regulatory easing measures will be introduced in the future; regulatory easing will trigger more risk events, and push up the federal deficit in the near future. Finally, this paper puts forward three suggestions based on the actual situation in China: we should re-examine the regulatory policies and establish differentiated supervision ideas; we have to guard against the influence of the new policies and adopt appropriate policy measures to deal with them; we should learn from the relevant US policies to increase the protection of financial consumer rights.
The United States has a pivotal position in the global financial system, and its regulatory policy direction has been widely concerned around the world. At the beginning of the campaign for the president, Trump clearly put forward the slogan of "financial deregulation" and advocated the abolition of the Dodd-Frank Act. On May 24, 2018, Trump signed into law the Economic Growth, Regulatory Relief and Consumer Protection Act, and officially made amendments to the Dodd-Frank Act. This article summarizes the main changes from five aspects: the supervision relaxation of mortgage loans, the supervision relaxation of community banks, the supervision relaxation of large banks, the supervision relaxation of the securities market, and the enhancement of consumer protections. Correspondingly, the new bill will bring about four potential impacts: it will release the vitality of small and medium-sized banks, and help the US economic recovery; it will enact a regulatory spillover effect, forcing other countries to passively follow up and trigger global financial regulatory relaxation; it will drive the revision of relevant financial regulatory rules, and more regulatory easing measures will be introduced in the future; regulatory easing will trigger more risk events, and push up the federal deficit in the near future. Finally, this paper puts forward three suggestions based on the actual situation in China: we should re-examine the regulatory policies and establish differentiated supervision ideas; we have to guard against the influence of the new policies and adopt appropriate policy measures to deal with them; we should learn from the relevant US policies to increase the protection of financial consumer rights.
引文
1.陈昊和鲁政委,美国对《多德-弗兰克法案》的修订,https://wallstreetcn.com/articles/3271862,2018年4月4日。
2.黄志凌,金融监管的作用、定位与改革方向,金融监管研究,2017年第10期,1-9。
3.廖凡,钢丝上的平衡:美国证券信息披露体系的演变,法学,2003年第4期,107。
4.宋丽智和胡宏兵,美国《多德-弗兰克法案》解读--兼论对我国金融监管的借鉴与启示,宏观经济研究,2011年第1期,67-70。
5.宋湘燕和袁春旺,美国金融去监管新政及影响,中国金融,2018年第12期,86。
6.易宪容,美国金融业监管制度的演进,世界经济,2002年第7期,35-39。
7.周卫江,美国金融监管的历史性变革---评析《多德-弗兰克法案》,金融论坛,2011年第3期,74-79。
8.Congressional budget office,Economic Growth,Regulatory Relief,and Consumer Protection Act,https://www.cbo.gov/system/files/115th-congress-2017-2018/costestimate/s2155.pdf,March 5,2018.
9.Federal Financial Analytics Inc.,Where The Money Goes and Why it Matters:The Market and Policy Impact of Reduced Custody-Bank Deposit Capacity,https://www.valuewalk.com/wp-content/uploads/2015/08/Fed Fin-Study-The-Market-and-Policy-Impact-of-Reduced-Custody-Bank-DepositCapacity1.pdf,August 4,2015.
10.Office of Comptroller of Currency,Key Differences Between National Bank Regulatory Requirements and Federal Savings Association Regulatory Requirements,https://www.occ.treas.gov/publications/publicationsby-type/other-publications-reports/Key-differences-document-public.pdf,October 31,2014.
11.The U.S.Government Printing Office,Dodd-Frank Wall Street Reform and Consumer Protection Act,https://www.congress.gov/111/plaws/publ203/PLAW-111publ203.pdf,July 21,2010.
12.United States,Proceedings and Debates of the 115th Congress,Second Session,Congressional Record,Vol.164,No.39.
1分期付款(Negative Amortization),即通过定期归还一定金额的方式偿还贷款,所欠贷款金额会随着按期偿还逐渐减少。而负分期付款则表示,即便已经按期归还一定金额,但是所欠贷款金额却不降反增,原因是每期偿还额不足以覆盖新增的贷款利息。
2气球支付(Balloon Payment),即分期付款中最后一期支付金额比之前各期支付金额均值的2倍还多。
1主要住宅是指一个家庭通常居住的地方,可以理解为国内的“首套房”概念。
2托管账户是指由发放抵押贷款的银行设立的,用于支付房产税和房主保险等经常性费用的专用账户。
1 Congressional budget office,Economic Growth,Regulatory Relief,and Consumer Protection Act,https://www.cbo.gov/system/files/115th-congress-2017-2018/costestimate/s2155.pdf,March 5,2018,34.
2 Congressional budget office,Economic Growth,Regulatory Relief,and Consumer Protection Act,https://www.cbo.gov/system/files/115th-congress-2017-2018/costestimate/s2155.pdf,March 5,2018,35.
3央行放款(central bank placement),即在中央银行的存款。
1流动性覆盖率是指优质流动性资产储备与未来30日的资金净流出量之比。该比率的标准是不低于100%。
1非报告公司(nonreporting companies),即无需遵守美国《证券交易法》相关报告要求的发行人。
1美国的助学贷款大致分为联邦助学贷款和私人助学贷款两种。联邦助学贷款由美国联邦政府担保,资金由联邦财政、教育部直接发放,是美国学生支付学费的首选途径,但贷款金额相对有限;私人助学贷款一般是由银行等信贷机构发放,利息相对较高。
2英为财情,美国国内生产总值(GDP)(季度环比),https://cn.investing.com/economic-calendar/gdp-375,2018年7月27日。之前看新闻报道说2018年第1季度是连续8个季度经济上行,所以写的是二季度连续9个季度经济上行,但是经进一步确认,应该是连续13个季度上行。
1 The Office of the Comptroller of the Currency,Comptroller of the Currency Congratulates House on Passage of Important Regulatory Reforms,https://www.occ.treas.gov/news-issuances/news-releases/2018/nr-occ-2018-50.html,May 22,2018.
1《国际金融报》,《多德-弗兰克法案》修订计划再过一关,美国银行业监管松绑在即,http://cj.sina.com.cn/articles/view/1872005590/6f9489d6019006n43,2018年5月23日。
2杨月涵,旋涡中的多德弗兰克法案,http://www.bbtnews.com.cn/2018/0523/242879.shtml,2018年5月23日。
3周武英,美参院批准修订《多德-弗兰克法案》,http://dz.jjckb.cn/www/pages/webpage2009/html/2018-03/16/content_41728.htm,2018年3月16日。
2.黄志凌,金融监管的作用、定位与改革方向,金融监管研究,2017年第10期,1-9。
3.廖凡,钢丝上的平衡:美国证券信息披露体系的演变,法学,2003年第4期,107。
4.宋丽智和胡宏兵,美国《多德-弗兰克法案》解读--兼论对我国金融监管的借鉴与启示,宏观经济研究,2011年第1期,67-70。
5.宋湘燕和袁春旺,美国金融去监管新政及影响,中国金融,2018年第12期,86。
6.易宪容,美国金融业监管制度的演进,世界经济,2002年第7期,35-39。
7.周卫江,美国金融监管的历史性变革---评析《多德-弗兰克法案》,金融论坛,2011年第3期,74-79。
8.Congressional budget office,Economic Growth,Regulatory Relief,and Consumer Protection Act,https://www.cbo.gov/system/files/115th-congress-2017-2018/costestimate/s2155.pdf,March 5,2018.
9.Federal Financial Analytics Inc.,Where The Money Goes and Why it Matters:The Market and Policy Impact of Reduced Custody-Bank Deposit Capacity,https://www.valuewalk.com/wp-content/uploads/2015/08/Fed Fin-Study-The-Market-and-Policy-Impact-of-Reduced-Custody-Bank-DepositCapacity1.pdf,August 4,2015.
10.Office of Comptroller of Currency,Key Differences Between National Bank Regulatory Requirements and Federal Savings Association Regulatory Requirements,https://www.occ.treas.gov/publications/publicationsby-type/other-publications-reports/Key-differences-document-public.pdf,October 31,2014.
11.The U.S.Government Printing Office,Dodd-Frank Wall Street Reform and Consumer Protection Act,https://www.congress.gov/111/plaws/publ203/PLAW-111publ203.pdf,July 21,2010.
12.United States,Proceedings and Debates of the 115th Congress,Second Session,Congressional Record,Vol.164,No.39.
1分期付款(Negative Amortization),即通过定期归还一定金额的方式偿还贷款,所欠贷款金额会随着按期偿还逐渐减少。而负分期付款则表示,即便已经按期归还一定金额,但是所欠贷款金额却不降反增,原因是每期偿还额不足以覆盖新增的贷款利息。
2气球支付(Balloon Payment),即分期付款中最后一期支付金额比之前各期支付金额均值的2倍还多。
1主要住宅是指一个家庭通常居住的地方,可以理解为国内的“首套房”概念。
2托管账户是指由发放抵押贷款的银行设立的,用于支付房产税和房主保险等经常性费用的专用账户。
1 Congressional budget office,Economic Growth,Regulatory Relief,and Consumer Protection Act,https://www.cbo.gov/system/files/115th-congress-2017-2018/costestimate/s2155.pdf,March 5,2018,34.
2 Congressional budget office,Economic Growth,Regulatory Relief,and Consumer Protection Act,https://www.cbo.gov/system/files/115th-congress-2017-2018/costestimate/s2155.pdf,March 5,2018,35.
3央行放款(central bank placement),即在中央银行的存款。
1流动性覆盖率是指优质流动性资产储备与未来30日的资金净流出量之比。该比率的标准是不低于100%。
1非报告公司(nonreporting companies),即无需遵守美国《证券交易法》相关报告要求的发行人。
1美国的助学贷款大致分为联邦助学贷款和私人助学贷款两种。联邦助学贷款由美国联邦政府担保,资金由联邦财政、教育部直接发放,是美国学生支付学费的首选途径,但贷款金额相对有限;私人助学贷款一般是由银行等信贷机构发放,利息相对较高。
2英为财情,美国国内生产总值(GDP)(季度环比),https://cn.investing.com/economic-calendar/gdp-375,2018年7月27日。之前看新闻报道说2018年第1季度是连续8个季度经济上行,所以写的是二季度连续9个季度经济上行,但是经进一步确认,应该是连续13个季度上行。
1 The Office of the Comptroller of the Currency,Comptroller of the Currency Congratulates House on Passage of Important Regulatory Reforms,https://www.occ.treas.gov/news-issuances/news-releases/2018/nr-occ-2018-50.html,May 22,2018.
1《国际金融报》,《多德-弗兰克法案》修订计划再过一关,美国银行业监管松绑在即,http://cj.sina.com.cn/articles/view/1872005590/6f9489d6019006n43,2018年5月23日。
2杨月涵,旋涡中的多德弗兰克法案,http://www.bbtnews.com.cn/2018/0523/242879.shtml,2018年5月23日。
3周武英,美参院批准修订《多德-弗兰克法案》,http://dz.jjckb.cn/www/pages/webpage2009/html/2018-03/16/content_41728.htm,2018年3月16日。