Essay代写：Financial regulatory reform in the United States－r51due

下面为大家整理一篇优秀的essay代写范文- Financial regulatory reform in the United States，供大家参考学习，这篇论文讨论了美国的金融监管制度改革。美国是一个法制较健全的国家，属于典型的英美法系，该法系的特点是以判例法为基础，解决金融监管领域中遇到的法制问题，从而为金融市场的发展留有一定的空间。美国的金融监管制度建立在法制基础上，其变迁和改革无不以新的金融监管立法为前提，完善的监管法律总是与监管制度的发展同步，这为美国金融业的发展提供了安全有序的市场环境。同时，美国的金融监管制度除强制性的约束规则之外，习俗与惯例等隐性的规则也同样起着重要的作用。

Financial supervision system should be narrow and broad. The narrow sense of financial supervision system is to maintain the stability of the financial system, control financial risks and protect the collection of all rules made by stakeholders, including policies, laws, regulations, regulations and customs and practices. However, an isolated and static financial supervision system is meaningless. The value of the financial supervision system should depend on the subjects and objects carrying the financial supervision system, namely financial supervision institutions, financial institutions, intermediary institutions, etc., while the object refers to financial products. It is these conventions, conventions, and binding rules that people take for granted, coupled with the interaction between the subject and object of these rules, that form the financial regulatory mechanism.

Therefore, the author believes that the broad financial regulatory system should include three aspects: first, financial regulatory policies, laws, regulations, provisions and customs and practices, namely, the content of rules; Second, the financial supervision system, namely, the subject and object of financial supervision institutions, financial institutions, intermediary institutions and financial products that carry the above rules into operation, mainly involves the organization and coordination of the subjects of the financial supervision system, as well as the adjustment of authority of internal levels. The third is the financial supervision mechanism, that is, the financial supervision mechanism which is generated by the integration of the above rules and the carriers of these rules and has internal incentives and constraints on each other. The above three levels are interdependent and indispensable.

The United States is a country with a relatively sound legal system, which is a typical Anglo-American legal system. The legal system is characterized by case law to solve the legal problems encountered in the field of financial supervision, thus leaving some space for the development of financial market. The financial regulatory system in the United States is established on the basis of legal system, and its changes and reforms are all based on the premise of new financial regulatory legislation. Perfect regulatory laws are always synchronized with the development of regulatory system, which provides a safe and orderly market environment for the development of the financial industry in the United States. At the same time, the United States opposes the stricter free capital rules in Basel ii and the improved regulation of financial markets and their opaque products. Broadly allowing off-balance-sheet financing; Poor supervision of fannie mae and Freddie MAC, the mortgage refiners, and the promotion of home purchases with loans, was exposed in the 2008 international financial crisis. At the same time, in addition to the mandatory constraint rules, the implicit rules such as customs and practices also play an important role in the American financial regulatory system. For example, decentralization of power, balance of power and innovation consciousness play an important role in the reform of financial regulation in the United States.

Based on the importance of decentralization and checks and balances in American culture, the current regulatory system adopts a "double-headed" model. The so-called "double line" refers to the federal and state supervision of financial institutions; The term "long" refers to the practice of financial supervision by multiple institutions. The regulatory agencies of the federal government mainly include the federal reserve, the office of the comptroller of the currency, the federal deposit insurance corporation, and the securities and exchange commission. These financial regulatory agencies are respectively responsible for the supervision of financial business and its cross-business. Each state establishes a financial regulator in accordance with state legislation to regulate the banking, securities and insurance industries. For the regulatory authority of regulatory agencies at the federal and state levels, the principle of "who approves and who supervises" is adopted, that is, those that are granted licenses by federal agencies are supervised by the federal government, and those that are granted licenses by the state government are supervised by the state government. At the same time, the federal reserve, bank regulators and state insurance regulators to strengthen coordination and cooperation, to provide each other about the bank holding company and the insurance company affiliated financial, risk management and operating information, and the insured depository institutions deal with the insurance company information, and request the appropriate federal bank regulators in approve bank holding companies, agencies and insurance company before the merger, negotiate with state insurance regulators, at the same time stipulated by the regulatory authorities have an obligation to each other confidential information. But it was this so-called "X2 bull "financial regulatory system whose flaws were exposed in the 2008 international financial crisis. When there is a systemic risk, the financial regulator lacks unified supervision, so the corresponding regulator is not authorized to deal with it within the scope of legislation, which leads to the further deterioration of the risk. In addition, financial regulatory institutions lack supervision in cross fields, and the regulatory standards and objectives of various financial regulatory institutions are not the same, which leads to the situation of regulatory vacuum and repetitive supervision, resulting in regulatory arbitrage and low regulatory efficiency in the market. All the problems exposed by the us financial regulatory system are worthy of deep reflection.

The financial supervision mechanism is the "soul" part of the financial supervision system, which ensures the effective operation of the financial supervision system. Different financial supervision system leads to different financial supervision mechanism. Therefore, we cannot directly reform, innovate and develop the financial regulatory mechanism. The change can only be realized through the change of the financial regulatory system, and the effectiveness of the change needs to be reflected by the results of the financial regulatory operation.

In the international financial crisis of 2008, the problem of high compensation of financial executives revealed certain defects in the financial regulatory mechanism. Financial executives are being paid exorbitant sums at a time when major financial institutions are failing or being bought out. The three major rating agencies of moody's, standard & poor's and fitch in the 2008 international financial crisis also exposed some problems in the financial regulatory mechanism of the United States. Three major rating agencies had at the beginning of the crisis, bud also issued some warning, but in order to undertake more business and get more benefit, rating agencies compete with each other between business and often rely on historical experience, rather than use include asset bubble possibility of prospective model to determine the credit rating of the loan pool, which was the lack of the understanding of these complex financial products, fully rely on credit rating blind investment, investors in the financial products market bubbles. It wasn't until July 2007 that the big three international rating agencies began downgrading some of their financial products and said they would change the way they rated securities backed by subprime mortgages. This dereliction of duty by the three rating agencies has something to do with the lack of effective mechanisms for financial regulation. If America's regulators fail to force its financial institutions or intermediaries to put in place effective controls, the causes of the crisis will be hard to undo.

The reform of the financial regulatory system in the United States has the historical characteristics of "crisis-oriented", always making corresponding adjustments with various financial market turbulence or financial crisis. If handled well, the crisis will not only not hinder development, but also promote it. On June 17, 2009, the Obama administration issued the white paper on financial regulatory reform, which is the largest financial regulatory reform since the great crisis of the 1930s.

One is to promote regulation of financial institutions. All financial institutions that could pose serious risks to the financial system must be subject to strict regulation, the white paper said. The reforms include the creation of a financial services regulatory commission to strengthen joint oversight of all large, interconnected financial institutions; Raising capital levels and other prudential standards for all Banks and bank-holding companies; In order to eliminate the loopholes in banking supervision, the national banking supervision commission was set up. In order to strengthen the supervision of the insurance industry, the national insurance office was set up. The second is comprehensive regulation of financial markets. Strengthening supervision of the securities market includes increasing market transparency and strengthening management of credit rating agencies, the white paper said. Comprehensive regulation of all OTC derivatives transactions; To unify the supervision of futures and securities markets; Gives the federal reserve authority to oversee payment, settlement and clearing systems in financial markets. The third is to protect consumers and investors from financial abuse. Strict and coordinated regulation of consumer financial services and investment markets is needed to restore confidence in financial markets, the white paper said. Therefore, the white paper recommends the creation of a consumer financial protection bureau to protect consumers of credit, savings, payments and other financial products and services; The securities and exchange commission has more power to strengthen investor protection, for example, by giving it more power to improve investor disclosure transparency, and by giving new tools to increase investor fairness. The fourth is to provide the government with the tools it needs to manage the financial crisis. A new bankruptcy resolution mechanism should be established to avoid disorderly bankruptcy of bank holding companies. In addition, the reform plan proposes modifying the fed's emergency lending authority. Fifth, raise international regulatory standards and promote international cooperation. The white paper recommends strengthening the international capital framework, improving regulation of global financial markets, strengthening regulation of internationally active financial institutions, and improving international crisis response capacity.

After the outbreak of the financial crisis, we have seen the serious harm of systemic risks brought by large and complex financial institutions. If the government takes corresponding protective measures, it may encounter certain moral hazard problems. Large and complex financial institutions, once implicitly guaranteed by the government, will focus their business on high-risk investment preferences, which will lead to the accumulation of systemic risks, which may lead to the outbreak of crisis. The financial regulatory reform in the United States has given the federal reserve more power to regulate large and complex financial institutions more strictly and set up an all-powerful financial regulator. In the process of financial regulatory reform, how to solve the problem of "too big to fail" of financial institutions, how to eliminate the concerns of small and medium-sized enterprises, and how to seek the balance between systemic risk management and moral hazard of large financial institutions are all problems that need to be further discussed.

This financial crisis actually reflects the importance of financial regulation, which is a powerful blow to the "market omnipotence" theory of western countries. It proves once again that the development of financial regulation cannot be biased against the market or rely on the government for fear of choking, but should constantly seek the dynamic balance between the market and the government. The connotation of financial supervision should not be limited to financial supervision institutions focusing on single, traditional financial institutions or business supervision, but should be large and complex financial institutions, even the whole financial institutions of systemic risk, more financial innovation business supervision, to prevent the occurrence and accumulation of systemic risk. The adoption of macro-prudential supervision also reflects an important change in financial supervision philosophy. That is, from the original single micro-prudential supervision, gradually turned into a combination of micro-prudential supervision and macro-prudential supervision, highlighting the importance of macro-prudential supervision.

At the same time, the scope of financial regulation should not only stay at the level of domestic regulation, but also reflect effective regulation at the international level. In the financial regulatory reform plan of the United States, the reform content of raising international regulatory standards and promoting international cooperation is proposed, which indicates that the financial regulation has been gradually extended to transnational regulation at home. Therefore, the financial regulatory philosophy embodied in the financial regulatory reform plan of the United States calls for redefining the boundaries of financial regulation.

Financial supervision is a kind of "zero sum game" between financial supervision institution and financial institution. If the financial regulatory reform plan causes the loss of interests to financial institutions, the reform plan will inevitably encounter certain resistance. The final financial regulation proposal is the result of a game between the two sides. However, the author believes that the reason why the financial regulatory reform plan is frequently blocked is that the republican party represents the interests of financial institutions, and further consideration should be given to how the convergence of the interests of government departments and financial institutions can be reflected in the financial regulatory reform.

The U.S. senate finally passed the financial regulatory reform plan on May 20, 2010, which can be said to have gone through a complicated process. The plan involves the reform of the financial supervision system and the financial supervision system. The reform of the system is mainly the adjustment of the power of the federal reserve and the establishment of some new financial regulatory institutions. The system includes a series of laws and regulations made for the loopholes in the financial regulatory process, and the financial regulatory mechanism needs to be formed through the interaction between the financial regulatory system and the financial regulatory system.

想要了解更多英国留学资讯或者需要英国代写，请关注51Due英国论文代写平台，51Due是一家专业的论文代写机构，专业辅导海外留学生的英文论文写作，主要业务有essay代写、paper代写、assignment代写。在这里，51Due致力于为留学生朋友提供高效优质的留学教育辅导服务，为广大留学生提升写作水平，帮助他们达成学业目标。如果您有essay代写需求，可以咨询我们的客服QQ：800020041。