第七章美國金融監理制度改革方案 147 謝人俊 (boom-andburst) ( ) 1 ( ) 2 (20012006) (loan-to-value, LTV) 3 ( ) (monoline insurers) (mortgage-backed securities, MBS) (asset-backed securities, ABS) Credit Insights 2007 (credit
148 全球金融危機專輯 default swap, CDS) 43%31% 17% ( ) 3 1. 2. 3. (originate-todistribute) 4 (shadow b a n k i n g ) ( g o v e r n m e n t sponsored enterprises, GSEs) (Basel II) ( ) () ( ) ( ) 5 ( asset-backed commercial paper conduit structured investment vehicles, SIVs ) ( ) (GSEs) GSEs GSEs
第七章美國金融監理制度改革方案 149 6 ( ) ( ) 2007 ( ) Basel II Basel II ( ) 7 ( ) 5 8 ( SEC) ( CFTC) ( )( 7-1) (Federal Housing Finance Board, FHFB)(Office of Federal Housing Enterprise Oversight, OFHEO) (Department of Housing and Urban Development, HUD) 3 (GSEs Fannie Mae Freddie Mac 12 Federal Home Loan Banks, FHLBs ) ( F e d ) B e n S. Bernanke 2009 3 15 CBS (sandcastle on the beach) 9 Charles Evans 10 Basel II
150 全球金融危機專輯 7-1 / / / / ( ) ( G r a m m - Leach-Bliley Act G-L-B Act) Fed (Umbrella Supervision) ( ) (large, complex financial institutions, LCFIs) 11 ( ) Fed 12 2009 6 17 Fed 1. 2. 3. 4. 5. ( )
第七章美國金融監理制度改革方案 151 (3)FedTier 1 FHC 1. (Financial Services Oversight Council, FSOC) ( (Tier 1 FHC) Fed (1) Fed (National Bank Supervisor, NBS) (Consumer Financial Protection Agency, CFPA) (SEC)(CFTC) (FDIC)(Federal Housing Finance Agency, FHFA) 7 (2) 2. (1) Tier 1 FHC (BHC) (2)Fed BHC Tier 1 FHC (4)Tier 1 FHC (5)Tier 1 FHC Fed (6)Tier 1 FHC (7)Fed 3. BHC (1) ( ) BHC Tier 1 FHC BHC (2)
152 全球金融危機專輯 (3) (4) ( FASB IASB SEC ) (5) 4. (1) (NBS) (OCC)(OTS) Fed FDIC (2) (3) Fed 5. SEC Fed 6. ( ) (Investment Advisers Act) SEC 7. (money market mutual funds, MMFs) 13 SECMMFs (1) (2) (3) (4) (5) (6) (7) 8. (Office of National Insurance, ONI) (1) (2) (3) (4) (5) (6)
第七章美國金融監理制度改革方案 153 9. (GSEs) 2008 (Housing and Economic Recovery Act) OFHEO FHFB HUDGSEs (FHFA) Fannie Mae Freddie Mac GSEs 2009 GSEs (HUD) GSEs 2011 ( ) 1. (1) (5% 14 ) (2) (3)SEC (ABS) (4)SEC (5) 2. (OTC) (CDS) (1) OTC(2) (central counterparties, CCPs) (3) (trade repository) (CFTC) SEC (4) (5) 3. CFTC SEC 4. Fed Fed (FSOC) Fed 5. Fed Fed
154 全球金融危機專輯 ( ) 1. (Consumer Financial Protection Agency, CFPA) 15 (1) CFPA (2)CFPA (3)CFPA (4)CFPA (FSOC) (5)CFPA (6)CFPA (7)CFPA (8)CFPA ( 9 ) ( F e d e r a l Tr a d e Commission, FTC) 2. (1) ( 2 ) ( p l a i n vanilla) (3) (4) (Community Reinvestment Act) 3. SEC (Financial Consumer Coordinating CouncilSEC FTC CFPA) SEC (Investor Advisory Committee) ( ) 1.FDIC 16 (Tier 1 FHC) Fed
第七章美國金融監理制度改革方案 155 FDIC SEC 2/3( FDICSEC 2/3 ) SEC 17 2.Fed (Federal Reserve Act ) 133Fed 18 ( ) 1. 20 (G20) (Financial Stability Board, FSB) (BCBS) (G20 7-1) 2. (1) BCBS(Basel II) 2009 (2) OTC (3) G20 (supervisory colleges) FSB (4) BCBS 2009 FSB (5)FSB 2009 9 (6)BCBS FSB(BIS) (7)Tier 1 FHC (8) BCBS 2009FSB (9) (10) (11)
156 全球金融危機專輯 (IOSCO) G20 ( 7-2) ( ) 2009 12 11 (Wall Street Reform and Consumer Protection Act) 19 ( ) Christopher Dodd 2009 11 10 7-2 (FSOC)( ) 1. 7 2. 3. (Tier1 FHC) (Fed) 1. 2. 3. 1. (Tier1 FHC ) 2. 3. Fed 133 (FDIC) (OCC) (OTS) 1. 2. (AIG) 1. (NBS) 2. NBS OCC OTS (Fed FDIC) (SEC) 1. 2. 3. 4. (CFTC) (CFTC) (CFPA)( ) (ONI)( ) SECOTC (CDS) 1. ( ) 2. ( ) 3. ( ) (2009)
第七章美國金融監理制度改革方案 157 (Restoring American Financial Stability Act of 2009) 2 4 7-3 ( ) 2 1. 2. 3. 4. ( ) 1. (Fed) Fed (1) (OTS) (OCC) (National Bank Supervisor, NBS) (G-L-B Act) Fed Fed (2) (Agency for Financial Stability, AFS) (Financial Institutions Regulatory Administration, FIRA)(OCC OTS) (CFPA) (ONI)(Fed) 2. (Financial Stability Council, FSC) (AFS) (1) (FSC) Fed OCC OTS SEC CFTC FDIC FHFA NCUA 9 FSOC Fed (2) (AFS) AFS Fed FIRA CFPA FDIC SEC CFTC 81 AFS 3. FDIC ( 500 ) (100 )1,500 (Systemic Dissolution Fund) 100FDIC
158 全球金融危機專輯 7-3 1. 2. 3. 4. 1. 2. 3. 4. 1. (OTS) (OCC) (National Bank Supervisor, NBS) (FDIC) 2. (CFPA) 3. (G-L-B Act) Fed Fed (Government Accountability Office, GAO)Fed 12 4. ( F e d e r a l Insurance Office, FIO) 1. (FSC) Fed OCC OTS(OCC ) SEC CFTC FDIC FHFA NCUA 9 2. FSC 3. Fed FSC 1. FDIC 2. 3. ( 500 ) (100 )1,500 (Systemic Dissolution Fund) 1. (1) (Agency for Financial Stability, AFS) ( 2 ) ( F i n a n c i a l I n s t i t u t i o n s R e g u l a t o r y Administration, FIRA) OCC OTS (3)(CFPA) 2. (ONI) 1. (AFS) 2. AFS Fed FIRA CFPA FDIC SEC CFTC 8 1 AFS 3. A F S Fed 1. FDIC 2. 3. 100 FDIC 10 2712 11 11 10
第七章美國金融監理制度改革方案 159 2009 6 17 20 2009 ( ) 21 ( ) 5% 22 1980 1990 ( ) (Independent Agency)Fed Fed Fed 23 ( ) (CDS) 2009 9 4 G20 2009 9 14 24 9 3 25 2010 12 31
160 全球金融危機專輯 2012 12 31 ( ) ( ) ( ) ( ) ( )
第七章美國金融監理制度改革方案 161 7-1 G20 ( ) 1. 2009 2010 2. 2010 2 3. 2010 2 4. 2010 3 5. 2010 3 6. 2010 9 7. 2010 10 8. 2010 9. () 2010 10. 2010 11. 2010 2012 12. 2011 6 13. Basel 2011 14. OTC 2012 (2009) G20
162 全球金融危機專輯 7-2 1. 2. 1. 2. 1. 2. 1. 2. 1. Z() (predatory lending) 2. (1) (2) (3) 4 2 3. 80% 1. 2. 3. (mortgage servicing rights) 1. 2. Basel II 1. 2. 36 3.
第七章美國金融監理制度改革方案 163 1. 2. 1. 2. 3. (1) (2) 4. (SEC)(CFTC) 1. 2. 1. 2. SEC Acharya, V. V. & Richardson, M. (2009), Restoring Financial Stability: How to repair a failed system, John Wiley & Sons, Inc. pp. 283-300 & 365-375.
164 全球金融危機專輯 ( 1) 20 (G20)2009 9 24 25 ( 2) Luci Ellis (2008) ( 3) Luci Ellis (2008)30% 200650% (Alt-A) 2008 540% 41(ARMs) Cagan (2007)2006 ()18% LTV 100% ( 4) (originate-and-hold) ( 5) 1933(Banking Act)1999 (Gramm-Leach-Bliley Act) ( 6) Fair Isaac Corporation(FICO Score) ( 35%) (15%) (30%) (10%) (10%) 300 850700(Prime Mortgage) 620 700(Alt-A) 620 (Sub-prime) GSEs 200715% 10% ( 7) (Size) (Contagion)(Concentration) (Correlation) (Conditions) Thomson, J. B. (2009) ( 8) 5(Fed) (Federal Deposit Insurance Corporation, FDIC) (Office of the Comptroller of the Currency, OCC) (Office of Thrift Supervision, OTS) (National Credit Union Administration, NCUA) (Federal Financial Institutions Examination Council, FFIEC) (State Liaison Committee, SLC)2006FFIEC ( 9) http://www.cbsnews.com/stories/2009/03/12/60minutes/main4862191 ( 10) Wall Street Journal (2009): Chicago Fed Chief Cites Weakness in Regulatory System, 3 Jan. ( 11) ( 12) Viral V. Acharya Matthew Richardson 10 (Acharya, V. V. & Richardson, M. (2009))7-2 ( 13) 2008 9 625(Reserve Primary Fund) Fed Paul Volcker Bloomberg 2009 8 4 ( 14) 2009 10 27 (Financial Stability Improvement Act) 10% 5% 2009 12 115% ( 15) 2009 10 22 5 (Consumer Financial Protection Oversight Board) Fed FDIC NCUA(FTC) (NBS) (HUD)(FFIEC)
第七章美國金融監理制度改革方案 165 5 ( 16) Fed Ben S. Bernanke(2009) 10 1 Fed(Federal Reserve Act) 133 ( 17) 2009 10 27 100 ( 18) 133Fed5 2009 12 11 Fed (Financial Stability Council, FSC)32 ( 19) 2009 10 27(Financial Stability Improvement Act) 2009 12 11 223202(Wall Street Reform and Consumer Protection Act) ( 20) http://www.businessweek.com/executivesummary/archives/2009/ 98 6 22 ( 21) CFPA ( 22) 10% ( 23) Fed Ben S. Bernanke(2009) 10 1Fed 7 ( 24) Johnston N. and Dodge C. (2009) ( 25) Edmund L. A.and L. Story 2009 9 18
166 全球金融危機專輯 (2009)174 (2009) (2009) (2009) (2009) Acharya, V. V. & Richardson, M. (2009), Restoring Financial Stability: How to repair a failed system, John Wiley & Sons, Inc. pp. 283-300 & 365-375. Bernanke, Ben S. (2009a), Regulatory Reform, Testimony before the Committee on Financial Services, U.S. House of Representatives, Board of Governors of the Federal Reserve System, October 1. Bernanke, Ben S. (2009b), Financial Reform to Address Systemic Risk, Board of Governors of Federal Reserve System, March 10. CBS (2009), http://www.cbsnews.com/stories/2009/03/12/60minutes/main4862191. Edmund L. A.and L. Story (2009) Fed Considers Sweeping Rules on Bank Pay, September 18, The New York Times. Johnston N. and Dodge C. (2009), Obama Says New Financial Rules Needed as Crisis Eases, Bloomberg, September 14. Luci Ellis (2008), The housing meltdown: Why did it happen in the United States? BIS Working Papers No 259, September. Thomson, J. B. (2009), On Systemically Important Financial Institutions and Progressive Systemic Mitigation, Policy Discussion Paper No. 27, Federal Reserve Bank of Cleveland, August. US Department of Treasury (2009a), House Financial Services Committee and the Treasury Department Release Draft Legislation to Address Systemic Risk - Too Big to Fail Institutions, October 27. US Department of Treasury (2009b), Financial Regulatory Reform- A new foundation: rebuilding financial supervision and regulation, June 17. US House Financial Services Committee and the Treasury Department (2009), Draft legislation of Financial Stability Improvement Act, October 27. US House Financial Services Committee Press Release (2009), House approves historic new rules to govern America s financial system, December 11. US Senate Committee on Banking, Housing, and Urban Affairs (2009), Restoring American Financial Stability- Discussion Draft, November 10. Wall Street Journal (2009): Chicago Fed Chief Cites Weakness in Regulatory System, January 3. 98 12)