United States House of representatives, 11 April to 202 223 votes in favour, none against adoption of the financial regulatory reform programme, this means that the United States President Barack Obama's new deal "financial supervision" forward has taken an important step. If successful, the reform of the United States financial regulatory system will be a full remodeling.
Under a bill passed by the day, the United States will strengthen the powers of financial regulators, the clear result of the current crisis in a variety of "systemic risk". Future operation of large financial institutions, merger, or mortgage loan origination, credit rating of as well as various derivatives transactions, etc., will be monitored.
But the core of the reform has two. First, the United States Federal Reserve Board into "super regulator", given its supervision all pose a threat to the financial stability of the enterprise, including does not directly own bank corporate powers. United States will establish financial services regulatory Commission, as the Fed's advice. In other words, the Fed will become the United States financial supervision of the main line of Defense.
In addition, in terms of market supervision, the "new deal" will strengthen on hedge funds, financial derivatives, and other regulation, increase market transparency; in crisis response, the "new deal" will provide the Government with new tools in future crises, such as may take over the financial giant's power. According to the Obama administration, the future does not exist "much fail" problem, the Government will avoid salvage financial giants into moral dilemma.
Secondly, the establishment of the new consumer financial protection agency, the comprehensive protection of the interests of consumers. The financial crisis originated in the United States real estate bubble burst. All sectors of the United States believed that it was the lack of effective protection to consumers, leading to a consumer liable to afford the mortgage loans, purchase is not fit for their financial products, thereby exacerbating the financial crisis.
Under the reform programme, the United States Government will put the currently dispersed to the fed, the Securities and Exchange Commission, Federal Trade Commission and other bodies involved in the hands of the consumer rights protection authority unified centralized to the newly established consumer financial protection agency that avoid duplication and ineffective, as a solution to the previous "systemic risk".
The "new deal" touch in the financial field, related to the realignment of the group interests, from the "new deal" this summer programme announced by the end of the programme is in the House of representatives put it the difficulty of its advance. In the House of representatives voted 11 days, the two parties are distinct, all Republicans have voted against. In the subsequent Senate vote, it is generally felt that both offense and defense will be more intense, programme before the end of this year, was adopted.
Financial supervision "new deal" encountered opposition, the focus is also on the two core reform content. The Fed's "super regulator" role, some critics say, as the Central Bank of the fed in the fields of Economics and finance powers already too big, now giving it greater supervisory powers, may create a larger systemic risk. In the new consumer financial protection agency, many financial institutions are concerned that this would undermine their profit space and competitiveness and, therefore, efforts to lobby against this provision.
In addition, many United States original reform regulator powers appear and decline, some interest bodies be complaining. For example, Fed Chairman Ben Bernanke, the Fed should not be deprived of the protection of consumers ' interests. While other agencies — such as the United States Securities and Exchange Commission, the United States Federal Deposit Insurance Corporation, the Federal Reserve arrogated the victim, which affect their own supervisory powers.
According to the United States in the legislative process, the reform of financial supervision shall also passed the Senate and signed by Barack Obama to become law. Take advantage of the current financial crisis has not yet been completely in the past, the need to strengthen the regulatory reform remains the general consensus that a favorable moment, Obama will go all out, will promote the "new deal" as the supervision of the current ruling a priority.
To globally, United States financial supervision system of the various vulnerabilities exist, and let the rest of the world suffer. United States is now too late, the overall strengthening of supervision, of course, is a welcome move. More should be noted that, as an international financial rules of a major makers, United States financial supervision "new deal" will cause the evolution occurred in existing rules and to the world financial system have a profound impact.
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