奥巴马时期美国金融监管法律制度改革研究

【作者】 方敏；

【导师】 季立刚；

【作者基本信息】 复旦大学 ， 法律， 2010， 硕士

【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。更多还原

【Abstract】 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.更多还原