US Regulatory response to the__financial crisis

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1、1USREGULATORYRESPONSETOTHEFINANCIALCRISISArdenHallSWUFEJune20112Thispresentationrepresentstheauthor’sopinionsandnotnecessarilythoseoftheFederalReserveBankofPhiladelphiaortheFederalReserveSystem3BeforeUSRegulatoryStructurebeforethecrisis(1)4TheUShasafragmentedfina

2、ncialregulatorysystemrelativetomanyothercountries,withseparateregulatorsfordifferentpartsofthefinancialmarket,andasharingofauthoritybetweenfederalandstategovernments.Somefinancialfirmsmustdealwithseveralregulatoryagencies.Stockmarket:SecuritiesandExchangeCommiss

3、ion(SEC)Futuresmarkets:CommodityFuturesTradingCommission(CFTC)Insurance:Stateinsurancedepartments(nonationalregulation)PensionsPrivatepensions:DepartmentofLaborPublicemployeepensions:StatelevelregulationUSRegulatoryStructurebeforethecrisis(2)5Thrifts(banksw

4、ithlimitedchartersspecializinginhousingfinance)andthriftholdingcompanies:OfficeofThriftSupervision(OTS)–thriftswithfederalchartersStatebankingdepartments–statecharteredthriftsCreditUnions(mutuallyownedconsumerbanks)–NationalCreditUnionAdministrationGovernment

5、SponsoredEntities(FannieMae,FreddieMacandtheFederalHomeLoanBankSystem)–FederalHousingFinanceAgencyUSRegulatoryStructurebeforethecrisis(3)6Banksandbankholdingcompanies(BHCs)OfficeoftheComptrolleroftheCurrency(OCC)–partoftheDepartmentoftheTreasury:bankswithfedera

6、lbankingchartersFederalReserve(Fed)–BHCsandstatecharteredbanksthataremembersoftheFederalReserveSystemFederalDepositInsuranceCorporation(FDIC)–banksandthriftscarryingfederaldepositinsuranceStatebankingdepartments–statecharteredbanksInpractice,mostbanksdealwitha

7、tleasttworegulators,andsomewithfourormore.7WhatthecrisisrevealedThefinancialcrisisrevealedawiderangeofproblemsinthefinancialsystem(1)8MortgagemarketDeclineinunderwritingstandardsNoregulationofsomeparticipantsAbusesinmortgagesecuritizationsSystemicriskRegula

8、toryfocusonindividualfirmriskLackofinsightintofirminterrelationshipsDerivativesSomederivativesandderivativeusersinsufficientlyregulatedLackofinformationono