注册 登录  
 加关注
   显示下一条  |  关闭
温馨提示!由于新浪微博认证机制调整,您的新浪微博帐号绑定已过期,请重新绑定!立即重新绑定新浪微博》  |  关闭

巴曙松的博客

国务院发展研究中心金融研究所副所长

 
 
 

日志

 
 
关于我

巴曙松教授,博士,国务院发展研究中心金融研究所副所长,研究员,博士生导师,享受国务院特殊津贴。    巴曙松教授在银行、证券、基金、企业年金等领域有过10余年的实践工作经验,熟悉商业银行风险管理、基金与年金运作,参与中银香港海外重组上市项目,主持起草了《中银香港风险管理政策与流程》。目前的主要研究领域为金融机构风险管理与金融市场监管、企业融资问题与货币政策决策,出版了国内第一本系统研究巴塞尔新资本协议的《巴塞尔新资本协议研究》(中国金融出版社2003年版)

网易考拉推荐

volcker criticizes obama plan on ‘systemically  

2009-09-25 14:28:42|  分类: 默认分类 |  标签: |举报 |字号 订阅

  下载LOFTER 我的照片书  |


2009-09-24 17:02:43.334 GMT


By Mike Dorning
    Sept. 24(Bloomberg) -- Former Federal Reserve Chairman
Paul Volcker criticized the Obama administration’s plan to
subject “systemically important” financial firms to more
stringent regulation by the Fed.
    Volcker toldlawmakers today that such a designation would
imply government readiness to support the firms in a crisis,
encouraging even more risky behavior in a phenomenon known as
“moral hazard.”
    “Whetherthey say it or not, that carries the connotation
in the market that they’re too big to fail,” Volcker, who is
chairman of the White House Economic Recovery Advisory Board,
said in testimony to the House Financial Services Committee.
    Volcker, 82,testified as the House panel begins its
consideration of the administration’s proposed regulatory
overhaul, which is intended to curb some of the practices
blamed for sparking the worst financial crisis since theGreat
Depression. He appeared one day after Treasury Secretary
Timothy Geithner came before the committee to make the casefor
the Obama plan.
    “The dangeris the spread of moral hazard could make the
next crisis much bigger,” said Volcker, who serves as an
outside economic adviser to Obama. Volcker has criticized key
elements of the Obama administration regulatory plan inrecent
public statements, and his remarks today largely reprisedthose
criticisms.

                      Stricter Controls

    Volckeralso called for stricter controls on commercial
banks and bank holding companies than the Obamaadministration
has proposed, saying they should be barred from owning or
sponsoring hedge funds and private equity funds and forbidden
to engage in proprietary trading.
    He alsocriticized an administration proposal to create a
council of regulatory agencies that would be headed by the
Treasury Department. Instead, he called on lawmakers to give
the central bank more authority to oversee the financial
system.
    “It’s anatural function for the Federal Reserve,”
Volcker said. “There’s no doubt when you get into trouble,
when anybody in the financial market gets into trouble, they
run to the Federal Reserve.”
    Volcker saidthe Fed should coordinate the activities of
U.S. agencies that regulate financial institutions. He saidthe
president should nominate a second Fed vice chairman
responsible for financial regulation and supervision in order
to “pinpoint responsibility” for those activities.

                        Too Much Power

    The Obamaadministration plan has also drawn criticism
from lawmakers including Senate Banking Chairman Christopher
Dodd, Democrat of Connecticut, who have argued that the White
House would give the Fed too much power. Instead, Dodd and
other members of Congress are leaning toward vestingauthority
over big banks in the council of regulators that Volcker
opposes.
    Beforequestioning Volcker, Rep. Mel Watt, a Democrat of
North Carolina, offered a nod to the influence of the former
Fed chairman, who led the central bank from 1979 to 1987.Under
Volcker, the Fed raised its benchmark interest rate as highas
20 percent in 1980 to throttle inflation.
    “There seemto be two financial gurus,” Watt said, after
naming former Fed Chairman Alan Greenspan. “You are the other
one.”

For Related News and Information:
On Paul Volcker: Paul Volcker<HELP>
On finance and government: TNI FIN GOV<GO>
Fed balance-sheet figures: ALLX FARW<GO>
Government relief programs: GGRP<GO>
Fed monetary policy: FOMC <GO>

--Editors: Christopher Wellisz, Carlos Torres

  评论这张
 
阅读(228)| 评论(0)
推荐 转载

历史上的今天

评论

<#--最新日志,群博日志--> <#--推荐日志--> <#--引用记录--> <#--博主推荐--> <#--随机阅读--> <#--首页推荐--> <#--历史上的今天--> <#--被推荐日志--> <#--上一篇,下一篇--> <#-- 热度 --> <#-- 网易新闻广告 --> <#--右边模块结构--> <#--评论模块结构--> <#--引用模块结构--> <#--博主发起的投票-->
 
 
 
 
 
 
 
 
 
 
 
 
 
 

页脚

网易公司版权所有 ©1997-2017