成人小说亚洲一区二区三区,亚洲国产精品一区二区三区,国产精品成人精品久久久,久久综合一区二区三区,精品无码av一区二区,国产一级a毛一级a看免费视频,欧洲uv免费在线区一二区,亚洲国产欧美中日韩成人综合视频,国产熟女一区二区三区五月婷小说,亚洲一区波多野结衣在线

立即打開
Report card: Obama's plan to fix financial rules

Report card: Obama's plan to fix financial rules

2009年06月22日

????The President's new plan has some good ideas, but also a few troubling developments. Now it's Congress's turn.

????By Adam Lashinsky

????Now that President Obama has presented his plan to fix the way the U.S. regulates finance, it's time to assess if the plan will work. The 85-page "white paper" his Treasury Department released lays out the specifics. Now Congress will begin its ugly process of turning the proposals into law. There are some good ideas here. There's also a whole lot that may make Wall Street howl in protest.

????Here, then, are some preliminary grades on a preliminary plan. The final exam is a long way off.

????Give government power to wind down systemically important players. This is a good idea, if the manner in which this purportedly rare power is to be exercised is clearly spelled out to the affected companies. Last year there was considerable debate about whether the federal government had the authority to seize Lehman, an investment bank not regulated by the FDIC, instead of allowing it to collapse. These powers should be written down to avoid the embarrassing position the Bush and Obama administrations have found themselves in in the last year, exercising power that may or may not exist. (Grade: B+)

????Empower the Fed to oversee the biggest financial players, including imposing leverage restrictions (and liquidity and capital requirements) on the largest financial companies. This arguably is the only proposal that means anything at all. Limiting the use of leverage at institutions like Citigroup (C, Fortune 500) or AIG (AIG, Fortune 500) would have made all the difference in 2008. Then again, the same action would have eroded years of profits at Goldman Sachs (GS, Fortune 500). A leverage restriction for banks and nonbanks alike would go a long way to preventing another crisis. Exactly how the requirements are written, including if they are transparent to investors, will mean everything. (Grade: Incomplete. Too soon to know.)

????Create a super-regulator for consumer-oriented financial products, including mortgages and credit cards. It sounds good, but adding another regulator rather than eliminating them is a troubling development. (Grade: C)

????Eliminate the Office of Thrift Supervision. Oh, actually, Obama does plan to do away with one ineffectual agency. What's not to like about eliminating the regulator that oversaw AIG, Countrywide and WaMu? The total number of regulators will stay the same. There should be more, not less, of this, but Beltway types say the White House doesn't want to risk political fights with Congressional committee chairmen whose turf includes agencies that should go away. This isn't change we can believe in, suffice it to say. (Grade: A on the specific action; D on the larger message.)

????Urge harmonization between the SEC and CFTC. It's an open secret that the securities regulator and futures regulator step on each other's toes. A March 2008 blueprint by former Treasury Secretary Hank Paulson suggested the agencies should be merged. That plan went nowhere. "Harmonization" is Washingtonspeak for "nothing will happen." It's sort of like forming a blue-ribbon commission. (Grade: F)

????Require hedge funds to register; regulate derivatives. Registration of hedge funds is harmless, and bringing the unregulated products they trade into the tent is a good idea. But this regulation should be constructive, not punitive. Plenty of laws against manipulation and abuse already exist. What we shouldn't be doing is going after "speculators," also known as investors. It's a slippery slope. (Grade: C-)

????Reduce reliance on ratings agencies and require the originator, sponsor or broker of securitized mortgages to retain a financial interest in loans. Whoa. This is a bombshell. Diminishing the roll of the agencies will be a fun one to watch. Requiring mortgaging originators to hold a portion of their loans will annoy the banks. This will be a bloody debate. (Grade: B-)

????Create a council of regulators to monitor systemic risk. This sounds like a Washington problem waiting to happen. A council could be helpful because its members will be powerful and motivated to spot problems. But it will be a political body in a political town. You'd have to see it in action to know if it works. (Grade: Incomplete.)

????Treasury Secretary Tim Geithner and Larry Summers, the president's chief economist, concluded an opinion piece in The Washington Post earlier in the week by writing: "Now is the time to act." Actually, March 2008, when Paulson suggested his blueprint, would have been a really good time to act. Now would be good too.

掃碼打開財富Plus App
亚洲欧美日产综合在线| 国产盗摄精品一区二区| 欧美国产在线观看综合| 亚洲成在人网站无码天堂| 老熟妇高潮一区二区三区| 婷婷五月开心亚洲综合在线| 国产乱子伦农村叉叉叉| 免费a级毛片av无码中文字幕| 日本强好片久久久久久AAA| 亚洲伊人一本大道中文字幕| 久久无码喷吹高潮播放| 免费无遮挡无码永久视频| 久久综合一区二区三区| 欧美东京热大黑资源成年轻人网站免费视频| 人妻少妇精品无码专区二区a| 国产乱子伦精品无码专区| 激情内射亚洲一区二区三区爱妻| 婷婷五月综合色中文字幕| 国产无玛精品一区二区三区| 亚洲αv久久久噜噜噜噜噜| 中文字幕亚洲欧美无线码一区| 日本一区二区三区四区在线观看| 国产第一国产综合精品| 波多野结衣二三区| 中文字幕乱偷在线观看| 国产一级A片无码免费2019| 国产成人无码VA在线播放| 色播久久人人爽人人爽| 国产精品18久久久久久不卡| 亚洲AV无码片一区二区三区| 国产裸拍裸体视频在线观看| 亚洲永久国产一级大片在线观看| 中文字字母乱码在线电影一区二区| 成人午夜爽爽爽免费视频| 国产人成午夜免电影费观看| 美女洗澡光胸光屁屁无遮挡| 亚洲亚洲人成综合网站99| 昆明夫妇交换聚会群4p疯狂大战图片| 国产一区二区内射最近更新| 夜夜高潮夜夜爽35高清视频一| 福利无码电影在线看|