ドッド＝フランク法の現状 - 2013年４月現在
2010年７月に成立したこの金融規制改革法が現在どのような状況にあるのかを要約したものをもとにみてみよう。
Dodd-Frank Wall Street Reform Act
By Kimberly Amadeo, About.com Guide
Dodd-Frank proposed eight areas of regulation. Here are the major parts of the Act.
Regulate Credit Cards, Loans and Mortgages:
The Consumer Financial Protection Bureau consolidated the functions of many different agencies. It oversees credit reporting agencies, credit and debit cards, as well as payday and consumer loans (but not auto loans from dealers). The CFPB regulates credit fees, including credit, debit, mortgage underwriting and bank fees. It protects homeowners in real estate transactions by requiring they understand risky mortgage loans. It also requires banks to verify borrower's income, credit history and job status. The CFPB is under the U.S. Treasury Department.
CFPBによるクレジット・カード、貸付、および不動産ローンについての規制。
金融機関の不正から消費者を守ることが目的である。CFPBは財務省の管轄下におかれている。
Oversee Wall Street:
The Financial Stability Oversight Council looks out for risks that affect the entire financial industry. It also oversees non-bank financial firms like hedge funds. If any of these companies get too big, it can recommend they be regulated by the Federal Reserve, which can ask it to increase its reserve requirement. This prevents another AIG from becoming too big to fail. The Council is chaired by the Treasury Secretary, and has nine members: the Fed, SEC, CFTC, OCC, FDIC, FHFA and the new CFPA.
ウォール・ストリートの監督。FSOCが担当しており、銀行だけではなくヘッジ・ファンドのようなノン・バンクも対象にしている。TBTFが生じないようにし、全体としての金融産業におよぼすようなリスクの監視を行っている。財務長官が委員長。
Stop Banks from Gambling with Depositors' Money:
The Volcker Rule bans banks from using or owning hedge funds for the banks' own profit. That's because they'd often use their depositors' funds to do so. Banks can use hedge funds for their customers only. ・・・
銀行が預金者の金でギャンブルに走るのを防ぐ。いわゆるボルカー・ルールの適用である。銀行がもっとも激しく抵抗してきているもので、２０１３年まで実行は延ばされている。
Regulate Risky Derivatives:
Dodd-Frank required that the riskiest derivatives, like credit default swaps, be regulated by the Securities Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). In this way, excessive risk-taking can be identified and brought to policy-makers' attention before a major crisis occurs. A clearinghouse, similar to the stock exchange, must be set up so these derivative trades can be transacted in public. However, Dodd-Frank left it up to the regulators to determine exactly the best way to put this into place, which has led to a series of studies.
リスキーなデリバティブの規制
CDSのようなリスクの大きいデリバティブの規制。SECもしくはCFTCにより規制される。これはいわゆるリンカーン条項の実施であるが、透明性のある公的な場で取引が行われるようにすることを目指しているが、どのようにそれを実現するかについて、現在検討中。
Bring Hedge Funds Trades Into the Light:
One of the causes of the 2008 financial crisis was that, since hedge funds and other financial advisers weren't regulated, no one knew what they were investing in or how much was at stake. That's why the Fed and other agencies thought the mortgage crisis would be confined to the housing industry. To correct for that, Dodd-Frank says that hedge funds must register with the SEC and provide date about their trades and portfolios so the SEC can assess overall market risk. ・・・
ヘッジ・ファンドの取引を目に見えるものにする。これはいわゆるSBSの拡大がメルトダウンの大きな原因になったことを反省するもので、ヘッジ・ファンドはSECに登録をし、その取引についてのデータを提供することを求められる。１月現在、６５の銀行がCFTCに登録している。
Oversee Credit Rating Agencies:
Dodd-Frank created an Office of Credit Ratings at the SEC to regulate credit ratings agencies like Moody's and Standard & Poor's. Many blame the agencies for over-rating some bundles of derivatives and mortgage-backed securities. This mislead investors who didn't realize the debt was in danger of not being repaid. The SEC can require agencies to submit their methodologies for review, and can deregister an agency that gives faulty ratings.
格付け機関の監視。ムーディズなどの機関が証券化商品に無責任な信用を付したことの責任は大きく、それを監視するのが目的である。
Increase Supervision of Insurance Companies:
It created a new Federal Insurance Office under the Treasury Department, which identifies insurance companies like AIG that create risk to the entire system. It will also gather information about the insurance industry and make sure affordable insurance is available to minorities and other underserved communities. It will represent the U.S. on insurance policies in international affairs. ・・・
保険会社への監督を強化する。財務省下におかれたFIOがそれを担当する。
Reform the Federal Reserve:
The Government Accountability Office(GAO) was allowed to audit the Fed's emergency loans during the financial crisis. It can review future emergency loans, when needed. The Fed cannot make an emergency loan to a single entity, like Bear Stearns or AIG, without Treasury Department approval. (Although the did work closely with Treasury during the crisis.) The Fed must make public the names of banks that received these loans or TARP funds. (Article updated April 3, 2013)
FRBの改革。GAOにFRBの金融危機時の緊急融資を調査する権限が与えられた。
