ドッド＝フランク法の現状
7月11日のアメリカ上院での委員会におけるタルロFRB理事の証言である。
かなり長文。以下は注目すべき点の抜き書き
資本計画、ストレス・テスト、解体計画、single-counterparty credit limits、capital surcharge, ヴォルカー・ルール、デリヴァティブ排除、derivatives central clearing requirements、コリンズ修正条項などについて、どこまで進んでいるのかについて、証言がなされた。
・Implementation of Basel III Capital Rules
7月にFRB、OCC,FDICはこの実施についての最終案に同意。
大金融機関には2014年1月までの猶予期間
中小金融機関には2015年1月までの猶予期間
・Stress Testing and Capital Planning Requirements for Large Banking Firms (ストレス・テスト)
This fall, we will extend the full set of stress testing requirements to the dozen or so banking organizations with greater than $50 billion in assets covered in the Dodd-Frank Act but not fully covered in our previous stress tests.
・Enhanced Prudential Requirements for Large Banking Firms
We have already finalized the rules on resolution planning and stress testing, and we are working diligently this year toward finalization of the remaining standards.（解体計画およびストレス・テストについての規則を決定済み）
We anticipate issuing a proposed regulation on these capital surcharges around the end of this year.(capital surcharges)
・single-counterparty credit limits ...まだ検討中
OTC
・Improving Resolvability of Large Banking Firms （大銀行の破綻処理の実行可能性の改善）
Orderly Liquidation Authority (OLA). Under OLA, the FDIC can resolve a systemic financial firm by imposing losses on the shareholders and creditors of the firm and replacing its management, while preserving the operations of the sound, functioning parts of the firm. （銀行の解体方法）
・Structural Reform of Banking Firms
Key elements are the Volcker Rule in section 619 of the act and the derivatives push-out provision in section 716 of the act.
（ヴォルカー・ルール[自己売買の禁止]とデリヴァティブ排除条項[リンカーン条項の領域]）
The federal banking agencies and the Securities and Exchange Commission (SEC) jointly proposed a rule to implement the Volcker Rule in October 2011. The Commodity Futures Trading Commission issued a substantially similar proposal a few months later.
I expressed the hope that we would complete the Volcker Rule by the end of this year.
・The derivatives push-out provision
The provision becomes effective on July 16, 2013, although the statute provides insured depository institutions the right to request a two-year extension from their primary federal supervisor.
・Constraining Systemic Risk Outside the Banking Sector
シャドウ・バンキング・システム対策
the precipitous unwinding of large amounts of short-term wholesale funding that had been made available to highly leveraged and maturity-transforming financial firms
Last month, the Council made three proposed designations of nonbank financial firms, and earlier this week the Council made final designations of two of these firms.
we need to increase the transparency of shadow banking markets
Conclusion
we are at the beginning of the end of the rulemaking process
for most of the major Dodd-Frank Act provisions. Some regulations already finalized are now in effect.
Others provide a transition period for firms andmarkets to prepare for the new rules of the road.
Still others will be completed in the coming months.
The Dodd-Frank Act also requires that all large bank holding companies develop, and submit to supervisors, resolution plans.
