Daniel Tarullo Brooks Kraft

‘Amerika eerst’ qua financiële regulering?

LONDEN – Terwijl president van de VS Donald Trump worstelt zijn regering te bemannen met sympathisanten die hem zullen helpen zijn tweets in beleid om te zetten, gaat de exodus van door Obama in de federale regering en andere instanties benoemden door. Voor de financiële wereld was wellicht het meest significante vertrek dat van Daniel Tarullo, de gouverneur van de Federal Reserve die daar de inspanningen op gebied van financiële regulering de afgelopen zeven jaar geleid heeft.

Het gaat te ver om te zeggen dat Tarullo binnen de bankenwereld overal populair was. Hij leidde de beweging om veel grotere kapitaalratio’s te bedingen, in de Verenigde Staten en daarbuiten. Hij was een harde onderhandelaar, met een goed instinct voor het ontwaren van sectorale drogredenen van bedrijven. Maar in Europa zullen er om zijn aftreden krokodillentranen geplengd worden. De Europese banken en zelfs hun regulatoren waren bezorgd over zijn enthousiaste voorvechten van zelfs nog strengere standaarden dan in Bazel 3.5 (ofwel Bazel 4 zoals bankiers het graag noemen), wat wanneer geïmplementeerd op de manier die de VS wil vooral voor Europese banken nog verdere substantiële kapitaalverhogingen vereist. In zijn afwezigheid is de toekomst van deze voorstellen onzeker geworden.

Maar Tarullo was ook een enthousiast supporter van internationale regulerende samenwerking, en met de vlieguren om dit te bewijzen. Hij heeft jaren het onbekende maar belangrijke Standing Committee on Supervisory and Regulatory Cooperation van de Financial Stability Board geleid. Zijn engagement aan het samenwerken met collega’s in internationale organen zoals de FSB en het Basel Committee on Banking Supervision om mondiale overeenkomsten voor regulering te bereiken die banken in staat stellen om te opereren op een gelijk speelveld is nooit in twijfel getrokken..

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