Daniel Tarullo Brooks Kraft

Une réglementation financière “America First” ?

LONDRES – Alors que le Président des États-Unis Trump lutte pour son doter son administration de sympathisants pour l'aider à transposer ses tweets en politique, l'exode des personnes nommées par Obama au sein du gouvernement fédéral et dans d'autres organismes se poursuit. Pour le monde financier, l'un des départs les plus importants a été celui de Daniel Tarullo, le gouverneur de la Réserve fédérale qui a mené ses travaux sur la régulation financière au cours des sept dernières années.

Il serait exagéré de dire que Tarullo ait été universellement populaire dans la communauté bancaire. Il s'est lancé dans une plaidoyer en faveur de ratios du capital beaucoup plus élevés, aux États-Unis et ailleurs. Il a été un âpre négociateur, avec un instinct très aiguisé pour discerner les conclusions pertinentes de certaines sociétés financières. Mais en Europe, sa démission n'aura fait couler que des larmes de crocodile. Les banques européennes et même leurs autorités de réglementation s'inquiétaient de son plaidoyer enthousiaste en faveur de normes encore plus sévères de Bâle 3.5 (ou Bâle 4, comme des banquiers aiment à l'appeler), qui, si elles étaient mises en œuvre sous la forme préférée par les États-Unis, exigeraient encore des augmentations de capital, en particulier pour les banques européennes. En son absence, le sort de ces propositions est incertain.

Mais Tarullo a également été un ardent promoteur de la coopération internationale en matière de réglementation : ses miles de voyageur fréquent en témoignent. Depuis quelques années, il a présidé le Comité permanent sur la coopération en matière de réglementation et de surveillance du Conseil de Stabilité Financière, peu connu mais important. Son engagement à travailler avec des collègues d'organismes internationaux tels que le CSF et le Comité de Bâle sur le contrôle bancaire, à parvenir à des accords de régulation mondiale permettant aux banques de se concurrencer sur un pied d'égalité, n'a jamais été mis en doute.

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