Jeb Hensarling Bloomberg/Getty Images

亨萨林的多德-弗兰克法案“匝道”能奏效吗?

发自剑桥——上个月,美国众议院金融服务委员会的共和党人主席杰布·亨萨林(Jeb Hensarling)在纽约经济俱乐部发表了一次内容广泛的演讲,提议彻底改革美国金融监管制度。 关于金融危机的责任,亨萨林一面指责监管机构,一面为华尔街开脱;谴责政府资助下的银行救助行动;还将2010年的多德 - 弗兰克金融改革立法视为夺权之举;并呼吁国会强化对美联储监督。

大多数亨萨林的提议——即便如今得到了一份党派意味浓厚的众议院银行委员会文件和一篇有偏向性的华尔街日报评论文章支持——在政治上都是毫无意义的(这些提案都必须得到参议院60票赞成以及总统签字方能通过),同时也已经被民主党尖锐批评为过于冒险和偏袒银行——大多数提议确实如此。即便如此,亨萨林的其中一项理念是非常值得探讨的:那些愿意增加自身可用资本金的银行是否可以摆脱多德-弗兰克法案的监管,照他的话说,与其大家都挤在一条路上,为何不能安排一条“匝道”让一些人能选择另一条路线?

让我们先回到一些基本问题上:政府之所以会为银行存款做担保,是因为银行破产可能会损害整个经济。这引发了道德风险,因为银行为了增加大股东的收益,会疏于管理那些实际上属于公众的资金。它们毫不介意去冒巨大的风险,反正出事了只要把银行交回给政府来去偿还储户和其他债权人就行了。反之一旦博赢,银行及其股东们就赚大了。

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