Jeb Hensarling Bloomberg/Getty Images

¿Funcionaría la “rampa de salida” de Dodd-Frank propuesta por Hensarling?

CAMBRIDGE – Jeb Hensarling, el republicano que preside el Comité de Servicios Financieros de la Cámara de Representantes de EE.UU., pronunció el mes pasado un discurso de amplio alcance en el Club Económico de Nueva York, en este discurso propuso una reforma completa de la regulación financiera estadounidense. Hensarling culpó a los reguladores y disculpó a Wall Street por la crisis financiera; condenó los rescates bancarios financiados por el gobierno; caracterizó la legislación de reforma financiera Dodd-Frank del año 2010 como una toma de poder; y pidió mayor supervisión de la Reserva Federal por parte del Congreso.

La mayoría de las propuestas de Hensarling – incluso respaldadas, como ahora lo están, por un documento que suena partidista de la Comisión Bancaria de la Cámara de Representantes y una opinión favorable del Wall Street Journal – no tienen posibilidades de éxito en el ámbito político. (Se tendría que conseguir 60 votos en el Senado y una firma presidencial para su aprobación). Estas propuestas ya han sido fuertemente criticadas por los demócratas quienes indican que son demasiado arriesgadas y pro-bancarias – y, en gran medida sí lo son. Después de decir esto, también se debe decir que vale la pena explorar una de las ideas de Hensarling: la idea denominada por él como una “rampa de salida” de la regulación Dodd-Frank para los bancos que voluntariamente deseen incrementar su capital disponible.

Volvamos a lo básico por un momento. El gobierno garantiza los depósitos bancarios debido a que un fracaso de la banca podría afectar a toda la economía. Esto crea un riesgo moral, ya que los bancos, que están tras grandes ganancias para sus accionistas, relajan su gestión de los dineros, mismos que en los hechos se tornan en dineros del público. Se sienten cómodos tomando grandes riesgos, ya que en caso de que pierdan, solamente tienen que entregar el banco al gobierno para que este pague a los depositantes y a otros acreedores. Y si ganan, son los bancos y sus accionistas quienes mantienen para sí mismos su bonanza.

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