La guerra de la cultura de la Reserva Federal

CAMBRIDGE – En una conferencia privada que congregó a directivos bancarios, autoridades de regulación y algunos expertos académicos, el gobernador de la Reserva Federal, Daniel Tarullo, y el presidente del Banco de la Reserva Federal de Nueva York, William Dudley, utilizaron esta plataforma para hacer algo inesperado. En lugar de centrarse en cómo impulsar la estabilidad bancaria –dirigir más capital hacia las instituciones más importantes, reducir sus actividades más riesgosas y decidir cómo gestionar la quiebra de un banco sin tener que rescatarlo– los funcionarios hablaron sobre los banqueros mismos.

Tarullo se centró en la gestión inadecuada, y señaló que los gerentes que no cumplan del todo y voluntariamente con los reglamentos deberán encarar sanciones más severas que ahora. En lugar de culpar “a unas cuantas manzanas podridas” por malos manejos, insistió en que las instituciones deberían implementar controles que eviten que las “manzanas podridas” dañen a la organización. Con este objetivo, las organizaciones deberían integrar el respeto por la ley, los reglamentos y la confianza del público en los sistemas de compensación interna.

Además, Tarullo citó las sanciones penales y el encarcelamiento de individuos como la manera más eficaz de disuadir las conductas ilegales, como las violaciones a la ley antimonopolio. Por supuesto, como él reconoció, enjuiciar a un individuo por dichas violaciones es difícil porque las instancias de regulación no poseen facultades de aplicación de la ley, los obstáculos probatorios son altos y las circunstancias son a menudo inciertas. Sin embargo, las instancias de regulación no han aprovechado del todo la autoridad de la que sí gozan para sancionar a los administradores infractores: pueden inhabilitar a estos individuos para trabajar en las finanzas.

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