Le spectacle de variétés mondial des régulateurs financiers

PARIS – Dans les premières phases de la crise financière, il était de bon ton d’arguer que le système américain de régulation avait besoin d’une refonte structurelle fondamentale. Les divergences d'opinion entre la Securities and Exchange Commission (SEC) et la Commodity Futures Trading Commission (CFTC) avaient empêché un contrôle efficace des banques d'investissement et du commerce des produits dérivés (les États-Unis sont les seuls à estimer qu'il est judicieux de réglementer séparément les valeurs mobilières et les produits dérivés).

En effet, la multiplicité de régulateurs bancaires distincts avait créé des opportunités pour les banques de s’adonner à des opérations d’arbitrage du système à la recherche d'une approche plus indulgente envers le capital. De même, en l'absence d'un régulateur fédéral d'assurance, AIG était réglementé par l'Office of Thrift Supervision (OTS) et le New York State Insurance Department, un arrangement qui s'est avéré être tout à fait insuffisant.

Néanmoins, cette ligne d’argumentation a donné peu de résultats. La loi Dodd-Frank a réussi à sortir l'OTS de sa misère, mais les comités de surveillance du Congrès, jaloux, ont empêché une fusion entre la SEC et la CFTC et rien n'a été fait pour rationaliser la supervision bancaire. Ainsi, le système américain actuel ressemble étonnamment à celui qui a collectivement ignoré la montée des tensions fatales au début des années 2000.

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