Globale Unterschiede bei der Finanzregulierung

PARIS – In den frühen Phasen der Finanzkrise war es Mode, zu argumentieren, dass das Regulierungssystem der USA einer grundlegenden strukturellen Überarbeitung bedürfe. Meinungsunterschiede zwischen der Securities and Exchange Commission (SEC) und der Commodity Futures Trading Commission (CFTC) hatten dort eine wirksame Beaufsichtigung der Investmentbanken und des Derivatehandels behindert (nur die USA sind überhaupt der Ansicht, dass es sinnvoll ist, Wertpapier- und Derivatehandel jeweils einer eigenen Aufsichtsbehörde zu unterstellen).

Tatsächlich hatte die Vielzahl unterschiedlicher Regulierungsstellen den Banken Möglichkeiten eröffnet, auf der Suche nach einem kapitalfreundlicheren Ansatz Systemunterschiede auszunutzen. Genauso hatte das Fehlen einer Bundesaufsicht für das Versicherungswesen dazu geführt, dass AIG durch das Office of Thrift Supervision (OTS) und das Versicherungsamt des Staates New York reguliert wurde, was sich als absolut unzureichende Lösung erwies.

Diese Argumente haben kaum zu etwas geführt. Zwar hat das Dodd-Frank-Gesetz das OTS tatsächlich von seinem Jammer erlöst, doch verhinderten eifersüchtige Kontrollausschüsse im US-Kongress eine Fusion von SEC und CFTC, und es ist nichts passiert, um die Bankenaufsicht zu rationalisieren. Das US-System sieht daher weiter jenem bemerkenswert ähnlich, das bei der Zunahme der fatalen Spannungen Anfang des letzten Jahrzehnts bewusst in die andere Richtung schaute.

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