格拉斯-斯蒂格尔法案阴魂不散

纽约—长期饱受争议的1933年格拉斯-斯蒂格尔(Glass-Steagall)法案——规定吸纳储蓄的商业银行与交易证券的投资银行必须分业经营——再一次进入了新闻中心。分业经营曾经是美国不同寻常的银行监管史(大概是发达世界中最不同寻常的一段监管史)的象征。

美国银行监管规则长期让美国银行局限在小型地区银行的范围里(无法跨越州界开设分支),这与欧洲和日本银行形成了鲜明对比。同时,美国银行的业务能力也受到了限制(禁止银行混业经营商业银行和投资银行业务)。这些加在美国银行头上的限制一直持续到20世纪90年代国会撤销了这一监管结构的大部分内容为止。如今,新格拉斯-斯蒂格尔法案的思想卷土重来,而且不再局限于美国。

上个月,花旗集团前CEO桑迪·维尔(Sandy Weill)称允许商业和投资银行合并是一个错误。而正是这个桑迪·维尔,当年通过游说废除格拉斯-斯蒂格尔法案在就了今天在同一块招牌下兼营保险公司、证券经纪行和传统吸储银行的花旗集团。事实上,当年维尔先促成了花旗和某大型保险商的合并意向——当时,根据格拉斯-斯蒂格尔法案,这是非法的——然后设法推动了该法案的废除,从而让合并得以成行。

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