金融改革为何今不如昔?

马尼拉——八十年前的1月,爱叼雪茄的纽约市前地方检察官费迪南德·佩科拉(Ferdinand Pecora)被任命为美国参议院银行货币委员会总答辩人(Chief Counsel)。其后几个月里,佩科拉委员会出席一系列听证,揭露了导致20世纪30年代金融危机的许多骇人听闻的勾当。

不仅如此,该委员会的调查还推动了广泛的改革,其中最著名的当推《格拉斯—斯蒂格尔法案》。该法案规定,商业银行和投资银行必须分开,但并没有止步于此,还创立了联邦银行存款保险制度。由于单体银行(所有运营由自负盈亏的办公室进行)被视作不够稳定,法案允许银行多开分行。法案也加强了监管者管控放贷的能力,抑制银行贷款进入房地产和股市投机。

该委员会的报告还促成了《1933年证券法案》和《1934年证券交易法案》的通过。这些法案要求证券发起人和交易人披露更多信息,遵从更高的透明度标准。资本市场可以自我规范的观念基本上遭到了否定。

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