Por que Não uma Glass-Steagall II?

MANILA – Faz este mês oitenta anos que Ferdinand Pecora, o antigo adjunto do procurador-geral de Nova Iorque, foi nomeado para presidir o Comité do Senado dos EUA sobre o Sector Bancário e Moeda. Nos meses seguintes, as audiências da Comissão Pecora apresentaram um grande número de divulgações extraordinárias a respeito das práticas que levaram à crise financeira de 1930.

Mais do que isso, o inquérito da Comissão conduziu a uma profunda reforma - sendo o exemplo mais conhecido o da lei Glass-Steagall, que separou a banca comercial da banca de investimento. Mas a Glass-Steagall não parou por aí. Criou o um fundo de garantia para depósitos bancários. Tendo em conta que o sistema unit banking (por meio do qual todas as operações eram realizadas em repartições autónomas) era considerado instável, era agora permitido aos bancos ramificar para fora do estado. A Glass-Steagall reforçou igualmente a capacidade das entidades reguladoras para limitar os empréstimos para o mercado imobiliário e especulação bolsista.

As audiências conduziram igualmente à aprovação da Securities Act (lei relativa aos valores mobiliários) de 1933 e da Securities Exchange Act de 1934. Os emitentes de valores mobiliários e os comerciantes foram obrigados a disponibilizar mais informações e ficaram sujeitos a normas mais rigorosas em matéria de transparência. A noção de que os mercados de capitais podem auto-regular-se foi definitivamente rejeitada.

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