《现代化的金融监管架构蓝图》英文原文(pdf 212页)英对照

THEDEPARTMENTOFTHETREASURYBLUEPRINTFORAMODERNIZEDFINANCIALREGULATORYSTRUCTUREMarch2008THEDEPARTMENTOFTHETREASURYHenryM.Paulson,Jr.SecretaryRobertK.SteelUnderSecretaryforDomesticFinanceDavidG.NasonAssistantSecretaryforFinancialInstitutionsContributors:KellyAyersHeatherEtnerJohnFoley,IIIGerryHughesTimothyHuntKristenJaconiCharlesKlingmanC.ChristopherLedouxPeterNickoloffJeremiahNortonPhilipQuinnHeidilynneSchultheissMichaelScottJeffreyStoltzfoosMarioUgolettiRoyWoodallTABLEOFCONTENTSI.ExecutiveSummary..............................................................................................................1TheNeedforReview.......................................................................................................................3Recommendations............................................................................................................................5Conclusion.....................................................................................................................................21II.Introduction.........................................................................................................................25III.HistoryoftheCurrentRegulatoryFramework...............................................................31BroadOverviewoftheU.S.FinancialServicesSector.................................................................31DepositoryInstitutionRegulationandHistory..............................................................................32FuturesRegulationandHistory.....................................................................................................44SecuritiesRegulationandHistory.................................................................................................52InsuranceRegulationandHistory..................................................................................................61IV.Short-TermRecommendations..........................................................................................75President’sWorkingGrouponFinancialMarkets........................................................................75MortgageOrigination.....................................................................................................................78LiquidityProvisioningbytheFederalReserve.............................................................................83V.Intermediate-TermRecommendations.............................................................................89ThriftCharter.................................................................................................................................89StateBankRegulation....................................................................................................................99PaymentandSettlementSystems................................................................................................100FuturesandSecurities..................................................................................................................106Insurance......................................................................................................................................126VI.TheOptimalRegulatoryStructure.................................................................................137RecommendationOverview.........................................................................................................137GeneralChoicesforReform........................................................................................................138OptimalStructure:AnObjectives-BasedRegulatoryStructure.................................................143MarketStabilityRegulator...........................................................................................................146PrudentialFinancialRegulator....................................................................................................157BusinessConductRegulator........................................................................................................170VII.Conclusion.........................................................................................................................183VIII.Appendix............................................................................................................................187AppendixA–FederalRegisterNotice........................................................................................187AppendixB–ReviewofPastTreasuryandAdministrationRegulatoryReformReports.........197AppendixC–ExistingRegulatoryStructureforSubprimeMortgageOrigination....................207AppendixD–DescriptionsofSelectU.S.PaymentandSettlementSystems............................209AppendixE–CommodityFuturesModernizationActCorePrinciples.....................................215ChapterI:ExecutiveSummary1I.ExecutiveSummaryThemissionoftheDepartmentoftheTreasury(“Treasury”)focusesonpromotingeconomicgrowthandstabilityintheUnitedStates.Criticaltothi